Stocks Down After Ross China Comments

Commerce Secretary Wilbur Ross may have doomed stocks today with his comments on trade

Jan 24, 2019 at 9:10 AM
facebook X logo linkedin


Dow Jones Industrial Average (DJI) futures are indicating a lower open this morning, as traders prepare for a huge day of earnings. While no blue-chip numbers are set to come through until Intel (INTC) reports after the close, there are still plenty of other quarterly updates to digest this morning. Adding to the busy backdrop are fresh headlines on U.S.-China relations, with Commerce Secretary Wilbur Ross telling CNBC this morning the two countries are still "miles and miles" apart on a trade deal. Elsewhere, the Senate is expected to vote on two bills that could end the record government shutdown, though neither is expected to pass. It could very well turn into another volatile session on Wall Street. 

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

stock futures jan 24

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 878,205 call contracts traded on Wednesday, compared to 560,465 put contracts. The single-session equity put/call ratio stayed at 0.64, and the 21-day moving average registered at 0.66.  
  2. Semiconductor stock Xilinx, Inc. (NASDAQ:XLNX) is one of the biggest pre-market winners, set to jump almost 10% at the open. The company reported strong earnings for the fiscal third quarter on record revenue, and this price action would have the shares in record-high territory, putting them right near Mizuho's recent $100 price target.
  3. Bristol-Myers Squibb Co (NYSE:BMY) said it's pulling its marketing application for its Opdivo and Yervoy combination treatment for lung cancer, and the shares are set to open down 3.2%. BMY stock has recovered somewhat from its bear-gap lows sparked by its Celgene (CELG) purchase, but has struggled near the round $50 level.
  4. The airline sector is also in focus this morning, with American Airlines Group Inc (NASDAQ:AAL)JetBlue Airways Corporation (NASDAQ:JBLU), and Southwest Airlines Co (NYSE:LUV) all set to rise at the open. AAL is pacing for the biggest move, up 6%, though this is actually less than the options market was anticipating.
  5. Weekly jobless claims, the weekly crude inventories report, and the Fed balance sheet are all slated for today. Dow member Intel (INTC), Alaska Air (ALK), E*TRADE (ETFC), Starbucks (SBUX), and Western Digital (WDC) are all entering the earnings confessional.

stock market news jan 24

European Stocks Higher as Draghi Speaks

It was a mostly higher finish in Asia, with tech stocks providing tailwinds. Both China's Shanghai Composite and Hong Kong's Hang Seng added 0.4%, while South Korea's Kospi gained 0.8% as chipmaker SK Hynix brushed off a rare profit miss to rally 5.5%. However, Japan's Nikkei lagged again, shedding 0.1% after the Markit/JMMA flash purchasing managers index (PMI) fell to 50 in January -- on the cusp of contraction territory -- from its December reading of 52.6.

European markets are mostly higher at midday, even after PMI data showed German manufacturing and France business activity contracted this month. Also in focus is the European Central Bank's (ECB) decision to stand pat on interest rates, as well as a press conference from ECB President Mario Draghi, which is currently underway. At last check, the German DAX is up 0.4%, the French CAC 40 is 0.7% higher, while London's FTSE 100 is fractionally lower.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI