Stock Futures Mixed Following Lackluster Jobless Claims

U.S. President Joe Biden said he is open to negotiating a corporate tax increase

Digital Content Manager
Apr 8, 2021 at 9:13 AM
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Stock futures are a mixed bag this morning, even after the Federal Open Market Committee (FOMC) minutes revealed a commitment to strong economic recovery and current policies. Futures on the Dow Jones Industrial Average (DJI) are slightly below breakeven, while S&P 500 Index (SPX) futures are eyeing modest gains after yesterday's record close. Meanwhile, the Nasdaq-100 Index (NDX) is looking to open significantly higher, with FAANG names Amazon (AMZN) and Facebook (FB) leading the charge.

Investors are unpacking higher-than-expected weekly jobless claims this morning, which came in at 744,000 for the week ending on April 3, compared to analysts' estimates of 694,000. They are also keeping an eye on the $2 trillion infrastructure plan, after U.S. President Joe Biden said he is open to negotiating a corporate tax increase that has faced some political opposition.

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

  • This semiconductor name is red-hot ahead of earnings.
  • Fresh highs may be in the cards for rebounding Best Buy stock.
  • Plus, GameStop's board shakeup; Costco's impressive sales jump; and AAPL  brushing off production delays.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts traded on Wednesday, and 731,651 put contracts. The single-session equity put/call ratio rose to 0.47 and the 21-day moving average stayed at 0.45.
  2. GameStop Corp. (NYSE:GME) is up 3.3% before the bell, after the video game concern said Chewy (CHWY) co-founder Ryan Cohen would join the company's board of directors as a chairman on June 9, following its annual shareholder meeting.
  3. Bulk retailer Costco Wholesale Corporation (NASDAQ:COST) is up 0.9% ahead of the open, after the bulk retailer reported a 57.7% pop in online sales in comparison to the previous year, as well as a 16% jump in same-store sales for the month of March.
  4. The shares of Apple Inc (NASDAQ:AAPL) are up 0.9% in electronic trading, despite reports that the tech giant had to delay the production of MacBooks and iPads due to semiconductor shortages. The firm has not yet had issues making products available to consumers, however.
  5. The economic calendar is bare today with jobless claims already out.

buzz april 8

Asian Markets Get Boost from Stateside Gains

Stocks in Asia were mostly higher after today's session, with the exception of Japan's Nikkei, which dipped 0.07%. Asian markets got a boost early on after the U.S. S&P 500 Index (SPX) hit a fresh record close in Wednesday’s trading. Leading the winners, Hong Kong's Hang Seng added 1.2%, while China's Shanghai Composite and the South Korean Kospi gained 0.08% and 0.2%, respectively.

Over in Europe, stocks are keeping up similar momentum, encouraged by other global markets. London's FTSE 100 is outperforming with a 0.5% gain at midday, while the French CAC 40 rises 0.4%, and the German DAX tacks on a modest 0.04%.

Trader: Sell These 8 Stocks in 2021

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