Boeing Boosts Dow Futures as Coronavirus Cases Spike

Coronavirus cases are still climbing in the U.S.

Deputy Editor
Jun 29, 2020 at 9:16 AM
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Futures on the Dow Jones Industrial Average (DJI) are over 100 points above fair value this morning, propped up by blue-chip Boeing (BA). The aerospace company's 737 Max certification flight tests begin today, a big step forward since two 737 Max's crashed in 2019, triggering lawsuits and an extended period of controversy for BA.

Nasdaq-100 (NDX) and S&P 500 Index (SPX) futures are trying to shake off last week's slump ahead of the holiday-shortened week, even as coronavirus cases continue to rise throughout the country, with hotspots in Florida, Texas, Arizona, and South Carolina. Health and Human Services (HHS) Alex Azar said yesterday that the "window is closing" to properly manage the resurgence of the coronavirus pandemic. 

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

    • Micron stock cools off ahead of quarterly report.
    • Our latest Schaeffer's Market Mashup podcast looks at COVID-19 vaccines, sports gambling, and retail trading.
    • Plus, Delta Air Lines possibly furloughing pilots; COTY buys stake in another Kardashian; and Beyond Meat downgraded. 

    futures June 29

    5 Things You Need to Know Today

    1. The Cboe Options Exchange (CBOE) saw 1.3 million call contracts traded on Friday, and 980,866 put contracts. The single-session equity put/call ratio rose to 0.74, and the 21-day moving average rose to 0.51.
    2. Delta Air Lines Inc (NYSE:DAL) is up 1.9% pre-market, amid news that the company will warn pilots about possible furloughs -- offering some early retirements -- due to the low travel demand. Although there's short-term support in place at the 50-day moving average, Delta stock is still down 54% year-to-date.
    3. Coty Inc (NYSE:COTY) is up 17.4% in electronic trading, after the cosmetics company announced its buying a 20% stake in Kim Kardashian West's $1 billion beauty line. The company already discussed a potential collaboration earlier this month, and has a 51% stake in other family member Kylie Jenner's brands. 
    4. Beyond Meat Inc (NASDAQ:BYND) is down 2.7% before the bell, after a downgrade from Barclays to "underweight" from "overweight," with an added price-target cut to $100 from $115. The firm cited the coronavirus-induced lockdowns on food service channels as the catalyst for the bear note. In the past three months, BYND is up 114%. 
    5. Today will bring pending home sales data on the docket and earnings from Micron Technologies. 

    Buzz Chart June 29

    Stocks in Asia Fall on Oil Prices, Coronavirus Spike

    Stocks in Asia began the final week of June with losses, thanks to spiraling oil prices and spikes in coronavirus cases across the globe. Most notably, Japan’s Nikkei fell 2.3%, after the country’s retail sales dropped 12.3% year-over-year in May. Elsewhere, South Korea’s Kospi lost 1.9%, while Hong Kong’s Hang Seng was off 1%. Rounding things out, China’s Shanghai Composite dipped 0.6%.

    European stocks are fluctuating, but were last seen up despite the global COVID-19 death toll topping 500,000. London’s FTSE 100 and the German DAX were last seen up 0.6%, with the latter benefiting from rallying Wirecard (WDI) shares. Not far behind, France’s CAC 40 tacked on 0.4%, at last check.



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