Stock Futures Static After Positive Jobs Report

Big Tech is continuing its rally into today

Jake Scott
Aug 13, 2020 at 9:26 AM
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Futures on the Dow Jones Industrial Average (DJI) have cut some of their earlier losses to hover near fair value this morning, after U.S. weekly jobless claims came in at 963,000 -- well below estimates. This marks the first time this figure has dropped below 1 million since mid-March. Meanwhile, futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also looking to open flat, with the latter getting some encouragement from Big Tech's continued climb higher. 

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

Futures Chart August 13

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.49 million call contracts traded on Wednesday, and 694,482 put contracts. The single-session equity put/call ratio rose to 0.47, and the 21-day moving average rose to 0.47.
  2. Apple Inc. (NASDAQ:AAPL) shares are up 1.1% before the open, on reports that the company plans on rolling out a series of new subscription bundles called "Apple One." These bundles will let customers to subscribe to multiple Apple digital services at a discounted price. There is also talks of Apple potentially rolling out a new exercise app that could compete with Peloton (PTON).
  3. Actors at the Walt Disney Co (NYSE:DIS) Walt Disney World theme park resolved a dispute concerning coronavirus testing. The actors cannot wear masks while performing, and argued that the company's proposed safeguards wouldn't be enough. As a result, the company agreed to provide a virus-testing site outside of the park. At last check, DIS is down 0.5%. 
  4. United Airlines Holdings Inc (NASDAQ:UAL) announced that it will add 28 daily flights four Florida destinations, starting in November. However, the company went on to say that t would cut those flights back if COVID-19 cases remained high in the state. As a result, UAL is down 2.1% ahead of the bell.
  5. Today investors will keep an eye on the import/ export price index. It will also be a busy day on the earnings end of things, with Alibaba (BABA), Baidu (BIDU), Dillard's (DDS), iQIYI (IQ), and Tapestry (TPR) all set to report. 

Buzz Chart Aug 13

Tech Boosts Asian Markets; European Stocks Set to Snap Four-Day Stretch

Stocks in Asia were mostly higher to end the day, taking a cue from U.S. tech stocks. China’s Shanghai Composite added 0.04%, amid news that China’s banks are expected to dispose $489.9 billion in bad loans this year, to help the economy weakened by coronavirus. Elsewhere, Japan’s Nikkei rose 1.8% with auto and tech stocks, South Korea’s Kospi gained 0.2%, and Hong Kong’s Hang Seng lost 0.05%.

In Europe, shares are mostly struggling today, slipping after a strong four day stretch as investors digest U.S. weekly jobless claims data. London’s FTSE 100 is leading the losses, down 1.03%, while the French CAC 40 and German DAX have both dropped 0.3%.

 

 


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