Stock Futures Inch Higher, Aim to Snap Skid

Stock futures climbed after Pfizer announced some optimistic vaccine news

Deputy Editor
Oct 16, 2020 at 9:12 AM
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Stock futures are making a last ditch effort to end a three-day losing streak before the end of the week, rising slightly above fair value this morning. The bump comes after blue-chip drugmaker Pfizer (PFE) said it could apply for emergency use of its COVID-19 vaccine as soon as late November. Futures on the Dow Jones Industrial Average's (DJI) are up around 130 points, getting an additional boost from a report showing retail sales rose to 1.9% in September -- well above analysts' expected 0.7% rise. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are modestly higher, too, with stimulus talks likely hitting the back burner leading up to the election. 

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

  • Earnings season is upon us, but what exactly are quarterly reports?
  • Kroger stock is in the fast lane, and could zoom higher.
  • Plus, Ford's growth in China; TMUS upgraded by Evercore; and Boeing notches 737 win.

Futures Chart October 16

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts traded on Thursday, and 710,735 put contracts. The single-session equity put/call ratio fell to 0.46 and the 21-day moving average stayed at 0.49. 
  2. The shares of Ford Motor Company (NYSE:F) are up 0.7% in pre-market trading, after the automaker reported a 25% year-over-year increase in China sales. Sales were previously declining in the region, but this marks the second consecutive quarterly rise. Year-over-year, the auto stock is down 16%.
  3. T-Mobile US Inc (NASSDAQ:TMUS) had coverage resumed by Evercore, who hit the equity with an "outperform" rating and a $150 price target. Additionally, the firm said TMUS was the only growth story in the U.S. wireless industry. The security is up 47% in 2020, but down 1.2% ahead of the bell today. 
  4. It's been an tumultuous year for Boeing Co (NYSE:BA), who is down 55.9% year-over-year. But the company scored a small victory this morning after its 737 Max jet was deemed safe enough to return to service. According to Bloomberg, the agency expects to issue a draft worthiness directive next months, leading to a 0.6% bump before the open.
  5. Rounding out the week, core retail sales and consumer sentiment data will be released, along with earnings from Ally Financial (ALLY) and Citizens Financial Group (CFG). 

Buzz Chart Oct 16

European Markets Looking to Rebound Amid Tightening Lockdown Measures

Stocks in Asia were a mixed bag today as investors clued into international coronavirus updates and the U.S. dollar strengthened in value. Leading the charge, Hong Kong’s Hang Seng rose 0.9%, while the Shanghai Composite followed behind with a 0.1% gain. Meanwhile, Japan’s Nikkei dipped 0.4%, while the South Korean Kospi fell 0.8%.

In Europe, shares are looking to rebound from yesterday’s losses, as coronavirus restrictions tighten in various areas. London’s FTSE 100 is up 1.3% at last check, while the German DAX tacks on 1%, and the French CAC 40 enjoys a 1.6% surge. Also worth noting, the European Union (EU) has put more pressure on Britain in regards to Brexit negotiations.

 

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