Stock Futures Brush Off Bleak Jobs Data for More Vaccine News

Private payrolls came in lower than expected for July

Deputy Editor
Aug 5, 2020 at 9:27 AM
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Futures on the Dow Jones Industrial Average (DJI) are pointing to a 180-point pop at the open, encouraged by a quarterly earnings beat from Disney (DIS) and news that Johnson & Johnson (JNJ) reached a $1 billion coronavirus vaccine deal with the U.S. to produce 100 million doses.

The index is poised to climb for its fourth straight day, brushing off ADP reports that private payrolls increased by a meager 167,000 last month -- well below the estimated 1 million. That figure also represents a tumble from June's 4.31 million payrolls that were added. Meanwhile, futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also pointing higher ahead of the bell.  

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

  • Senior Quantitative Analyst Rocky White's data signals more gains ahead for the Nasdaq
  • Moderna stock is ready to report earnings, and a bull signal is flashing.
  • Plus, Beyond Meat and WW International stocks are stumbling on disappointing earnings reports; and Blackstone plans to purchase 

Futures Chart August 5

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.8 million call contracts traded on Monday, and 737,924 put contracts. The single-session equity put/call ratio fell to 0.42, and the 21-day moving average dropped to 0.46.
  2. Beyond Meat Inc (NASDAQ:BYND) is down 7.1% ahead of the bell, after the company reported losses for its second quarter. Revenue, however, came in above forecasts, though the company spent more than it expected transitioning from dwindling restaurant demand to retail. 
  3. WW International Inc (NASDAQ:WW) is also sliding today, down 8.1% before the open, after reporting fiscal first-quarter profits and revenue that missed expectations. The weight loss concern was hit hard by the cessation of in-person meeting, though it made up from some of these losses with digital sales. 
  4. Private equity firm Blackstone Group Inc (NYSE:BX) is rising in pre-market trading, last seen up 1.6%, after it was announced the company is purchasing According to sources, the deal is worth $4.7 billion.
  5. July's ADP Employment report and trade deficit data are on the schedule for  today. Also moving markets will be Markit services PMI and ISM non-manufacturing PMI. CVS Health (CVS), Moderna (MRNA), Peloton (PTON), Teva Pharmaceuticals (TEVA), Roku (ROKU),Square (SQ), Wayfair (W), Wendy's (WEN), Western Digital (WDC), and Zynga (ZNGA) will all throw their hats into the earnings ring.

Buzz Chart Aug 5

U.S.-China Trade Deal Boosts Asian Markets; European Stocks Rise on Corporate Earnings

Stocks in Asia were mostly higher during today’s session, after it was announced that the U.S. and China will review the phase one trade deal mid-August amid increasing tensions. Furthermore, China’s Caixin/Markit Services Purchasing Manager’s Index (PMI) came in lower for July than in June. Among the winners, Hong Kong’s Hang Seng rose 0.6%, China’s Shanghai Composite gained 0.2%, and the Kospi in South Korea tacked on 1.4%. On the flip side, Japan’s Nikkei finished with a 0.3% loss.

European markets are seeing gains midday as corporate earnings from the likes of Commerzbank, roll in, and investors brush off weaker-than-expected euro zone PMI data. Doing the best so far, London’s FTSE 100 is up 1.1%. Elsewhere, the French CAC 40 has risen 0.8%, and the DAX in Germany has added 0.6%.


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