Dow Futures Slide to Start Last Day of June

Dr. Anthony Fauci will address coronavirus later today

by Laura McCandless

Published on Jun 30, 2020 at 9:18 AM

Futures on the Dow Jones Industrial Average (DJI) are sliding this morning, down over 100 points before the bell. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also pointed below fair value, unable to build off yesterday's pop as they head into the last day of a volatile June. As the spike in coronavirus cases throughout the U.S. brings renewed anxiety and various "hotspot" states roll back their reopenings, investors will keep an eye on White House health advisor Dr. Anthony Fauci's testimony before Congress later today. Elsewhere, at 12:30 p.m., joint testimonies from Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin before the House Financial Services Committee will address the economic side of the pandemic resurgence.

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

      • What could be in store for the Nasdaq-100 Index (NDX) according to Schaeffer's Senior Market Strategist Matthew Timpane.
      • Call traders blasted General Mills stock before earnings. 
      • Plus, Simon Group finish reopenings; Lululemon's prudent home workout play; and an upgrade for CROX. 

      futures June 30

      5 Things You Need to Know Today

      1. The Cboe Options Exchange (CBOE) saw 1.2 million call contracts traded on Monday, and 673,231 put contracts. The single-session equity put/call ratio fell to 0.55, and the 21-day moving average stayed at 0.51.
      2. Simon Group Property Inc (NYSE:SPG) is up 7.1% before the bell this morning, after announcing that the real estate company plans to reopen its five remaining closed retail properties in the next week. The decision has prompted Stifel to up its price target to $75 from $70. Though up 21% in the last three months, the equity is still down 53% year-to-date.
      3. Lululemon Athletica Inc (NASDAQ:LULU) is up 4.1% in electronic trading, after news that the athleisure icon will buy start-up in-home fitness Mirror for $500 million. The company is making these moves under the assumption that more people will work from home due to the pandemic. Last night after the news broke, Cowen hiked its price target to $335 from $331. Year-over-year, Lululemon stock is up 63%. 
      4. Crocs Inc (NASDAQ:CROX) are up 3% pre-market, after the shoe retailer received an upgrade to "buy" from "hold" at Loop Capital Markets, with an added price-target hike to $40 from $22. With the brand gaining a wave of popularity lately, the firm cited the company's momentum. Since a March 18 three-year bottom at $8.40, Crocs stock has more than quadrupled in value.
      5. Today will bring the Case-Schiller home price index, the Chicago purchasing managers index (PMI), and the consumer confidence index. Acuity Brands (AYI), Conagra (CAG), and FedEx (FDX) will report earnings. 

      Buzz Chart June 30

      Stocks in Asia Rise Despite Hong Kong's National Security Law

      Stocks in Asia rose today, after China’s manufacturing Purchasing Manager’s Index (PMI) was above expectations in June. Japan’s Nikkei lead the charge, finishing 1.3% higher. Next up, China’s Shanghai Composite rose 0.8%, followed closely by South Korea’s Kospi, which ended up 0.7%. Elsewhere, Hong Kong’s Hang Seng finished 0.5% higher, despite the passing of a controversial national security law for the city.

      Europeans stocks seemingly brushed off concerns surrounding the containment of COVID-19, though investor sentiment was clearly impacted. At last check, the German DAX and France’s CAC 40 were up 0.7%, and 0.3%, respectively. Conversely, the shares of oil giant Shell fell this afternoon, dragging London’s FTSE 100 down 0.3%, at last check.


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