Stock Futures Rise Amid Deflating U.S.-China Tensions

Coronavirus cases in the U.S. continue to rise in some regions

Assistant Editor
Jun 19, 2020 at 9:24 AM
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Futures on the Dow Jones Industrial Average (DJI) are over 300 points above fair value this morning, as trade tensions ease between the U.S. and China after Bloomberg report indicated the latter is set to increase its purchases of U.S. farm products to comply with the phase-one trade deal. Nasdaq-100 Index (NDX) and S&P 500 (SPX) futures are also firmly in the black, although coronavirus cases in Florida, Arizona, California, and Texas all spiked to record high single-day increases yesterday. Nevertheless, all three major benchmarks are eyeing weekly wins ahead of quadruple witching today, as crude prices also join the rally, with July-dated crude futures last seen up 3.3% at $40.11 per barrel.

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

stock futures june 19

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.4 million call contracts traded on Thursday, and 673,034 put contracts. The single-session equity put/call ratio fell to 0.50, and the 21-day moving average stayed at 0.50.
  2. EOG Resources Inc (NYSE:EOG) is up 3.5% before the bell after an upgrade from SunTrust Robinson to "buy" from "hold," with a price-target hike to $70 from $50. The analyst in coverage waxed optimistic about the company's growth profile and budgetary decisions. The equity is up 59.3% in the last three months, with support at the 40-day moving average.
  3. CarMax Inc (NYSE:KMX) is up 2.4% in electronic trading after the retailer's revenue and quarterly sales toppled analyst expectations. An analyst at RBC expects the climbing sales trend to continue as the U.S. economy keeps opening up. CarMax stock is looking to take aim at the $100 level for the first time since February.
  4. Occidental Petroleum Inc (NYSE:OXY) is up 6.3% during pre-market trading, after SunTrust Robinson upgraded the stock to "buy" from "hold" and lifted its price target to $25 from $13. The analyst in coverage stated that Occidental was in position to continue improving its balance sheet. For the week, the oil stock is up 13%.
  5. Today will be relatively bare in terms of economic data and earnings. 

Buzz Chart June 19

Stocks Rise in Asia, Europe Despite COVID-19 Case Spikes

Stocks in Asia ended the week higher, despite investors keeping a wary eye on the surge in coronavirus cases. Additionally, a Chinese health expert said that the recent infection spike in Beijing is under control. At last check, China’s Shanghai Composite tacked on 1%, while Hong Kong’s Hang Seng finished up 0.7%. Elsewhere, Japan’s Nikkei and South Korea’s Kospi added 0.6%, and 0.4%, respectively.

European stocks are singing a very similar tune, with the attention focused on the uptick in coronavirus cases across the globe. France’s CAC 40 and London’s FTSE 100 were both last seen up 1.3%. Meanwhile, another day of falling Wirecard (WDI) shares did little to hinder the German DAX, last seen trading 1.1% higher.


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