Today is quadruple witching Friday
Dow Jones Industrial Average (DJI) futures are more than 130 points above fair value this morning, thanks to encouraging U.S-China trade developments. More specifically, following yesterday's reports the two countries postponed a high-level trade meeting originally slated for later this month, Chinese Premier Li Keqiang expressed optimism that a deal will be done. Additionally, Reuters reported Chinese Vice Premier Liu He spoke overnight with U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer.
Investors are bracing for quadruple witching Friday, too, which could inject some additional volatility into the session. Elsewhere, the Empire State manufacturing survey for March fell to its lowest level in almost two years.
Continue reading for more on today's market, including:
- These 3 penny stocks made huge moves yesterday.
- Buy calls on this stock during tax season.
- History says this GoPro supplier may sink.
- Plus, Facebook announces C-suite departure; Broadcom set to soar on earnings beat; and Tesla unveils Model Y SUV.
5 Things You Need to Know Today
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The Chicago Board Options Exchange (CBOE) saw 999,100 call contracts traded on Thursday, compared to 649,302 put contracts. The single-session equity put/call ratio climbed to 0.65, and the 21-day moving average remained at 0.62.
- Facebook, Inc. (NASDAQ:FB) stock is down 1.8% in electronic trading after announcing the departures of its chief product officer and WhatsApp vice president. FB has added nearly 30% in 2019, and earlier this week picked up another "buy" endorsement.
- Broadcom Inc (NASDAQ:AVGO) is up 5.1% ahead of the bell, after the Apple supplier reported fiscal first-quarter earnings that exceeded expectations. No fewer than seven price-target hikes have ensued, including one to $365 at J.P. Morgan Securities. The pre-market jump has the shares eyeing their Feb. 20 record high of $286.63.
- Shares of Tesla Inc (NASDAQ:TSLA) are down 2.3% in electronic trading after the company unveiled its Model Y SUV last night. CEO Elon Musk said the vehicle will initially go for $47,000 and be ready by the fall of 2020, though the price is expected to drop to $39,000 by 2021. Analysts have yet to weigh in, although bear notes are already quite common for the electric car name.
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It's a busy day on the economic front, with industrial production, consumer sentiment, the Job Openings and Labor Turnover Survey (JOLTS), and Treasury International Capital (TIC) data all due. Buckle (BKE) makes up the earnings calendar.
Trade Headlines Boost Asia, Europe Digests Brexit Fallout
It was a positive session for Asian stock markets, as investors digested the latest trade-related headlines and a central bank decision in Japan. In China, leaders approved a new law meant to prevent the forced transfer of technology from foreign companies -- something that’s been a major sticking point in U.S.-China trade negotiations. In response, China's Shanghai Composite and Hong Kong's Hang Seng rose 1% and 0.6%, respectively. Meanwhile, the Bank of Japan (BoJ) left its accommodative monetary policy unchanged, sparking an 0.8% gain from the Nikkei. South Korea’s Kospi rounded out the region with a 1% win.
Unsurprisingly, Brexit is still the top focus for European shareholders, as lawmakers in the U.K. voted to push back the March 29 deadline for leaving the European Union by at least three months. Following this, London’s FTSE 100 is trading up 0.6%, while the French CAC 40 and German DAX are both up 0.9%.