Stock Futures Extend Gains Despite Dismal Jobs Data

Americans still have no clear presidential election winner

Digital Content Manager
Nov 4, 2020 at 9:29 AM
facebook X logo linkedin


Stock futures are firmly above fair value this morning, even as Americans start a new day with no clear presidential election winnerand President Donald Trump attempts to claim victory as votes continue to be counted in a number of states. Futures on the Dow Jones Industrial Average (DJI) are up roughly 150 points, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are pointed significantly higher as well, thanks to Big Tech's solid history of returns.

Elsewhere, investors are digesting the latest  Automatic Data Processing (ADP) Employment report, which showed companies added 365,000 positions in October, as opposed to Wall Street's estimated 600,000. These levels, which are the lowest reported since July, also suggest the U.S. economy is struggling in the face of a pandemic surge.

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

  • Bullish signal says one Tesla competitor could surge higher.
  • Schaeffer's Senior Quantitative Analyst Rocky White says these seven stocks have short covering potential.
  • Plus, rideshare stock wins in California; DraftKings rises on legalized sports betting; and chemical company beats analysts' estimates.

OV 114

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts traded on Tuesday, and 557,795 put contracts. The single-session equity put/call ratio dropped to 0.45 and the 21-day moving average stayed at 0.49. 
  2.  LYFT Inc (NASDAQ:LYFT) is up 0.7% in pre-market trading, after voters in California passed proposition 22, allowing the ridesharing company to classify workers as independent contractors rather than employees. Year-to-date, LYFT remains down 39%.
  3. DraftKings Inc (NASDAQ:DKNG) is up 4.1% before the bell, after legalized sports betting measures were approved by Louisiana, South Dakota and Maryland voters. Year-over-year, Draftkings stock is already enjoying an impressive 271.3% lead.
  4. The shares of Chemours Co (NYSE:CC) are up 2.7% in electronic trading, after the chemical concern reported better-than-expected third-quarter earnings and revenue. The company also said it will reduce costs by $160 million in 2020, and capital spending by roughly $125 million. CC is up 21.7% year-over-year.
  5. The Markit Services PMI is on tap today, with earnings from Allstate (ALL), Cars.com (CARS), Expedia (EXPE), Hilton (HLT), Match Group (MTCH), Wendy's (WEN), and Wynn Resorts (WYNN) also slated for release.

OV Buzz Chart Nov 4

European Markets Rise as Investors Await U.S. Election Results

Stocks in Asia were mostly higher today, though Hong Kong’s Hang Seng fell 0.2% as shares of Alibaba plummeted around 7.5% after the highly anticipated initial public offering (IPO) of Ant Group – which Alibaba has a roughly 33% stake in – was suspended. This comes after the Chinese central bank issued new online micro-lending rules. Meanwhile, Japan’s Nikkei rose 1.7%, while South Korea’s Kospi notched a 0.6% win. Rounding out the region, China’s Shanghai Composite grew by 0.2%.

European stocks are rising, as investors keep their eyes peeled for more U.S. presidential election results. Results are still pouring in, and the race remains tight. In response, France’s CAC 40 has so far tacked on 1%, followed closely by a 0.8% pop for London’s FTSE 100. Lastly, the German DAX was last seen up 0.7%.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI