Dow Futures Edge Higher Ahead of Trump Speech

This speech comes shortly after the president spoke pessimistically about the tariff rollback proposal

Digital Content Manager
Nov 12, 2019 at 9:15 AM
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Stock futures are tentatively higher ahead of President Donald Trump's speech later today at the Economic Club of New York, which Wall Street will undoubtedly be dissecting for any indicator on the status of trade between the U.S. and China. This comes after yesterday's Boeing rally offset Trump's earlier pessimism about China tariffs. Elsewhere, the Disney+ streaming service launches today, sending blue-chip DIS stock up about 1% in pre-market trading. 

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

  • A few ways to play a potential bullish pullback, according to Schaeffer's Senior Market Strategist Matthew Timpane. 
  • Buyout rumors had options players swarming this Dow stock. 
  • Plus, Allegro Merger Company acquires TGIF; Chipotle extends carne asada's run; and AMRX stock gets downgraded. 

Futures Chart Nov 12

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 968,989 call contracts traded on Monday, compared to 590,476 put contracts. The single-session equity put/call ratio moved up to 0.61, while the 21-day moving average came in at 0.62.
  2. The shares of blank check company Allegro Merger Corp (NASDAQ:ALGR) are up 4.4% ahead of the bell after announcing its plans to buy privately held chain restaurant operator TGIF Holdings in a cash-and-stock deal worth $30 million, plus the assumption of $350 million in debt. The deal, expected to close in the first quarter of 2020, includes plans to take the TGI Friday's parent public. 
  3. Chipotle Mexican Grill, Inc. (NYSE:CMG) just announced it would be extending its limited edition carne asada option into the first quarter of 2020, after noting the extremely popular protein option is helping to drive customer growth. The stock is up 1.7% in pre-market action.
  4. A J.P. Morgan Securities downgrade to "underweight" from "neutral" has drugmaker Amneal Pharmaceuticals Inc (NYSE:AMRX) down 3% ahead of the open. The analyst cited "several quarters of disappointing results and guidance cuts." 
  5. Philadelphia Fed President Patrick Harker and Minneapolis Fed President Neel Kashkari are slated to speak today. Advance Auto Parts (AAP), CBS Corp (CBS), D. R. Horton (DHI), Luckin Coffee (LK), Overstock.com (OSTK), Tyson Foods (TSN), Skyworks Solutions (SWKS), SmileDirectClub (SDC), Tilray (TLRY), and YY (YY) will report earnings.

buzz stocks nov 12

Delayed Auto Tariffs Send European Stocks Higher 

Stocks in Asia finished higher today. China's Shanghai Composite finished up 0.2%, as investors awaited more updates on the U.S.-China trade spat. Hong Kong's Hang Seng gained 0.5% thanks to a big day from Tencent, but civil unrest amid escalating protests is still holding back equities. Rounding out the region, South Korea's Kospi tacked on 0.8%, and Japan's Nikkei also gained 0.8%.

Over in Europe, markets are also higher, after reports indicate President Trump may delay a decision on European Union (EU) auto tariffs by six months. The French CAC 40 is up 0.2%, while the German DAX is up 0.5%, thanks in part to upbeat economic sentiment data. Elsewhere, London's FTSE 100 is up 0.3%, after U.K. unemployment dropped to a lower-than-expected 3.8% in September. Plus, Brexit party leader Nigel Farage called for dozens of his party's candidates to stand down against Prime Minister Boris Johnson's Conservatives in the upcoming general elections, partnering with Tories in a controversial effort to prevent "remainer parties" from gaining control of parliament. 

 

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