Stock Futures Lower Despite Record-Setting Week, Big Tech Gains

Apple became the first U.S. publicly traded company valued at $2 trillion

Jake Scott

Deputy Editor

Aug 21, 2020 at 9:01 AM

Stock futures are falling once again, with Dow Jones Industrial Average (DJI) futures last seen down around 120 points, nearing the end of a record-setting week for the broader market. More specifically, the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) both reached fresh all-time highs at different points, though futures on each of the indexes are marginally lower this morning. Big Tech was to thank for the majority of gains. Most notably, Apple (AAPL) became the first publicly traded company in the U.S. to attain a market valuation of $2 trillion, and the equity tacked on nearly 3% during the week.

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

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Plus, BKE records stellar earnings; General Electric's CEO buzz; and KEYS was blasted by bull notes.

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The Cboe Options Exchange (CBOE) saw over 1.5 million call contracts traded on Thursday, and 709,930 put contracts. The single-session equity put/call ratio rose to 0.46, and the 21-day moving average fell to 0.47.
Buckle Inc (NYSE:BKE) reported second-quarter earnings and revenue that came in well above analysts' forecasts. Thought results were dinged by store closures stemming for coronavirus-related lockdowns, online sales nearly doubled during the quarter. As a result, BKE is up 12.1% in pre-market trading.
General Electric Company (NYSE:GE) CEO Larry Culp just had his contract extended through August 2024. The company also approved a performance-based stock grant for Culp. Meanwhile, GE is down 0.3% ahead of the bell.
Keysight Technologies Inc (NYSE:KEYS) reported fiscal third-quarter earnings and revenue that were above Wall Street's estimates. As a result, the company was hit with no less than three bull notes, including a price-target hike to $130 from $110 at Citigroup. Regardless, the finance name is down 4.1% before the open.
Notable economic data lined up for the day includes Markit services and manufacturing PMI, and existing home sales. Meanwhile, Baozun (BZUN), Deere (DE), Foot Locker, and Pinduoduo (PDD) will toss their hats in the earnings ring to end the week.

European Stocks Tumble as PMI Data Disappoints

Stocks in Asia were higher after today’s session, with investors eyeing day-to-day changes in coronavirus cases. The South Korean Kospi and Hong Kong Hang Seng both added 1.3%, though Hong Kong’s Alibaba (BABA) dipped despite impressive revenue. Elsewhere, China’s Shanghai Composite added 0.5%, while Japan’s Nikkei tacked on 0.2%.

European markets are lower today, after the Eurozone flash purchasing managers index (PMI) fell to 51.6 for August -- dropping from July’s 54.9 and below analyst expectations. The French CAC 40 is down 0.6%, and the DAX in Germany has lost 0.4%. Elsewhere, though the U.K.’s August composite PMI of 60.3 improved from July’s 57 and beat analyst expectations, London’s FTSE 100 is down 0.4%.

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