Oil prices are poised for a third straight gain
Dow Jones Industrial Average (DJI) futures are struggling for direction today, after the big-cap index logged major gains in Monday's trading. There's plenty for traders to digest today, including March auto sales data and a slimmer-than-expected 1.6% drop in durable goods orders from February -- marking their first decline in four months. Additionally, oil prices remain in focus, with May-dated crude futures eyeing a third straight gain, up 0.4% at $61.86 per barrel. While Dow futures were last seen lower on a negative earnings reaction for Walgreens Boots Alliance (WBA), the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are signaling positive opens.
Continue reading for more on today's market, including:
- Why bulls must watch the VIX 18 level, according to Schaeffer's Senior V.P. of Research Todd Salamone.
- A C-suite shake-up sent this stock to the bottom of the Nasdaq.
- Options volume spiked as Puma Biotechnology stock sold off.
- Plus, the Netflix pullback is a "good buying opportunity"; Whole Foods slashes prices; and a drug stock set to sink.
5 Things You Need to Know Today
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The Chicago Board Options Exchange (CBOE) saw 931,739 call contracts traded on Monday, compared to 568,565 put contracts. The single-session equity put/call ratio fell to 0.61, and the 21-day moving average remained at 0.63.
- J.P. Morgan Chase reiterated its "overweight" rating on Netflix, Inc. (NASDAQ:NFLX), saying the FAANG stock's recent weakness represents a "good buying opportunity." The brokerage firm also said it recently added NFLX as a top pick, and underscored its $435 price target -- an 18.5% premium to last night's close at $366.96. NFLX shares are up 0.4% in electronic trading, extending a bounce from this bullish trendline.
- Amazon.com, Inc. (NASDAQ:AMZN) said it will lower prices at Whole Foods, starting Wednesday, April 3. The discounts will focus mostly on produce and meats, with an average savings of 20%. Amazon -- which is one of the best stocks to own in the second quarter -- closed last night at $1,814.19, up 20.8% year-to-date, and is 0.1% higher ahead of the bell.
- Evoke Pharma Inc (NASDAQ:EVOK) said its Gimoti nasal spray -- used to treat symptoms sparked by acute and recurrent diabetic gastroparesis -- was rejected by the U.S. Food and Drug Administration on clinical pharmacology and product/device quality concerns. After closing last night at $1.70, EVOK stock is down 41.2% in pre-market trading, set to open at a record low near $1.
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Dave & Busters (PLAY) and GameStop (GME) report earnings today.
Bank Stocks Boost European Markets
Most Asian markets finished slightly higher today, extending Monday's gains after upbeat economic data out of the U.S. and China. By the close, South Korea's Kospi rose 0.4%, while China's Shanghai Composite and Hong Kong's Hang Seng both added 0.2%. Japan's Nikkei lagged its regional peers, giving up 0.02%.
Europe is also trading higher at midday, led by bank stocks after Sweden's Economic Crime Authority opted against pursuing money laundering allegations against Swedbank due to a statute of limitations. U.K. stocks are among the top gainers as the pound plummets following the latest Brexit deadlock in parliament, despite dismal construction data. At last check, London's FTSE 100 is up 1%, the German DAX has advanced 0.6%, and the French CAC 40 is 0.5% higher.