Spiking coronavirus cases throughout the U.S. are weighing on the indexes
Dow Jones Industrial Average (DJI) futures are down 85 points this morning, as the continued spike in coronavirus cases throughout the U.S. have investors searching for updates on a stimulus bill as well as a vaccine. S&P 500 Index (SPX) and Nasdaq Composite (IXIC) futures are also pointed lower, with the latter pulling back from a record closing high. Meanwhile, productivity revisions showed a revised U.S. third-quarter productivity gain of 4.6%, down from 4.9%.
Continue reading for more on today's market, including:
- A look at equity-based ETFs in relation to stocks.
- This surging silver stock saw a rush of put options on Monday.
- Plus, TOL falls on weak forecast; U.S. Steel stock rises after million-dollar acquisition; and SFIX soars on quarterly results.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2 million call contracts traded on Monday, and 734,811 put contracts. The single-session equity put/call ratio fell to 0.37 and the 21-day moving average rose to 0.43.
- Toll Brothers Inc (NYSE:TOL) is down 3.2% in pre-market trading, despite the company's upbeat fiscal fourth-quarter report. The company did report a weak first-quarter home delivery forecast, however. To follow, Wedbush cut its price target to $53 from $57. Heading into today, the equity is up 24.6% year-to-date.
- United States Steel Corporation (NYSE:X) is up 4.7% before the bell, after news that it is acquiring the remaining stake in Big River Steel for $774 million, which will allow it to use new steel techniques already in use by sector competitors. In the past three months, the security is up 118.2%, and on track to open at an annual high.
- Stitch Fix Inc (NASDAQ:SFIX) is soaring up 37.4% in electronic trading, after a fiscal first-quarter results beat, and amid news that the company is hiring former Amazon executive Dan Jedda as the new chief financial officer CFO. To follow, no fewer than 11 analysts raised their price targets.
- Today will bring unit labor costs data.
Stocks Lower in Asia, Europe as COVID-19 Cases Continue to Rise
Asian markets were lower today, as investors approached the rising number of coronavirus infections, stimulus talks in the U.S., and Brexit negotiations in Europe with caution. South Korea’s Kospi dropped 1.6% due to a surge in cases, as well as warnings from health officials that the country could near 1,000 cases a day if virus transmission is not controlled. Elsewhere, Hong Kong’s Hang Seng fell 0.8%, while Japan’s Nikkei and China’s Shanghai Composite shaved 0.3% and 0.2%, respectively.
Meanwhile, European stocks are also lower, with negotiations over a Brexit trade deal stalled as British Prime Minister Boris Johnson heads to Brussels this week to meet with European Commission President Ursula von der Leyen. Also in Britain, the Pfizer (PFE) and BioNTech (BNTX) COVID-19 vaccine started being administered today. Nonetheless, France’s CAC 40 was last seen down 0.7%, and both London’s FTSE 100 and the German DAX are 0.3% lower.