EARN25

Dow Futures Up; Oil Set to Slump

Wall Street is cautiously optimistic ahead of earnings season

Apr 11, 2019 at 9:14 AM
facebook X logo linkedin


Dow Jones Industrial Average (DJI) futures are struggling for direction this morning, with traders taking a cautious stance before the start of first-quarter earnings season, which unofficially kicks off tomorrow with an onslaught of big bank earnings. At last check, the blue-chip index was signaling a modestly higher open, after the Wall Street Journal indicated Beijing was considering offering concessions in opening its cloud-computing sector to foreign companies as U.S.-China trade talks continue.

Inflation data is also in focus this morning, with the producer price index (PPI) climbing a more-than-expected 0.6% last month, while core PPI -- which strips out food and energy prices -- was unchanged. Traders are watching oil prices, too, with May-dated crude last seen down 1.2% at $63.82 per barrel.

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

us premarket trading on april 11

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 830,752 call contracts traded on Wednesday, compared to 515,616 put contracts. The single-session equity put/call ratio rose to 0.62 and the 21-day moving average dropped to 0.60
  2. Tesla Inc (NASDAQ:TSLA) stock is down 3.6% in pre-market trading, after a Nikkei report indicated the electric car maker and Panasonic are suspending plans to expand their Gigafactory 1 on weakening demand for Tesla vehicles, with the Japan battery maker reviewing additional investment in the joint venture. After closing last night at $276.06, TSLA stock could revisit its year-to-date lows in today's session.
  3. Bed Bath & Beyond Inc. (NASDAQ:BBBY) reported a fiscal fourth-quarter adjusted earnings beat of $1.20 per share on in-line revenue of $3.3 billion. However, the home furnishings retailer said same-store sales for the three-month period slumped a bigger-than-anticipated 1.4%, and gave a weak current-quarter profit forecast. As a result, BBBY stock is bracing for a 12.2% slump out of the gate, but could find support near a late-March bull gap in the $17 region.
  4. J.P. Morgan Securities cut its price target on WW International, Inc. (NASDAQ:WTW) stock to $12 from $14, saying daily active user (DAU) data suggests risk to the weight management specialist's 2019 profit forecast. WTW stock is down 6.3% ahead of the bell, set to retreat further from a historically bearish trendline.
  5. New York Fed President John Williams and St. Louis Fed President James Bullard will speak, while data on weekly jobless claims showed a larger-than-expected drop. The Fed's balance sheet will be released, as well. Fastenal (FAST) and Rite Aid (RAD) will report earnings.

stock market news april 11

Inflation Data Pressures Chinese Stocks

Asian markets ended mixed today, as traders digested the European Union's (EU) Brexit extension, as well as confirmation from U.S. Treasury Secretary Steven Mnuchin that the U.S. and China have “pretty much agreed on an enforcement mechanism” for a future trade deal. Despite this, China’s Shanghai Composite fell 1.6% on consumer inflation data that touched five-month highs. Hong Kong’s Hang Seng ended lower too, with a 0.9% loss, while Japan’s Nikkei tacked on 0.1%, and South Korea’s Kospi finished flat.

Despite increasing anxiety over the global economy, U.K. Prime Minister Theresa May’s approved Brexit extension had European markets narrowly in the black at midday. London’s FTSE 100 is up 0.1%, the French CAC 40 is 0.8% higher, and the German DAX has gained 0.3%.

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!