U.S. Stocks Begin February in Recovery Mode

Apple was forced to close stores and offices in China

Emma Duncan
Feb 3, 2020 at 9:28 AM
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U.S. stock futures are pointed toward a higher open, attempting to patch up wounds left from Friday's steep losses. Coronavirus headwinds continue to stir up concerns however, with the death toll now at an estimated 361 on Sunday, expanding worries surrounding the long-term impact on travel and trade. Chinese markets suffered their worst sell-off in years overnight, a potential trigger to the U.S.' positive pre-market action, with some investors looking to buy the recent dip. 

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

Futures Chart Jan 3

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.5 million call contracts traded on Thursday compared to 1.1 million put contracts. The single-session equity put/call ratio rose to 0.74, and the 21-day moving average was 0.54.
  2. Credit card name Visa Inc (NYSE:V) is eyeing an open near $199.75 this morning, rising on the heels of  two bull notes. Specifically, Guggenheim and Keybanc both lifted their price targets to $222 and $215, respectively. V has had an outstanding year on the charts, surging more than 47% over the past 12 months alone.
  3. Airline stocks are in focus this morning, as travel restrictions in and out of China continue to be implemented. American Airlines Group Inc (NASDAQ:AAL) has not taken to the news well, and is down 1% ahead of the open.
  4. Another big name taking a hit from coronavirus headwinds is tech giant Apple Inc. (NASDAQ:AAPL), which is also eyeing an open in the red after closing all stores and corporate offices in mainland China until next week. Down 0.7% in electronic trading, the equity could be headed toward its third straight loss.
  5. The Markit manufacturing PMI, the ISM manufacturing index, data on construction spending, and motor vehicle sales will all kick off a busy week. As far as earnings go, Alphabet (GOOGL), Sysco (SYY), and Valvoline (VVV) will report.

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