Dow Futures Higher Ahead of Fed Decision

Stock futures are mostly trading above fair value

Oct 30, 2019 at 9:14 AM
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U.S stock futures are pointing to a higher open ahead of a huge day on Wall Street. Investors are gearing up for the Fed's rate-cut decision this afternoon, and the subsequent press conference from Fed Chair Jerome Powell. Until then, traders will be monitoring more corporate earnings reports, including a strong quarterly update from General Electric (GE), which has the former Dow Jones Industrial Average (DJI) component rallying ahead of the opening bell. Many will remain glued in after the close, as well, with tech giants Apple (AAPL) and Facebook (FB) set to release their earnings reports.

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

US stock futures oct 30

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.11 million call contracts traded on Tuesday, compared to 611,743 put contracts. The single-session equity put/call ratio was 0.55, while the 21-day moving average came in at 0.67.
  2. One stock spiking after earnings is footwear concern Crocs, Inc. (NASDAQ:CROX). The shares are up 7.6% before the open thanks to the company's earnings beat, driven by strong back-to-school sales. Since bouncing from the $22 level back in early September, CROX rallied to yesterday's close of $33.33, and is pacing to open near 12-year highs.
  3. Another stock that's been hot is Biogen Inc (NASDAQ:BIIB), thanks to buzz around the company's Alzheimer's treatment. BIIB shares are pacing for a higher open again, this time because the company's multiple sclerosis drug was approved by the U.S. Food and Drug Administration (FDA).
  4. Elsewhere in the healthcare space, Agile Therapeutics Inc (NASDAQ:AGRX) will be a name to watch today, with the FDA set to meet about the company's contraceptive patch, Twirla. It's already been a wild week for AGRX, which fell from last week's close of $1.11 to yesterday's close at $0.37, due to the company's poor earnings release on Monday.
  5. The ADP private payrolls report topped expectations this morning, as did the advance reading on third-quarter gross domestic product (GDP). Weekly crude inventories will also come out today. 3D Systems (DDD), Acadia Pharmaceuticals (ACAD), AK Steel (AKS), Cirrus Logic (CRUS), Cree (CREE), Etsy (ETSY), Legg Mason (LM), Starbucks (SBUX), Sony (SNE), Starbucks (SBUX), Universal Display (OLED), Vertex Pharmaceuticals (VRTX), Wingstop (WING), Yum! Brands (YUM), and Zynga (ZNGA) make up the earnings calendar

stock market news oct 30

Asian Shares Slip

Asian markets closed lower today, amid reports a "phase one" U.S.-China trade deal may not be ready to sign next month. Japan's Nikkei fell 0.6%, snapping its seven-day win streak as a sell-off in electronics stocks offset September's stronger-than-expected retail sales. South Korea's Kospi also gave back 0.6%, while China's Shanghai Composite fell 0.5%, and Hong Kong's Hang Seng gave back 0.4%.

European markets are mixed at midday, with moves modest as traders digest big M&A buzz and an onslaught of earnings reports ahead of today's U.S. Fed decision. Specifically, auto stocks are climbing on reports Peugeot owner PSA Group is in talks to merge with Fiat Chrysler, while big bank earnings are in focus, with the shares of Deutsche Bank tumbling after the German lender reported a wider-than-anticipated third-quarter loss on massive restructuring costs. At last check, the German DAX is down 0.2%, the French CAC 40 is up 0.2%, and London's FTSE 100 is flirting with a 0.04% gain.


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