Stocks are set to close a big week on a bullish note
The Dow Jones Industrial Average (DJI) is setting its sights on a fifth straight win and another record high, as stock futures point to another up day to close out a big week on Wall Street. Stocks recently have been fueled by the signing of the "phase one" trade deal and positive economic data, including this morning's strong update on housing starts in December, while a number of earnings releases are also in focus. As such, the gains are spreading to the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX), which, like the Dow, are easily pacing for solid weekly wins.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.39 million call contracts traded on Thursday compared to 652,812 put contracts. The single-session equity put/call ratio was 0.47, and the 21-day moving average was 0.51.
- Schlumberger Limited (NYSE:SLB) is on the rise this morning, thanks to the company's stronger-than-anticipated quarterly results. The earnings beat was driven by the company's international drilling business, sending the shares up 2.9% before the open. SLB has gained more than 25% since bottoming near $31 in October.
- In focus again this morning is Pinterest Inc (NYSE:PINS), thanks to a bullish analyst rating. Wells Fargo upgraded the e-commerce concern to "overweight" from "equal weight," pushing PINS up 4.2% before the open. The stock is already up 23% year-to-date.
- Elsewhere on the earnings front, Progress Software Corp (NASDAQ:PRGS) is moving higher, up 10% in pre-market trading. The company's full-year outlook may be the primary driver for PRGS, which was already on a wild seven day win streak before today, adding 10% just this week.
-
Traders will digest data on building permits, industrial production, and job openings, as well as the University of Michigan's consumer sentiment index. Fastenal (FAST), J.B. Hunt Transport (JBHT), Kansas City Southern (KSU), and State Street (STT) will all throw their hats into the earnings ring. Netflix earnings highlight next week's schedule.
Asian Shares Gain Again
Markets in Asia closed the week on a high note, boosted by encouraging economic developments. China's Shanghai Composite gained 0.05%, after the country reported a fourth-quarter gross domestic product (GDP) of 6.1%, in line with expectations. This helped stabilize the China yuan, while Hong Kong's Hang Seng added 0.6%. Rounding out the region, Japan's Nikkei and South Korea's Kospi closed up 0.5% and 0.1% respectively, auto stocks lifting the former and steady interest rates propping up the latter. Both indexes also nabbed new annual highs.
In Europe, stocks are moving higher on China's GDP numbers. London's FTSE 100 is up 1%, as subpar retail sales data fuels the expectations of an interest rate cut from the Bank of England (BoE). The French CAC 40 is 0.9% higher, while the German DAX sports a 0.6% lead.