Dow Futures Static, Nasdaq Takes Aim at More Record Highs

Weekly jobless claims, meanwhile, came in lower than expected

Deputy Editor
Jul 9, 2020 at 9:21 AM
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Its looking like another quiet day on Wall Street. Futures on the Dow Jones Industrial Average (DJI) are simmering just below fair value, while S&P 500 Index (SPX) futures are struggling for direction. Meanwhile, Big Tech continues to pump up the Nasdaq, which nabbed its 25th record high of the year during yesterday's session. This morning, futures on the Nasdaq-100 Index (NDX) are looking to build on that momentum ahead of the open. Investors are unpacking the latest weekly jobless claims, which saw roughly 1.3 million Americans file for unemployment claims. While the figure was lower than the 1.4 million estimate, it marks the 15th straight week that initial claims topped the $1 million mark.

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

  • How to get in on tech's rally while avoiding the thousand-dollar entry points. 
  • This Chinese gaming stock's latest rally could prove fruitful for options bulls. 
  • Plus, WBA sinks after earnings; Carnival makes reopening plans in Europe; and Six Flags stock gets an upgrade. 

Futures Chart July 9 2020

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.51 million call contracts traded on Wednesday, and 605,084 put contracts. The single-session equity put/call ratio fell to 0.40, and the 21-day moving average stayed at 0.52. 
  2. Walgreens Boots Alliance Inc (NASDAQ:WBA) is down 4.9% at $42.20 in pre-market trading, after the pharmacy name posted fiscal third-quarter earnings that fell well below analysts' expectations, as well as a dismal full-year forecast. The Dow stock is down 28% in 2020 heading into today.
  3. Carnival Corp's (NYSE:CCL) German subsidiary, AIDA Cruises, announced today that it would start up vacation trips again in August. In response, CCL is up 4.5% at $16.01 before the open. The cruise stock has taken a 70% haircut year-to-date.
  4. An analyst at Janney just upgraded Six Flags Entertainment Corp (NYSE:SIX) to "buy" from "neutral," citing the stocks attractive valuation at its current levels and its positive market exposure. Before the open SIX is up 5% at $20.48. The amusement park stock has more than doubled off its March 18 lows below $9.
  5. Wholesale inventories data are slated for release today. Helen of Troy (HELE) will report earnings. 

OV Buzz Chart July 9

Asian Markets Higher Despite New U.S.-China Tensions

Stocks in Asia closed higher today, on trend with Wall Street after major U.S. tech stocks reported gains and pushed indexes higher. New Chinese inflation data also contributed to the rise, lifting the Shanghai Composite by 1.4%. Meanwhile, South Korea’s Kospi and Japan’s Nikkei both added 0.4%, while Hong Kong’s Hang Seng rose 0.3%, despite U.S.-China tensions over a security law.

Across the pond, stocks are following suit, bolstered by a European Commission deal for experimental coronavirus treatments, as well as the potential for economic recovery. At last check, the German DAX was up 1.5%, France’s CAC 40 was up 0.2%, and London’s FTSE 100 was down 0.5%, on the heels of yesterday’s budget message from Chancellor Rishi Sunak.


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