Dow Futures Rise After Upbeat Jobs Report

Weekly jobless claims came in below projections

Assistant Editor
May 27, 2021 at 9:25 AM
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Stock futures are mixed this morning, as investors digest a better-than-expected round of jobs data. Futures on the Dow Jones Industrial Average (DJI) were last seen around 75 points higher, after data showed U.S. weekly jobless claims totaled 406,000 -- another pandemic-era low -- against a 425,000 estimate. Meanwhile, S&P 500 Index (SPX) futures were flat and Nasdaq-100 Index (NDX) were swimming in red ink, after scoring modest gains in the previous session. Separately, the Commerce Department didn't change its initial estimate on first-quarter gross domestic product (GDP), leaving it at 6.4%.

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

  • Twitter stock is pulling back, so it's time to buy.
  • Why options traders just blasted Dick's Sporting Goods stock.
  • Plus, Best Buy stock pops on earnings beat; discount retailer brushes off quarterly win; and OKTA falls on dismal earnings projection.

Futures Chart May 27

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts traded on Wednesday, and 770,164 put contracts. The single-session equity put/call ratio fell to 0.44 and the 21-day moving average fell to 0.52.
  2. Best Buy Co Inc (NYSE:BBY) raised its full-year sales forecast, following a stellar trip to the earnings confessional. The electronics retailer reported earnings of $2.23 per share -- well above Wall Street's projections -- with revenue that was in line with forecasts. In addition, comparable-store sales exceeded estimates. In response, BBY is up 2.6% pre-market, adding to its 17.2% year-to-date lead.
  3. The shares of Dollar General Corp. (NYSE:DG) are down 1% ahead of the open, despite the company reporting first-quarter earnings and revenue that beat analysts forecasts. Additionally, comparable-store smaller drop than expected, and the discount retailer upped its full-year forecast, thanks to another batch of stimulus checks. In 2021, DG is down 4.9%.
  4. Identity management software maker Okta Inc (NASDAQ:OKTA) is seeing its shares plunge before the opening bell, last seen down 6.3%, after reporting a better-than-expected fiscal fist-quarter results and mixed full-year guidance. Separately, Okta's Chief Financial Officer Mike Kourey will depart with the company on June 1. Year-over-year, OKTA is up 33.9%.
  5. Today comes with more jobless claims data. In addition, durable goods orders, nondefense capital goods, and the pending home sales index are due out.

OV Buzz May 27

European Markets Muted After Stateside Jobless Claims Data

Asian markets were mostly lower on Thursday, on the heels of fresh economic data out of China. More specifically, the country’s industrial profits for April jumped 57% year-over-year. As a result, China’s Shanghai Composite added 0.4%, though Hong Kong’s Hang Seng dipped 0.2%, despite outsized gains from tech giant Xiaomi. Elsewhere, Japan’s Nikkei fell 0.3%, while South Korea’s Kospi finished slightly below breakeven with a 0.09% loss.

European markets are muted, as investors digest the latest weekly jobless claims data stateside. There’s also encouraging economic data out of Germany -- which showed an improvement in consumer morale in May -- as well as corporate earnings reports from the likes of Airbus, United Utilities, and Ted Baker. At last check, France’s CAC 40 is up 0.7%, while London’s FTSE 100 and the German DAX are down 0.2% and 0.3%, respectively.

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