Dow Futures Poised for Triple-Digit Pop Amid Stimulus Optimism

Meanwhile, jobless claims came in higher than expected

Deputy Editor
Oct 8, 2020 at 9:29 AM
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Stock futures are eyeing even more gains today, leapfrogging off the Dow Jones Industrial Average's (DJI) best day in months, as investors await the latest concerning stimulus updates. U.S. President Donald Trump said this morning that his administration was having some "very productive talks" with Democrats, sending airline and cruise stocks higher. Futures on the blue chip index were last seen 250 points higher, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are also well above fair market value.

The latest weekly jobless claims could be keeping some of these gains in check. Data shows 840,000 Americans newly filed for unemployment benefits last week, topping the 825,000 first-time claims expected by economists.

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

  • There are more than a couple reasons to love McDonald's stock right now.
  • Listen to Schaeffer's Market Mashup featuring another special guest, Michael Izhaky, from Cboe Global Markets.
  • Plus, JPMorgan pledges to address racial inequality; Sam's Club is preparing for the holidays; and Coty is expanding a popular line of products. 

Futures Chart October 8

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts traded on Wednesday, and 560,885 put contracts. The single-session equity put/call ratio fell to 0.42 and the 21-day moving average stayed at 0.53. 
  2. JPMorgan Chase & Co. (NYSE:JPM) pledged $30 billion over the next five years to address racial inequality. The funds will going toward minority borrowers' mortgages, affordable housing projects, philanthropic ventures and small business loans. The bank stock is up 0.2% in pre-market trading, but down 28.5% in 2020.
  3. With the holiday season right around the corner, Walmart Inc's (NYSE:WMT) Sam's Club unit plans to sell smaller food packages. The retailer anticipates smaller family gatherings in light of the pandemic. WMT is up 0.5% ahead of the bell, and nearly 20% year-over-year.
  4. Coty (COTY) Inc is up 2.6% before the open, after announcing the expansion of its "Kylie Skin" line of beauty products. Coty will also launch direct-to-consumer websites in the U.K., France, Germany and Australia. Still, COTY has taken a 70.4% haircut in 2020.
  5. Acuity Brands (AYI), Delta Airlines (DAL), and Domino's Pizza (DPZ) are set to report earnings today. 

Buzz Chart Oct 8

Stocks in Europe Rise on Hopes of Additional U.S. Stimulus

Stocks in Asia were mostly higher after today’s session, with the exception of Hong Kong’s Hang Seng, which fell 0.2%, after Semiconductor Manufacturing International Corporation (SMIC) fell 1.05% due to S&P Global Ratings placing the equity on a negative credit watch. Elsewhere, the South Korean Kospi gained 0.2%, while Japan’s Nikkei added 1%. China’s Shanghai Composite remained closed for holiday.

In Europe, markets are on the rise midday, as investors remain hopeful on U.S. stimulus. London’s FTSE 100 is up 0.5%, as Rolls-Royce (RR) soars around 25%. Meanwhile, the French CAC 40 and German DAX are up 0.4% and 0.6%, respectively, after the latter reported export growth for the fourth consecutive month.



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