Dow Futures Rise as Earnings Roll In

Earnings from IBM and JNJ are in focus

Jan 22, 2020 at 9:13 AM
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U.S. stock futures are trading above fair value this morning, signaling a strong start for the Dow Jones Industrial Average (DJI). The attention on Wall Street is shifting back to earnings today after a number of big names released quarterly results, including blue chips IBM (IBM) and Johnson & Johnson (JNJ). This comes after Boeing (BA) and coronavirus headwinds held back stocks on Tuesday, though the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) both look set to revisit record-high territory today.

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

  • Schaeffer's Senior Quantitative Analyst Rocky White examines the most bullish stock charts at the moment.
  • Weeklies popped as this steel stock hit new lows.
  • Plus, stock gains on coronavirus vaccine news; retailer closing more stores; and 2 hot stocks to watch.

US stock futures jan 22

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.45 million call contracts traded on Tuesday compared to 858,881 put contracts. The single-session equity put/call ratio was 0.59, and the 21-day moving average was 0.51.
  2. The shares of Moderna Inc (NASDAQ:MRNA) are trading 9% higher before the open after the company confirmed it's developing a vaccine for the coronavirus that's killed at least 9 people in China. The shares have been dancing around the $20 mark in recent months, but this pre-market price action would have them at their highest point since May.
  3. On the retail front, Express, Inc. (NYSE:EXPR) is in focus after the company announced new strategies for cost reduction, including the closing of roughly 100 stores by 2022. The stock has dropped more than 16% in the past month, but is up 8.4% before the open today.
  4. Two more names traders should watch today are Virgin Galactic Holdings Inc (NYSE:SPCE) and Tesla Inc (NASDAQ:TSLA), as both stocks look to stay hot. SPCE shares are pacing for a 8.4% pop at the open, and TSLA shares are eyeing a 5% rise to record highs.
  5. Today will bring data from the Chicago Fed National Activity Index, weekly crude inventories, and existing home sales. Earnings season will come roaring in with reports from Abbott Laboratories (ABT), Citrix Systems (CTXS), Fifth Third (FITB), Steel Dynamics (STLD), Teradyne (TER), and Texas Instruments (TXN).

Buzz Chart Jan 22

Asian Stocks Rebound

Markets in Asia rebounded today, as global traders monitor the spread of the coronavirus to the U.S. China's Shanghai Composite gained 0.3%, while Hong Kong's Hang Seng paced the region with a 1.3% pop, bouncing back nicely after its worst session in over two months yesterday. Japan's Nikkei tacked on 0.7%, while South Korea's Kospi added 1.2%, after the Bank of Korea reported fourth-quarter growth of 1.2%, topping the 0.8% estimates.

In Europe, stocks are more of a mixed bag as the World Economic Forum continues in Davos, Switzerland. U.S. President Donald Trump and the European Union (EU) are squaring off on a new trade deal, with the former threatening more tariffs on European car imports. The German DAX is up 0.1%, and earlier nabbed a new record high. The French CAC 40 is trading right around fair value and London's FTSE 100 is off by 0.3%.

 

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