Stock Futures Up, Shrug Off Second-Wave Anxiety

24 U.S. States have seen an uptick in coronavirus cases

Assistant Editor
Jun 22, 2020 at 9:17 AM
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Futures on the Dow Jones Industrial Average (DJI) are sitting over 150 points above fair value this morning. Nasdaq-100 Index (NDX) and S&P 500 (SPX) futures are also comfortably in the black, though larger gains are likely pared by the United States' 24-state spike in coronavirus over the weekend. The World Health Organization (WHO) reported the largest daily increase in cases on Sunday -- more then 183,000 -- while the U.S. confirmed the highest number of one-day cases since May 1 at 30,000. Retail stocks are giving the market a slight boost before the bell, as the broader market fights to maintain optimism coming off of their fourth weekly gain in the last five weeks. 

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

  • Fitbit calls are popular in the options pits. 
  • This Tesla rival just locked up its fourth straight weekly gain. 
  • Plus, SPCE inks NASA deal; Foot Locker stock downgraded; and Jefferies sees future growth for DraftKings. 

futures june 22

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 2.1 million call contracts traded on Friday, and 1.2 million put contracts. The single-session equity put/call ratio rose to 0.57, and the 21-day moving average stayed at 0.50.
  2. Virgin Galactic Holdings Inc (NYSE:SPCE) is up 15.1% before the open, after the space travel company signed a Space Act Agreement with NASA to collaborate on a recruitment and training program allowing private astronauts to visit the International Space Station. The equity is currently trading sideways with pressure at the 20-day moving average, though up 44.5% year-over-year.
  3. Foot Locker Inc (NYSE:FL) is down 1% in electronic trading, after B. Riley FBR downgraded the stock to "neutral" from "buy" with a price target of $32. The analyst in coverage did assert that Foot Locker's promotional efforts are outweighing its peers in the retail sector. Year-to-date, Foot Locker stock is down 28%. 
  4. DraftKings Inc (NASDAQ:DKNG) is up 2.4% ahead of the bell, after Jefferies initiated coverage with a "buy" rating and a price target of $55. The analyst in coverage believes that DKNG is in the best position to capitalize on digital sports wagering, an industry that appears to just be getting started. Already trading up near its June 2 all-time high at Friday's close, the stock is up 41% for the month. 
  5. Today will bring data on existing home sales and the Chicago Fed national activity index.

New Buzz June 22

Stocks in Asia Lower as COVID-19 Infections Pile Up

Stocks in Asia ended the day lower, after 30,000 new coronavirus infections were reported in the U.S. between Friday and Saturday – the highest daily totals since May 1. As a result, South Korea’s Kospi began the week with a 0.7% loss. Meanwhile, Hong Kong’s Hang Seng fell 0.5%, thanks to shares of tech giant Alibaba (BABA) falling more than 2%. Elsewhere, Japan’s Nikkei and China’s Shanghai Composite were off 0.2%, and 0.08%, respectively.

European stocks are beginning the week in the red as well, with a concerning spike of COVID-19 infections in Germany, as well rising cases in the U.S. weighing on investors’ minds. Both France’s CAC 40 and the German DAX were last seen down 0.5%, with the latter falling thanks to the shares of Wirecard (WDI) extending their selloff. Lastly, London’s FTSE 100 was last seen trading 0.3% lower.

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