Stock Futures Shake Off Rising Coronavirus Cases, Netflix Earnings

Over 77,000 cases were reported yesterday in the U.S.--a new single day record

Patrick Martin
Jul 17, 2020 at 9:04 AM
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Dow Jones Industrial Average (DJI) futures are inching higher today, brushing off yesterday's pullback and the continued rise in coronavirus cases across the U.S. Wall Street appears poised to close the week out strong, despite Johns Hopkins University reporting 77,200 new coronavirus cases yesterday, a new one-day record.

Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are both modestly above fair value as well, notable considering the uninspiring quarterly report from FAANG name Netflix (NFLX), which posted second-quarter earnings that whiffed on expectations.

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

  • This airline stock has struggled to take off as earnings loom.
  • The blue-check hack put Twitter stock in the cross-hairs yesterday.
  • Plus, Lyft practices social distancing; truck company reports blowout earnings; and Region Financial's steep quarterly loss.

Stock Futures Chart July 17

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.5 million call contracts traded on Thursday, and 718,348 put contracts. The single-session equity put/call ratio rose to 0.47, and the 21-day moving average fell to 0.49.
  2. Lyft Inc (NASDAQ:LYFT) stock is up 0.6% ahead of the open, getting a lift from news that the ride-sharing app is distributing 60,000 partition shields to its drivers. Lyft stock is down 31% in 2020.
  3. J.B. Hunt Transport Services Inc (NASDAQ:JBHT) stock is up 2.6% before the bell, after the logistics company reported second-quarter earnings and revenue that toppled analyst expectations. In response, eight brokerages have upped their price targets, while Deutsche Bank raised its rating to "hold" from "sell." JBHT is up 35.7% year-over-year.
  4. The shares of Regions Financial Corp (NYSE:RF) are off by 4.2% in electronic trading, after the banking name reported second-quarter loss far beyond Wall Street estimates. RF is down 37% in 2020.
  5. Housing starts, building permits, and consumer sentiment data are lined up, while BlackRock (BLK) and Citizens Financial Group (CFG) will report earnings.  

Buzz Chart July 17

Asian Markets Finish Strong; Europe Eyes Stimulus

Stocks in Asia mostly were mostly higher to close out the week, after shares in China plunged more than 4% on Thursday. Geopolitical tension continues to build, however, with U.S. President Donald Trump reportedly considering banning travel stateside by all members of the Chinese Communist Party and their families. As a result, China’s Shanghai Composite was up a modest 0.1%. Meanwhile, South Korea’s Kospi and Hong Kong’s Hang Seng closed 0.8% and 0.5% higher, respectively. Elsewhere, Japan’s Nikkei was down 0.3%.

Across the pond, stocks are mixed as European leaders prepare to meet in Brussels this afternoon to work out a deal on a $853.8 billion stimulus, which could face opposition from the “frugal four” member states of Austria, Denmark, Sweden and the Netherlands. At last check, London’s FTSE 100 was up 0.4%, the German DAX was up 0.3%, and France’s CAC was down 0.2%.


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