Dow Futures Point to Another High Today

Bank stocks are among the pre-market gainers

by Lillian Currens

Published on Jul 12, 2019 at 9:19 AM

Dow Jones Industrial Average (DJI) futures keep surging, signaling another record high on the horizon, amid lingering optimism about a July rate cut. Traders continue to cheer dovish two-day testimony from Fed Chair Jerome Powell, with bank stocks Goldman Sachs (GS) and JPMorgan Chase (JPM) higher ahead of the bell -- and ahead of a flood of bank earnings next week. 

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

  • 2 stocks that spell trouble, according to analysts. 
  • Breaking down a bullish options bet on this weed stock.
  • The big Roku win that had Schaeffer's subscribers cheering. 
  • Plus, Illumina eyes worst day in years; the beer stock lower on IPO buzz; and Zoom gets a bull note. 

stock futures july 12

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 957,745 call contracts traded on Thursday, compared to 587,753 put contracts. The single-session equity put/call ratio landed at 0.61, while the 21-day moving average is 0.60.
  2. Biotech concern Illumina Inc (NASDAQ:ILMN) is way down in pre-market trading, off 14.5% at $310.88, after the firm announced a second-quarter revenue estimate that fell $50 million below analysts' expectations. Should some of these losses hold, ILMN could be eyeing its worst day in almost three years. 
  3. Anheuser Busch Inbev NV (NYSE:BUD) is down 2% at $87.90, on reports the beverage company won't price the initial public offering (IPO) of its Asia-Pacific business, Budweiser Brewing Company APAC, today, as expected. The stock is set to eventually debut in Hong Kong. 
  4. Shares of video-chat name Zoom Video Communications Inc (NASDAQ:ZM) are popping this morning, after Stephens initiated coverage with an "overweight" rating, applauding the company's market leadership in its field. ZM stock is up 1.7% at $93, in response. 
  5. The producer price index (PPI) will headline the economic calendar. Infosys (INFY) earnings will be released.

stock market news july 12

Asian, European Stocks Inch Higher on Economic Data

Stocks in Asia mostly followed their U.S. peers higher overnight, while traders paid close attention to trade data out of China. Specifically, China’s exports fell less than expected in June, but imports declined by more than analysts were predicting. The Shanghai Composite managed a 0.4% win during the session, and Hong Kong’s Hang Seng settled up 0.1%. Japan’s Nikkei also managed a slim gain, adding 0.2%, and the Kospi closed up 0.3%.

European markets are also edging higher, and traders there are considering economic data as well. Industrial production in the eurozone for May increased more than anticipated, and factory output growth for the month blew past expectations. France’s CAC 40 was last seen up the most, adding 0.4%, London’s FTSE 100 is up 0.2%, and Germany’s DAX is near breakeven.

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