The S&P is signaling a higher start
Dow Jones Industrial Average (DJI) futures are trading below fair value this morning, as a negative earnings reaction for Caterpillar (CAT) offsets a post-earnings pop for Boeing (BA) stock. At last check, CAT shares were down 2.4% in electronic trading, despite a first-quarter adjusted earnings and revenue beat. BA stock is up 1.7%, as the 737 Max planemaker's in-line adjusted first-quarter profit makes up for a suspended full-year forecast. Futures on the S&P 500 Index (SPX) are up, though, after the broad-market barometer notched a record close on Tuesday.
Continue reading for more on today's market, including:
- Schaeffer's Senior Quantitative Analyst Rocky White explains why the S&P's retest of record highs could signal low volatility ahead.
- Breaking down a six-figure options bet on this red-hot oil ETF.
- Amazon buzz had this retail stock bouncing from technical support.
- Plus, Snap flooded with bull notes after earnings; and 2 big names bracing for post-earnings drops.
5 Things You Need to Know Today
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The Chicago Board Options Exchange (CBOE) saw 1.13 million call contracts traded on Tuesday, compared to 668,685 put contracts. The single-session equity put/call ratio dipped to 0.59, while the 21-day moving average remained at 0.61.
- Snap Inc (NYSE:SNAP) has received a bevy of bullish analyst notes this morning, after the company said it added Snapchat users for the first time in three quarters at the start of 2019. The social media name also reported a slimmer-than-expected first-quarter loss on higher-than-anticipated revenue. In response, J.P. Morgan Securities upgraded SNAP stock to "neutral" from "underweight," and joined at least nine other brokerages in lifting its price target. The shares are up 2.8% ahead of the bell.
- AT&T Inc. (NYSE:T) reported first-quarter adjusted earnings of 86 cents per share -- matching the consensus estimate -- while the telecommunication and media giant's revenue of $44.83 billion fell short of expectations. After closing last night at $32.10, T stock is down 3.2% in pre-market trading.
- Anthem Inc (NYSE:ANTM) reported a first-quarter adjusted profit beat of $6.03, and raised its full-year earnings forecast. Revenue of $24.67 billion also came in above expecations, but ANTM stock is 2.2% lower in electronic trading.
- MBA mortgage applications and weekly crude inventories are due today. Microsoft (MSFT), Visa (V), Facebook (FB), Allegiant (ALGT), Biogen (BIIB), Chipotle Mexican Grill (CMG), Domino's Pizza (DPZ), F5 Networks (FFIV), First Solar (FSLR), PayPal (PYPL), Spirit Airlines (SAVE), and Tesla (TSLA) will report earnings.
Auto Stocks are Lower in Europe
It was a cautious day for Asian markets, as Brent crude futures cooled from Tuesday's six-month highs, and traders eyed next week’s U.S.-China trade negotiations -- with Washington set to send a high-level delegation to Beijing for talks on April 30. In response, China’s Shanghai Composite rose 0.09%, Hong Kong’s Hang Seng was 0.5% lower, South Korea’s Kospi fell 0.9%, and Japan’s Nikkei was down 0.3%.
Europe is also mixed at midday, with auto stocks trading lower after a full-year profit warning from Nissan. At last check, London’s FTSE 100 is 0.5% lower, and the French CAC 40 is 0.3% lower. However, the German DAX is 0.7% higher, after e-payment concern Wirecard landed a $1 billion investment from Japan’s Softbank.