Dow Futures Soar on Blowout Big Bank Earnings

Dow Jones Industrial Average (DJI) futures are trading more than 200 points above fair value, as Wall Street reacts to blowout bank earnings. The S&P 500 Index (SPX) is also signaling a strong start, as shares of JPMorgan Chase (JPM) and Wells Fargo (WFC) rise after the financial firms reported first-quarter profit beats. Walt Disney (DIS) is also creating tailwinds for the broader equities market, with the stock up 5.9% ahead of the bell, after the entertainment giant unveiled details for its Disney+ streaming service.

Traders are also keeping an eye on rising oil prices. At last check, May-dated crude was up 1.5% at $64.55 per barrel on some major M&A buzz in the energy sector, putting oil on track for a sixth straight weekly gain -- the longest such streak since 2016.

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

• Why Square stock could be set for another surge.
• Bull signal could mean major upside for this retail stock.
• One U.K. ETF saw unusual options trading after the Brexit extension.
• Plus, blue-chip buyout buzz; a biotech about to get blasted; and Allegheny Technologies issues a profit warning.

5 Things You Need to Know Today

1. The Chicago Board Options Exchange (CBOE) saw 806,635 call contracts traded on Thursday, compared to 536,535 put contracts. The single-session equity put/call ratio rose to 0.67, while the 21-day moving average edged up to 0.61.
2. Chevron Corporation (NYSE:CVX) said it is buying oil and gas explorer Anadarko Petroleum Corporation (NYSE:APC) in a cash-and-stock deal valued at $33 billion, or $65 per APC share -- a 38.9% premium to last night's close at $46.80. CVX stock is own 4.1% ahead of the bell, set to test a key level of support in today's trading.
3. X4 Pharmaceuticals Inc (NASDAQ:XFOR) is down 27% in electronic trading, set to open at its lowest level since late November. The rare disease specialist announced a stock offering last night, and while the details have yet to be announced, rumors are swirling it will be priced at $11 per share -- a deep discount to last night's close at $15.10.
4. Specialty metals name Allegheny Technologies Incorporated (NYSE:ATI) said it expects first-quarter profit and revenue to arrive below expectations. ATI stock is bracing for a 4% drop out of the open, but could find a floor near its 80-day moving average.
5. Import and export prices and the latest consumer sentiment data are due today. Earnings season heats up next week, with more big banks set to report.

European Stocks Up After Brexit Extension

It was another mixed day for Asian markets. The Shanghai Composite closed 0.04% below breakeven, as traders weighed better-than-expected export data against a sharp decline in imports. Hong Kong’s Hang Seng was up 0.2%, however. Elsewhere, South Korea’s Kospi gained 0.4% on a promising day from Samsung Electronics, while Japan’s Nikkei tacked on 0.7%.

Following yesterday’s Brexit extension, European stocks are inching higher at midday. London’s FTSE 100 is up 0.3%,  boosted by luxury automaker Rolls Royce’s deal to supply Korea’s Air Premia with engines for its Boeing 787 Dreamliner jets. The French CAC 40 has added 0.4% so far, and the Frankfurt DAX is 0.6% higher.