Stock Futures Signal Modest Rebound After Yesterday's Spiral

President Trump tweeted that the U.S. would support industries hit by COVID-19

Digital Content Manager
Mar 17, 2020 at 9:08 AM
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Dow Jones Industrial Average (DJI) futures are eyeing a modest rebound this morning, up roughly 200 points, following yesterday's disastrous selloff and subsequently volatile overnight trading linked to concerns over the coronavirus. President Donald Trump weighed in on Twitter (TWTR) last night, saying "The United States will be powerfully supporting those industries, like Airlines and others, that are particularly affected by the Chinese virus." Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also signaling gains before the bell. 

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

  • This one stock is bucking the broadmarket selloff, and analysts are taking notice. 
  • Buy the dip on this blue chip, says Stifel. 
  • Plus, Amazon hires backup; Nordstrom announces two-week closures; and Comcast brings the theater to the living room. 

Futures Chart March 17

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 734,329 call contracts traded on Monday, compared to 806,334 put contracts. The single-session equity put/call ratio rose to 1.1, and the 21-day moving average climbed to 0.78.
  2., Inc. (NASDAQ:AMZN) announced that it would respond to the influx of new orders coming in due to wide-spread self-quarantine by hiring 100,000 new workers and giving raises to current staff. Amazon stock is up 4% in electronic trading, and is down 8% year-to-date. 
  3. Nordstrom, Inc. (NYSE:JWN) is up 1.2% in pre-market trading after announcing the temporary closure of it's stores in the U.S. and Canada to avoid the spread of the COVID-19. The retailer expects the stores to be closed for two weeks, and will provide pay and benefits to its employees during that time. JWN fell to an 11-year low of $16.27 yesterday.
  4. Comcast Corporation (NASDAQ:CMCSA) is climbing 0.6% higher this morning after it said it would begin making movies that are still in theaters available to rent at home, as many theaters shutter their doors for the time being. Comcast stock is down 20% in 2020, with its 10-day moving average keeping a lid on any rallies.
  5. Retail sales, industrial production, and business inventories are on the calendar today. There's also the the National Association of Home Builders (NAHB) housing market index and the Job Openings and Labor Turnover Survey (JOLTS) survey, along with an earnings report from FedEx (FDX).

Buzz Chart March 17

European Stocks Plummet on Self-Quarantine Measures 

Markets in Asia were a mixed bag today, as investors react to the whipsaw trading action in the U.S. Japan's Nikkei closed up 0.1%, while South Korea's Kospi gave back 2.5%. China's Shanghai Composite lost 0.3%, and Hong Kong's Hang Seng added 0.9%.

Over in Europe, stocks are lower as countries take drastic steps to self-quarantine. London's FTSE 100 is down 1.6% at last check, after Prime Minister Boris Johnston finally advised avoiding social contact. The French CAC 40 is off by 1.2%, with President Emmanuel Macron ordering citizens to stay at home for up to two weeks. Rounding out the region, the German DAX is off by 1.2% at last check.



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