There are a number of reports circulating about U.S.-China trade talks
Dow Jones Industrial Average (DJI) futures are pointing to a lower open for stocks, following a number of trade-related headlines overnight. While some reports suggested trade talks have been unproductive so far, others indicated the U.S. and China could strike a deal that would suspend next week's scheduled tariffs. Meanwhile, The New York Times reported that the Trump administration may allow the sale of some goods by U.S. companies to China's Huawei.
There's some economic data to consider this morning, too, including the consumer price index (CPI), which was unchanged in September. Also, weekly jobless claims came in below forecasts. Still, the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) look set to follow the Dow into the red at the open.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 694,244 call contracts traded on Wednesday, compared to 405,389 put contracts. The single-session equity put/call ratio fell to 0.58, while the 21-day moving average was 0.68.
- Bed Bath & Beyond Inc. (NASDAQ:BBBY) just announced a new CEO, like Wedbush predicted last week. The company named Mark J. Tritton, previously Target's (TGT) chief merchandising officer, as its president and chief executive officer. This news has BBBY shares up almost 20% in electronic trading.
- One name moving lower before the bell is Dow component Cisco Systems, Inc. (NASDAQ:CSCO), set to drop 1.7%. This comes after Goldman Sachs this morning cut its rating to "neutral" from "buy," and dropped its price target by $8 to $48. CSCO shares closed yesterday at $46.84.
- As part of the ongoing drama between the NBA and China, Reuters is reporting that Nike Inc (NYSE:NKE) stores in China have removed Houston Rockets items, along with the team's merchandise being removed from the company's Chinese website. Meanwhile, NKE shares are inching higher before the open, likely due to Oppenheimer's price-target hike to $115.
- The Treasury budget and the Fed's balance sheet are due today. Delta Air Lines (DAL) will report earnings.
Huawei News Lifts Asian Markets
Most Asian markets closed higher today, on reports the Trump administration may ease restrictions on Huawei. China's Shanghai Composite was the best regional performer, gaining 0.8%, while Japan's Nikkei added 0.5%, and Hong Kong's Hang Seng edged up 0.1%. South Korea's Kospi lagged, though, shedding 0.9% on headwinds from Hyundai Motor.
It's a quiet day of trading in Europe with all eyes on tariff negotiations in Washington, with markets sticking close to the flatline at midday. At last check, the German DAX is down 0.07%, London's FTSE 100 is up 0.02%, and the French CAC 40 is 0.2% higher.