Dow Eyes End to Losing Streak on Trade Optimism

Meanwhile, it's a busy earnings day for the retail sector

by Lillian Currens

Published on Nov 22, 2019 at 9:17 AM
Updated on Nov 22, 2019 at 9:25 AM

Stock futures are pointing higher today, with the Dow looking to snap its three-day losing streak. Trade optimism is back on the rise after Chinese President Xi Jinping told a visiting U.S. business delegation that Beijing has a "positive attitude" toward the ongoing negotiations, and President Donald Trump said on Fox and Friends that a phase one pact is "potentially very close." Meanwhile, Wall Street is combing over earnings from several retailers today, while anticipating manufacturing purchasing managers index (PMI) data due out later this morning. 

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

  • Options bulls targeted 3 pot stocks on federal marijuana legalization buzz. 
  • Calls popped on commodity stock FCX, despite the stock's drop.
  • Plus, TSLA unveils its Cybertruck, while Nordstrom and Ross Stores post third-quarter earnings beats. 

Snag_b29202ed

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 998,396 call contracts traded on Thursday, compared to 584,334 put contracts. The single-session equity put/call ratio moved down to 0.59, while the 21-day moving average came in at 0.59.
  2. The shares of electronic car maker Tesla Inc (NASDAQ:TSLA) are off 4% pre-market following the firm's unveiling of its electric pick-up truck, the Cybertruck. Most analysts weighing in so far think competitors Ford (F) and General Motors (GM) face no real threat from the futuristic truck model, and Deutsche Bank added, "The shattering of the truck’s unbreakable glass windows during the live demonstration was not a good start."
  3. Nordstrom, Inc. (NYSE:JWN) stock has tacked on 8.5% ahead of the bell, after the retailer posted third-quarter earnings and revenue that topped analysts' estimates. The department store name also hiked the lower end of its 2020 profit forecast, and brushed off the possibility of material tariff impacts. 
  4. Another retailer rising on a positive quarterly report this morning is Ross Stores, Inc. (NASDAQ:ROST), up 0.9% in electronic trading after posting better-than-expected third-quarter profits and revenue. The company's fourth-quarter sales forecast also topped expectations. 
  5. The University of Michigan's consumer sentiment survey will be unveiled today. Buckle (BKE), Hibbett Sports (HIBB), and J M Smucker (SJM) will step into the earnings spotlight.

buzz stocks nov 22

Trade Murkiness Leaves Asian Markets Mixed

Asian markets stumbled to a mixed finish today, as investors entered the weekend with no further clarity on a potential phase one U.S.-China trade deal. China's Shanghai Composite fell 0.6% to underperform its regional counterparts, with most other equity benchmarks settling modestly higher. Hong Kong's Hang Seng advanced 0.5%, while Japan's Nikkei and South Korea's Kospi each rose 0.3%.

London-listed stocks are leading the charge over in Europe, with the FTSE 100 rallying 1.4% as weak manufacturing and services data applies pressure to the pound. Elsewhere, the French CAC 40 is up 0.4%, and the German DAX has tacked on 0.2% after final gross domestic product (GDP) data showed the eurozone's economic powerhouse dodging an official recession in the third quarter.


A Schaeffer's exclusive

TOP STOCK PICKS 2020

Access your FREE insider report before it's too late!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


Former Hedge Fund Manager Makes $25,000 "Trading Breakthrough"
Click to continue to advertiser's site.
Fed Meeting Headlines Earnings-Packed Week
Several big blue-chip and FAANG names will enter the earnings confessional
Amphenol Stock Sees Bullish Attention Post-Earnings
APH put options have been popular
The IRS Loopholes Retirees Need to Know
Click to continue to advertiser's site.