Stock Futures Inch Higher on Stimulus Hopes, Remdesivir Update

There's a positive update from Gilead's COVID-19 drug Remdesivir

Managing Editor
Oct 9, 2020 at 9:10 AM
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Futures on the Dow Jones Industrial Average's (DJI) are poised for another outsized move higher, as the prospects of a second coronavirus stimulus bill increase. House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin resumed their discussions last night, while U.S. President Donald Trump reportedly has “interest in reaching such an agreement.” Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also eyeing a modest move higher, as investors unpack an encouraging COVID-19 drug update from Gilead Sciences (GILD).

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

  • There's a lot to like about SunPower stock.
  • What's the difference between short and long puts?
  • Plus, chipmaker buzzing on upbeat guidance; GE picks up bull note; and weed stocks soaring on Harris vow.

OV Futures Chart Oct 9

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts traded on Thursday, and 610,765 put contracts. The single-session equity put/call ratio fell to 0.39 and the 21-day moving average slipped to 0.52. 
  2. NXP Semiconductors N.V. (NASDAQ:NXPI) is up 4.7% in electronic trading, after the European chipmaker upped its quarterly revenue forecast. In response, no fewer than seven brokerages hiked their price targets, including to $170 at Needham. NXP is up 27% in the last 12 months and is set to open at a fresh record high.
  3. General Electric Company (NYSE:GE) is up 0.3% before the open, after Goldman Sachs resumed its coverage of GE with a "buy" rating and $10 price target. General Electric stock is down 40% in 2020 and has not traded in double-digits since March.
  4. The shares of Tilray Inc (NASDAQ:TLRY) are 6.5% higher ahead of the bell, with the entire cannabis sector still buzzing from Wednesday's Vice Presidential debate. Democratic vice president nominee Kamala Harris vowed to decriminalize marijuana on a federal level under a Biden administration. Tilray stock is off by 64% year-to-date, but has tacked on 27% this quarter already.
  5. The United States Department of Agriculture will release its monthly forecast. There are no earnings of note expected today.

Buzz Chart Oct 9

Asian, European Markets Weigh Economic Data

Stocks in Asia were a mixed bag after today’s session. The only winner, China’s Shanghai Composite, surged up 1.7% after returning from holiday, as China’s Purchasing Managers’ Index for September came in at 54.8. Meanwhile, Hong Kong’s Hang Seng fell 0.3%, Japan’s Nikkei lost 0.1%, and the South Korean Kospi was closed for holiday.

In Europe, shares are rising midday, with London’s FTSE 100 leading the pack with a 0.7% gain, despite reports that the U.K. economy grew 2.1% in August, which is far below analyst’s expected 4.6%. Elsewhere, the French CAC 40 is up 0.5%, while the German DAX is posting a slight 0.1% gain.

 

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