Coronavirus Resurgence Reaches Stock Market

Trade tensions with the European Union are also pressuring futures

Deputy Editor
Jun 24, 2020 at 9:21 AM
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Futures on the Dow Jones Industrial Average (DJI) are down over 200 points this morning, as Wall Street finds it more difficult to brush off the increasing number of coronavirus cases within the U.S. and globally. Dr. Anthony Fauci yesterday noted the "disturbing surge," and pointed to states such as Texas, Arizona, and Florida as places that might need to pause their reopening.

Nasdaq-100 (NDX) and S&P 500 (SPX) futures are also sitting in the red, as airline and travel stocks threaten to put the Nasdaq's winning streak in jeopardyTrade tensions are also rocking Wall Street this morning, after a Bloomberg report indicated the U.S. was weighing $3.1 billion in tariffs against European Union (EU) imports.

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

  • Schaeffer's Senior Quantitative Analyst Rocky White showed investors the trade-off between cheap and expensive options.
  • Salesforce.com stock entered a key strategic partnership yesterday. 
  • Plus, DKS upgraded; cruise line sinking on dismal industry outlook; and Winnebago stock takes a breather after a record high.

futures June 24

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.5 million call contracts traded on Tuesday, and 667,844 put contracts. The single-session equity put/call ratio fell to 0.45, and the 21-day moving average dropped to 049.
  2. Dick's Sporting Goods Inc (NYSE:DKS) is up 0.6% before the bell after receiving an upgrade from Cowen and Company to "outperform" from "market perform," as well as a price-target hike to $50 from $36. The firm glowed about the sports retailer's increased market share and strong e-commerce growth. With the equity still only a chip-shot away from its 12-month consensus price target at last night's close, more price target hikes could be coming. In the last month, DKS is up 29%.
  3. Carnival Corp (NYSE:CCL) is down 5% in electronic trading, after its debt rating was cut to “junk” by Standard & Poor’s, expecting continued low demand for the cruise industry due to the coronavirus pandemic. In the last three months, CCL is up 31%, but the breakout was stifled by its 80-day moving average earlier this month.
  4. Winnebago Industries Inc (NYSE:WGO) is down 2% ahead of the open, despite reporting narrower-than-expected losses as well as revenue above estimates for the fiscal third quarter. WGO hit an all-time high of $72.65 yesterday, and is up 85% year-over-year. 
  5. The economic schedule is relatively bare today, though BlackBerry (BB), KB Home (KBH) National Beverage (FIZZ), and Paychex (PAYX) will all post quarterly reports. 

New Buzz June 24

Stocks in Europe Lower Amid Global Coronavirus Cases

Stocks in Asia were mostly higher today. South Korea’s Kospi finished the highest, closing the day up 1.4%, followed by China’s Shanghai Composite, which rose 0.3%. Conversely, Japan’s Nikkei fell a paltry 0.1%. Lastly, Hong Kong’s Hang Seng dipped 0.5%, after the shares of tech giant Tencent fell from their intraday record highs.

European stocks are lower this afternoon, thanks to the surge in global COVID-19 cases and the new tariff tensions with the U.S. France’s CAC 40 and the German DAX were last seen off 1.7%, with the latter country seeing notable regional outbreaks of the virus. Elsewhere, London’s FTSE 100 was last seen down 2.1%.

 

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