Stock Futures Forge Higher With NKE Earnings, Tech in Focus

Stock futures are pointed higher this morning, extending yesterday's rebound in which the S&P 500 and Nasdaq both snapped four-day losing streaks. Futures on the Dow Jones Industrial Average (DJI) are looking to open with a 160-point pop, thanks to a blowout earnings report from Nike (NIKE).

The S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are poised for impressive gains as well, as key technology stocks seem to regain their footing. The travel sector is also gaining steam before the bell, after President Donald Trump said the U.S. would not follow the U.K.'s lead and implement a second round of lockdowns to curb coronavirus spread. Elsewhere, the House passed a bill avoiding a government shutdown.

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

• Schaeffer's Senior Quantitative Analyst Rocky White dives into the bearish implications of optimism.
• Walmart stock jumped higher after partnership with Goldman Sachs.
• Plus, Johnson & Johnson's COVID-19 vaccine races to the finish line; Shopify struggles with data breach; and behind Gores Holdings' merger.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw almost 1.3 million call contracts traded on Tuesday, and 708,228 put contracts. The single-session equity put/call ratio rose to 0.55 and the 21-day moving average rose to 0.51. 
2. Johnson & Johnson (NYSE:JNJ) is up 2.4% in pre-market trading, after the company's potential coronavirus vaccine entered late-stage testing. This makes Johnson & Johnson the fourth company backed by the White House’s “Operation Warp Speed” program to achieve that status. The security is up roughly 21% in the past six months.
3. Shopify Inc (NYSE:SHOP) is down 1.2% before the bell, after the e-commerce company said a data breach affected roughly 200 merchants that use its platform. Shopify noted this was an attempt by two now-fired employees to gain transaction records, but so far there there is no evidence of the data being utilized for any purposes. Year-over-year, the company is up 204.6%.
4. The shares of Gores Holdings IV Inc (NASDAQ: GHIV) are up 4.1% in electronic trading, after the special purpose acquisition company (SPAC) announced it plans to merge with United Wholesale Mortgage, and take the new organization public. The deal values United Wholesale at $16.1 billon, which is an record high for a SPAC-related transaction. Year-to-date, the security is up 16.2%.
5. More crude oil inventory data is expected to roll in today, as well as the Purchasing Managers' Index (PMI) results. In addition, the Mortgage Bankers Association of America (MBA) will come out with a report. General Mills (GIS) and JinkoSolar (JKS) will report earnings.

European Markets Higher Despite New U.K. Lockdown Measures

Stocks in Asia were mostly higher on Wednesday, as investors digested U.S. Federal Reserve Chairman Jerome Powell’s latest comments about supporting the economy for “as long as it takes.” However, an uptick in coronavirus cases is taking its toll on investor sentiment. After taking the first two days of the week off for holidays, Japan’s Nikkei fell 0.1%. Elsewhere, China’s Shanghai Composite rose 0.2%, followed closely by Hong Kong’s Hang Seng which rose 0.1%. Rounding out the region, South Korea’s Kospi was marginally higher.

European stocks, meanwhile, are rising for a second-consecutive session, despite data showing that euro zone business activity growth slowed in September. Additionally, U.K. Prime Minister Boris Johnson reneged on lifting lockdown measures in England, as the country is seeing a sharp rise in infections. Still, London’s FTSE 100 has managed to tack on 2.3% so far today. Meanwhile, France’s CAC 40 has a 1.6% lead so far, followed closely by the German DAX which was last seen up 1.5% thanks to retailers Adidas and Puma enjoying a halo lift from Nike’s (NKE) post-earnings pop.