Big banks are headlining the start of another earnings season
Stock futures are slightly higher this morning, as investors pore over quarterly reports from several big bank names that are kicking off yet another earnings season. Goldman Sachs (GS) and JPMorgan Chase (JPM) stepped into the earnings confessional, coming away with profits and revenues that exceeded analysts' estimates. Futures on the Dow Jones Industrial Average (DJI) are pointed up roughly 20 points, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also eyeing modest gains.
Johnson & Johnson's (JNJ) Covid-19 vaccine pause could be keeping some of these premarket gains in check. Meanwhile, traders are also digesting the Labor Department's consumer price index (CPI), which rose 0.6% during the previous month, and 2.6% in the past year, exceeding Wall Street's expectations.
Continue reading for more on today's market, including:
- Schaeffer's Senior Quantitative Analyst Rocky White unpacks the SPY's buy-to-open put/call ratio as market speculation ramps up.
- Checking in with one big-name soda stock before earnings.
- Plus, another MRNA vaccine update and 2 surging stocks getting bullish analyst coverage.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw roughly 1.8 million call contracts traded on Monday, and 813,778 put contracts. The single-session equity put/call ratio fell to 0.44 and the 21-day moving average stayed at 0.46.
- The shares of Moderna Inc (NASDAQ:MRNA) are extending yesterday's gains, tacking on 2.7% ahead of the bell, after the company said its Covid-19 vaccine showed over 90% efficacy six months following the second shot, based on a study of over 900 cases.
- Wedbush just initiated coverage on Snap Inc (NYSE:SNAP) with an "outperform" rating. The analyst commended SNAP's unique position as a video-focused social media platform, adding that there's growth opportunities in its social commerce and augmented reality units. SNAP is up 2.5% ahead of the open.
- Meanwhile, Bank of America started coverage on Harley-Davidson Inc (NYSE:HOG), with a "buy" rating, citing the motorcycle company's recent business strategy of "elevating an iconic global brand." Shares of HOG are up 2.7% in premarket trading.
- Today's economic calendar brings the import price index and the Federal Reserve's latest "Beige Book" report.
Antitrust Agreement Sends Asian Stocks Higher
Stocks in Asia were mostly higher in today's session, with the exception of Japan's Nikkei, which dipped 0.4%. Among the winners, Hong Kong's Hang Seng had the best day with a 1.4% gain, after a handful of tech giants agreed to comply with new antitrust laws. Meanwhile, China's Shanghai Composite added 0.6%, and the South Korean Kospi tacked on 0.4%.
In Europe, stocks are mixed midday, as investors eye plenty of quarterly reports amid data showing the euro zone industrial falling 1% in February – lower than the expected 1.1%. At last check, London's FTSE 100 is enjoying a 0.4% gain. Elsewhere, the French CAC 40 is up 0.5%, and the DAX in Germany has lowered 0.07%.