Dow Futures, Oil Push Higher

Durable goods orders for March fell by a larger-than-expected amount, though

Managing Editor
Apr 24, 2020 at 9:08 AM
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Dow Jones Industrial Average (DJI) futures are poised to climb this morning, propped up by an encouraging earnings report from blue chip American Express (APX). Wall Street is so far shaking off some of the latest alarming economic data, as durable goods orders for March fell 14.4%. Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also on the upswing, as oil prices extend their rally amid rumors of a production cut. At last check, June-dated crude futures were up 3.2% at $17.03 per barrel. Also in focus is the latest relief efforts out of Washington, the U.S House of Representatives late last night passing a $484 billion aid package pointed toward small business, hospitals, and coronavirus testing.

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

  • This casino stock cashed in post-earnings.
  • Tyson stock brushed off plant closures.
  • Plus, INTC sinks on guidance whiff; Alphabet cuts costs; and Dunkin' downgraded.

Stock Futures Chart April 24

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.3 million call contracts traded on Thursday, and 780,285 put contracts. The single-session equity put/call ratio fell to 0.59, and the 21-day moving average remained at 0.67.
  2. Intel Corporation (NASDAQ:INTC) stock is down 5.8% ahead of the bell. Although the chipmaker reported a first-quarter earning and revenue beat, the company's current quarter guidance fell quite short of estimates. Intel also would not update its full-year outlook due to the cornavirus outbreak, prompting five price-target cuts this morning, including one to $51 from Wedbush. Intel stock has been fighting with its year-to-date breakeven level since April.
  3. Alphabet Inc (NASDAQ:GOOGL) stock is down 0.9% before the open, after the tech giant announced it will be cutting its marketing budget by 50% for the second half of 2020, to help combat the economic impact of COVID-19. GOOGL has faced stiff overhead pressure from its 200-day moving average the last two weeks.
  4. The shares of Dunkin' Brands Group Inc (NASDAQ:DNKN) are down 1.1% in electronic trading, after Wedbush issued a downgrade to "neutral" from "outperform" and trimmed its price target to $60 from $88. Dunkin' Brands stock is down 22.5% in 2020 going into today. 
  5. The week ends with the consumer sentiment index.

Buzz Chart April 24

COVID-19 Treatment Report Weighs on Overseas Markets

Asian markets spiraled on Friday after the Financial Times, citing accidentally released documents from the World Health Organization (WHO), reported that Gilead Sciences’ remdesivir drug failed to improve the condition of patients with the coronavirus. The South Korean Kospi was hit the hardest, down 1.3%, while the Shanghai Composite in China dropped 1.1%, the Hong Kong Hang Seng took a 0.6% haircut, and the Nikkei in Japan was 0.9% lower. 

The report is also affecting markets in Europe. The French CAC 40 and the London FTSE 100 are both off 0.7%, with the latter also getting hit by a record drop in British retail sales for March. Meanwhile, the German DAX is down 0.8% at the midway mark. 

 

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