Dow Futures Rise Ahead of U.S.-China Trade Talks

The outcome of Robert Mueller's probe is top news on Wall Street today

by Patrick Martin

Published on Mar 25, 2019 at 9:21 AM

Dow Jones Industrial Average (DJI) futures are pointed slightly higher this morning, after Special Counsel Robert Mueller's investigation into Russian interference in the 2016 U.S. presidential election found no evidence of collusion on the part of President Donald Trump's campaign. This is helping offset fears of a global recession that were sparked last Friday by a rare yield curve inversion. The focus now shifts to U.S.-China trade talks as Treasury Secretary Steven Mnuchin and top trade negotiator Robert Lighthizer head to China to resume negotiations. 

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

  • Options traders think Shaq is a slam dunk for Papa John's.
  • Put volume soared after this Turkish ETF got crushed.
  • Chipotle stock landed three bull notes last week.
  • Plus, Fiat eyes Peugeot merger; more bad news for Tesla; and HIBB upgraded after earnings beat.

Stock Futures Chart March 25

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 1.14 million call contracts traded on Friday, compared to 775,827 put contracts. The single-session equity put/call ratio jumped to 0.68, and the 21-day moving average remained at 0.62.
  2. Fiat Chrysler Automobiles NV (NYSE:FCAU) stock is up 2.1% in electronic trading, after the Wall Street Journal reported the company was exploring a potential merger with fellow carmaker Peugeot. FCAU has consolidated below the $15 level since the company's weak forecast in early February, but is clinging to its year-to-date breakeven level. 
  3. Tesla Inc (NASDAQ:TSLA) stock is down 2.7% ahead of the bell, after a New York Times report suggested registration data indicated vehicle sales have slumped to start 2019. In addition, RBC issued a price-target cut to $210 from $245, and lowered its first-quarter Model 3 delivery forecast. Tesla stock has shed 20% in 2019 thanks to a slew of recent bear notes
  4. Shares of Hibbett Sports, Inc. (NASDAQ:HIBB) are up 2% in electronic trading, after Susquehanna upgraded the sports retailer to "positive" from "neutral," while hiking its price target to $27 from $20. On Friday, HIBB bucked historical trends and gapped higher in the wake of an upbeat quarterly report.
  5. Speeches from Chicago Fed President Charles Evans and Philadelphia Fed President Patrick Harker kick off the week. Traders will also be met with the Chicago Fed National Activity Index and Dallas Fed manufacturing survey. For earnings, Cheetah Mobile (CMCM), Red Hat (RHT), and Winnebago (WGO) will report.

stock market news march 25

Asian Stocks Slump as Tech Sells Off

Stocks in Asia were hit hard due to growing concerns about the health of the global economy, stemming from Friday's weakness out of U.S. markets. China's Shanghai Composite and Hong Kong's Hang Seng both shed 2%, and South Korea's Kospi fell 1.9%. The losses were worse in Japan, where the Nikkei gave back 3%. Tech shares were some of the biggest losers all around, while financial giant Softbank also suffered notable losses.

In Europe the selling is less severe, though the major indexes remain in the red amid ongoing Brexit uncertainty. Helping offset the losses was Germany's Ifo business climate survey, which topped analysts' expectations for March. Still, London's FTSE 100 is down 0.6% so far, France's CAC 40 is off 0.2%, and Germany's DAX has dipped 0.1%.


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