Stock Futures at a Standstill Despite Promising Jobs Data

Initial jobless claims came in well below analysts' estimates

Deputy Editor
Aug 6, 2020 at 9:24 AM
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Futures on the Dow Jones Industrial Average (DJI) are hovering just above fair market value this morning, following the release of some promising jobless claims data. The Labor Department said initial jobless claims for the week totaled 1.18 million, well below the 1.42 million estimates, and the lowest since the beginning of the pandemic.

Elsewhere, futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are struggling for direction ahead of the open. The latter index ended the day higher yesterday, locking in its 31st record close on the year. Meanwhile, investors are still awaiting a decision regarding additional COVID-19 stimulus.

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

  • Could the election shake up the stalwart semiconductor sector?
  • A bullish signal could mean new highs for Crispr Therapeutics stock.
  • Plus, QSR struggles, despite earnings beat; VIACA climbs on Q2 results; and Live Nation's earnings perform worse than expected

Futures Chart August 6

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.8 million call contracts traded on Wednesday, and 735,927 put contracts. The single-session equity put/call ratio fell to 0.41, and the 21-day moving average stayed at 0.46.
  2. Tim Hortons, Burger King, and Popeyes parent Restaurant Brands International Inc (NYSE:QSR) reported second-quarter profits and revenue that beat Wall Street's forecasts. Despite this, QSR is down 1.3% ahead of the bell. The company added that it managed to recoup 90% of last year's systemwide sales by the quarter's end.
  3. ViacomCBS (NASDAQ:VIACA) reported second-quarter profits and earnings that bested analysts' expectations, resulting in a 3.7% pop before the market open. The company pointed toward growth in its streaming business amid stay-at-home orders, though it did cite a decline in ad revenue for its sliding profits. 
  4. Live even promoter Live Nation Entertainment, Inc. (NYSE:LYV) reported wider-than-expected losses in the second quarter. The company's revenue also missed the mark, undoubtedly due to the near elimination of large gatherings during the pandemic. LYV is down 1.9% before the open. 
  5. Today, investors will keep an eye on weekly jobless claims data, while earnings from Cloudflare (NET), Dropbox (DBX), First Solar (FSLR), GoPro (GPRO), Fortinet (FTNT), Papa John's (PZZA), T-Mobile (TMUS), Uber (UBER), and Yelp (YELP) are on tap. 

Buzz Chart Aug 6

Asian Markets Mixed as U.S.-China Tensions Flare; European Stocks Struggling

Stocks in Asia were a mixed bag in today’s session, despite a rally from their U.S counterparts. Amid an uptick in coronavirus cases in Hong Kong, the Hang Seng lost 0.7%, while Japan’s Nikkei dropped 0.4%. Meanwhile, tension continues to rise between the U.S. and China, as it was announced that President Donald Trump’s administration wants to call for a broad ban on “untrusted” Chinese apps. In closing, China’s Shanghai Composite added 0.3%, and the Kospi in South Korea gained 1.3%.

In Europe, shares are struggling today, as corporate earnings continue to be highlighted. London’s FTSE 100 is down 1.8%, after the Bank of England (BoE) decided to leave interest rates at 0.1% -- an all-time low. Elsewhere, the French CAC 40 is down 1.3%, and the DAX in Germany has dipped 0.9%.

 

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