Stock Futures Climb with Trade, Earnings In Focus

Traders are going through earnings from American Express and Netflix

Jan 18, 2019 at 9:03 AM
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Dow Jones Industrial Average (DJI) futures are pointing to a strong finish to the week, trading more than 100 points above fair value. The bullish bias is being driven by growing hopes for a U.S.-China trade deal, despite a lack of clarity on whether the U.S. is considering reducing tariffs on China. Earnings from American Express (AXP) and Netflix (NFLX) are also in focus, as is news of job cuts out of Tesla (TSLA). With futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) pointing to higher opens, as well, all three major benchmarks look primed for a fourth straight weekly win.

Continue reading for more on today's market, including: 

stock futures jan 18

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 1.31 million call contracts traded on Thursday, compared to 679,779 put contracts. The single-session equity put/call ratio fell to 0.52, and the 21-day moving average edged down to 0.69.  
  2. Wrangler and The North Face parent VF Corp (NYSE:VFC) is seeing its stock surge in pre-market trading, up almost 10%. The company reported strong numbers for its fiscal third quarter, and also raised its full-year outlook. VFC shares needed the boost, as they've struggled on the charts in recent months -- and yesterday popped up in M&A buzz.
  3. Chevron Corporation (NYSE:CVX) was upgraded to "buy" from "neutral" at UBS, which said the recent decline in oil prices is an opportunity for investors to get in on the energy giant. CVX has been stuck in a channel of lower highs for months, and the 50-day moving average acted as a ceiling already in 2019.
  4. NFLX is down 2.5% before the open, after the company's mixed quarterly report. Revenue for the fourth quarter came in below estimates, but the company still managed to impress with other numbers, such as the fact that it accounted for 10% of total TV time in the U.S. Netflix options had been pricing in a bigger move.
  5. Today brings industrial production and consumer sentiment data. New York Fed President John Williams will speak in the morning. Citizens Financial Group (CFG), Kansas City Southern (KSU), and Schlumberger (SLB) are set to release their earnings. Looking ahead, the holiday-shortened week will still be packed with corporate earnings.

stock market news jan 18

China Stocks Also Climb on Trade Buzz

Asian markets followed their U.S. counterparts higher as buzz swirled over potential progress on the U.S.-China trade front.  China's Shanghai Composite climbed 1.4% after the mainland confirmed Vice Premier Liu He will head to Washington later this month. Hong Kong's Hang Seng and Japan's Nikkei each tacked on 1.3% -- the latter following a report that showed consumer prices rose for a 24th consecutive month in December, though at a slower pace than November -- while South Korea's Kospi added 0.8%.

European markets are up at midday on tailwinds from the trade-sensitive auto and basic resources sectors. Energy stocks are also on the rise as oil prices climb. At last check, the German DAX is sporting a 1.9% lead, while the French CAC 40  and London's FTSE 100 are both 1.6% higher.

 

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