Stock Futures Point to Another Big Day

Outside of trade, there's economic data to consider this morning

Jan 16, 2020 at 9:10 AM
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U.S. stock futures are pointing to a big day, set to build off Wednesday's bullish session. The Dow Jones Industrial Average (DJI) is eyeing a more than 200-point pop at the open, and the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are set for strong opens, as well, with all three major indexes again set for record highs. Investors continue to respond to the signing of the "phase one" trade deal between the U.S. and China, while earnings and economic reports are also in focus. For the latter, traders are monitoring this morning's weekly jobless claims update, which fell unexpectedly, along with a rise in retail sales for December.

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

  • The social media stock options players are flocking to.  
  • Behind Target stock's massive holiday sales flop. 
  • Plus, Signet shares soar; XPO's update could mean fresh highs; and iRobot gets an upgrade.

stock futures jan 16

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.48 million call contracts traded on Wednesday compared to 653,908 put contracts. The single-session equity put/call ratio was 0.44, and the 21-day moving average was 0.51.
  2. Signet Jewelers Ltd. (NYSE:SIG) is one stock on the rise this morning, rising 28.6% on the company's upbeat holiday sales, which prompted it to raise its outlook for the quarter. SIG stock was already looking strong from a technical sense, and is pacing for its highest open since April.
  3. XPO Logistics Inc (NYSE:XPO) is also making a major move to the upside thanks to news the company is exploring selling or spinning off some of its businesses. XPO shares are up 19.3% in pre-market action, which would have them in fresh 52-week-high territory.
  4. The shares of iRobot Corporation (NASDAQ:IRBT) are gaining before the open thanks to a bullish analyst note. Raymond James upgraded the shares to "market perform" from "underperform," putting IRBT on pace for a third straight daily win. The stock is up 4.1% before the open, after recently taking out the 80-day moving average.
  5. A barrage of economic data will come out today including import prices, business inventories, and the National Association of Home Builders (NAHB) housing market index. Earnings reports from Bank of New York Mellon (BK), Charles Schwab (SCHW), and CSX (CSX) are all on tap. 

Buzz Chart Jan 16

Asian Shares Mostly Rise

The “phase one” trade agreement signing left Asian markets mostly higher, with the exception of China’s Shanghai Composite, which shed 0.5%. The South Korean Kospi led the pack on an 0.8% pop on strength from Hyundai Motor and Samsung Electronics, while Hong Kong’s Hang Seng trailed behind with a 0.4% gain. Meanwhile, the Nikkei in Japan managed to eke out a roughly 0.1% win.

European stocks are lower at the halfway point, as traders express caution over unresolved issues left by the U.S.-China trade agreement. London’s FTSE 100 is down 0.4%, brushing off big gains from crude concern Tullow Oil, while the German DAX and French CAC 40 have dropped 0.2% and 0.1%, respectively.

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