Dow Futures Boosted By Apple Earnings, With Wall Street Eyeing Fed

The Fed's interest rate decision will be released at 2 p.m. E.T.

by Lillian Currens

Published on Jul 31, 2019 at 9:14 AM

Apple (AAPL) earnings are front and center this morning, boosting Dow Jones Industrial Average (DJI) futures, after the tech giant posted quarterly figures that topped expectations and issued strong revenue guidance. The Fed is in focus, too, with the central bank widely expected to cut interest rates later today. Elsewhere, private payrolls data came in better than expected in July, and the U.S. and China will reportedly resume high-level trade talks in September. 

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

  • The small-cap signal flashing for the first time in 20 years, according to Schaeffer's Senior Quantitative Analyst Rocky White. 
  • 25 stocks that tanked after a previous Fed rate cut. 
  • This red-hot video game stock could be one to watch in August, if history is any indicator. 
  • Plus, Spotify, Humana, and GE step into the earnings confessional. 

Futures Chart July 31

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 851,995 call contracts traded on Tuesday, compared to 618,704 put contracts. The single-session equity put/call ratio landed at 0.73, while the 21-day moving average is 0.60.
  2. Music streaming giant Spotify Technology SA (NYSE:SPOT) is sinking in pre-market trading, down 3.9% at $149.11, after posting earnings that fell short of expectations. The firm also said that its premium subscriptions grew by 30%, just missing estimates. 
  3. After posting a second-quarter earnings and revenue beat, the shares of Humana Inc (NYSE:HUM) are eyeing their fourth consecutive win, up 6.1% ahead of the bell. The firm raised its full-year profit forecast too, citing its strong Medicare Advantage health plan unit. HUM also announced that it will be initiating a $1 billion accelerated share repurchase plan after tonight's close.
  4. General Electric Company (NYSE:GE) stock is up 3% ahead of the open, after the company reported stronger-than-expected earnings and hiked its full-year forecast. The firm also said CFO Jamie Miller is stepping down.

  5. Today's calendar brings the employment cost index, the Chicago purchasing managers index (PMI), and the weekly crude inventories update. Bloomin' Brands (BLMN), Fiat Chrysler (FCAU), Fitbit (FIT), Meritor (MTOR), Molson Coors Brewing (TAP), SunPower (SPWR), and Sturm Ruger (RGR) will unveil earnings. Tech names Cirrus Logic (CRUS) and Qualcomm (QCOM) will also report.

stock market news july 31

Markets Dip in Asia as Trade Fears Resurface 

Stocks traded lower in Asia, mostly on diminished hopes of a trade deal with the U.S. and China. The Hang Seng in Hong Kong faced the sharpest losses, down 1.3% before markets closed early in preparation of a tropical storm. China’s Shanghai Composite also fell, dropping 0.7%, with traders considering factory data that showed a third straight month of contraction in July. In Japan, the Nikkei shed 0.9% despite upbeat earnings from Sony, and South Korea’s Kospi closed with a 0.7% loss.

The major indexes are mixed in Europe at midday. On top of the lingering trade tensions and Fed anticipation in the U.S., traders in the region are considering a number of earnings updates. Two names in focus are lenders Credit Suisse and BNP Paribas, which are both trading higher thanks to strong earnings. But while the French CAC 40 and German DAX are sporting respective leads of 0.2% and 0.3%, the FTSE 100 is down 0.6%.


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