Stock Futures Move Higher on Covid-19 Optimism, Bitcoin's Comeback

Average daily Covid-19 cases in the U.S. fell below 25,000

Deputy Editor
May 26, 2021 at 9:21 AM
facebook X logo linkedin


Stock futures are rebounding this morning, pushed by growing optimism as Covid-19 cases fall and Bitcoin continues its comeback. Dow Jones Industrial Average (DJI) futures were last seen almost 90 points higher, after data showed the U.S. average daily Covid cases fell below 25,000, as nearly half of the U.S. population has received at least one dose of a vaccine, breathing life back into reopening plays. Meanwhile, futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are higher as well, after Bitcoin's rise back above the $40,000 level reinvigorated sentiment surrounding tech. 

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

  • Schaeffer's Senior Quantitative Analyst Rocky White breaks down how to time Memorial Day trades.
  • Why did call traders blast JetBlue stock yesterday?
  • Plus, Dick's Sporting Goods boosts full-year outlook; URBN notches bull notes after a Q1 win; and Toll Brothers stock inches higher after earnings.

Futures Chart May 26

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts traded on Tuesday, and 702,675 put contracts. The single-session equity put/call ratio rose to 0.49 and the 21-day moving average stayed at 0.52.
  2. Dick's Sporting Goods Inc (NYSE:DKS) is up 6.9% ahead of the bell, after reporting first-quarter earnings that were more than triple what was forecasted. Revenue also beat projections and comparable sales more than doubled, leading the sporting goods retailer to give an upbeat full-year outlook. Year-to-date, DKS has added 49.7%.
  3. The shares of Urban Outfitters, Inc. (NASDAQ:URBN) are surging before the open, last seen up 11.2% and extending their 2021 rise of 36.6%. The apparel retailer reported first-quarter earnings of 54 cents per share -- well above Wall Street's forecasts -- on revenue of $927.42 million, while comparable-store sales rose 51% as stores continue to fill up following more vaccinations. As a result, a deluge of bull notes poured in, including an upgrade to "neutral" from "underweight" at J.P. Morgan Securities. 
  4. Luxury homebuilder Toll Brothers Inc (NYSE:TOL) also stepped into the spotlight, reporting fiscal second-quarter earnings and revenue that topped analysts' estimates. The company's results were boosted by relatively low mortgage rates and a tight supply of homes for sale. In response, TOL is up 1.9% in pre-market trading, adding to its 42.7% year-to-date lead.
  5. Another quiet day, there's no economic data to note today.

OV Buzz May 26

Dovish Inflation Remarks Sink European Stocks

Asian markets were mostly higher on Wednesday. Investors are keeping an eye on Bitcoin (BTC), after China vowed to regulate cryptocurrency mining. Hong Kong’s Hang Seng led the pack with a 0.9% gain, while Japan’s Nikkei and China’s Shanghai Composite both added 0.3%. Elsewhere, South Korea’s Kospi finished slightly below breakeven with a 0.09% loss.

European markets are lower, on the other hand, as inflation fears resurface in the U.S. following the Fed’s dovish comments on interest rates. Similarly, the European Central Bank (ECB) has noted it may be too soon to phase out emergency bond purchases. At last check, London’s FTSE 100 was seen down 0.4%, the German DAX is down 0.3%, and France’s CAC 40 has shaved off 0.2%.

 

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