Dow Futures Poised for Triple-Digit Pop

The S&P and Nasdaq are set for notable gains, too

Lillian Currens
Sep 14, 2020 at 9:10 AM
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Futures on the Dow Jones Industrial Average (DJI) are pointed toward a roughly 245 pop this morning, as markets try to recover from last Friday's shaky session. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are following suit, with a rebound from Apple (AAPL), signaling a pause in tech's recent selloff. Tesla (TSLA) shares are staging a bounce too, erasing some of last week's losses. From a more grim outlook, rising daily coronavirus cases have Dr. Anthony Fauci sending a warning that data is "disturbing," with cases growing by up to 5% a day in 11 states across the U.S. 

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

  • Bulls blasted Kroger stock after a top-line earnings beat.     
  • FedEx stock is gearing up for tomorrow's earnings report.
  • Plus, IMMU doubles on acquisition announcement; a COVID-19 vaccine update from Pfizer; and OSTK gets a big upgrade. 

Futures Chart Sept 14

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.54 million call contracts traded on Friday, and 1.02 million put contracts. The single-session equity put/call ratio rose to 0.67 and the 21-day moving average rose to 0.49. 
  2. It was just announced that Immunomedics, Inc. (NASDAQ:IMMU) will be acquired by Gilead Sciences (GILD) for $21 billion, or $88 per share, expected to happen in the fourth quarter of this year. The news has more than doubled IMMU ahead of the bell -- the stock was last seen up 106.3%. 
  3. Sector-peer Pfizer Inc (NYSE:PFE) is higher today, too. The stock is pointed up 2% after CEO Albert Bourla suggested its COVID-19 vaccine could be distributed in the U.S. as soon as the year-end. However, PFE has had a volatile ride on the charts and still sports a 7% year-to-date deficit.
  4. Needham initiated coverage on Overstock.com Inc (NASDAQ:OSTK) with a "buy" rating, and a $96 price target -- a whopping 47.4% premium to Friday's close. The analyst pointed out external factors that are helping to support OSTK's revenue growth and market gains. The equity is up 8.2% ahead of the bell. 
  5. The week is kicking off with the Organization of the Petroleum Exporting Countries (OPEC) monthly oil market report, which covers issues affecting the global oil market and provides an outlook for the year. LEN will also report earnings today.

Buzz chart sept 14

Asian Markets Eye SoftBank, Democratic Party Candidate in Japan

Stocks in Asia closed mostly higher today, as investors eye the upcoming Fed meeting in the U.S., scheduled for later this week. Also under close watch was the Liberal Democratic Party’s candidate pick in Japan, Yoshihide Suga. SoftBank was also making moves, after revealing it’s sale of Arm Holdings to Nvidia (NVDA) for $40 billion. In response, Japan’s Nikkei added 0.7%, while Hong Kong’s Hang Seng and China’s Shanghai Composite both tacked on 0.6%. In South Korea, the Kospi managed a 1.3% surge.

Markets are looking mixed in Europe this afternoon, retreating despite global vaccine optimism on news AstraZeneca (AZN) is set to resume trials after last week’s safety concerns. Lastly, Euro zone industrial data showed a 4.1% month-on-month gain for July. At last glance, London’s FTSE is inching 0.04% higher, France’s CAC 40 is up 0.3%, and Germany’s DAX is off by 0.08%.


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