Nasdaq Futures Eye More Records as Big Tech Jumps

The Fed's latest meeting minutes will be released later today

Digital Content Manager
Jul 7, 2021 at 9:20 AM
facebook X logo linkedin

Stock futures are flat this morning. Futures on the Dow Jones Industrial Average (DJI) are struggling for direction, while S&P 500 Index (SPX) futures are looking to start the day with a muted gain. The Nasdaq-100 Index (NDX) meanwhile, is eyeing another jump to more record highs, as Big Tech gets a boost from falling rates. The 10-year Treasury yield slipped nearly 1.4%, going against several predictions, taking bank stocks down with it. Wall Street is turning its attention toward the Federal Reserve's latest meeting minutes, slated to release later today, which will give more clues into inflation trends and the potential slowing of the Fed's bond buying program.  

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

  • Could the S&P 500 really keep climbing in the remainder of 2021? 
  • This pharma stock is bulls' best bet for July. 
  • Plus, why WHR is an analyst's top pick; NOVA gets a bull note; and DVN enjoys sector-wide boost.  

futures july 7

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.0 million call contracts traded on Tuesday, compared to 1.0 million put contracts. The single-session equity put/call ratio stayed at 0.51 and the 21-day moving average rose to 0.44.
  2. Whirlpool Corporation (NYSE:WHR) is churning higher, last seen up 1% in pre-market trading, after J.P. Morgan Securities named the company a "top pick," and noted the unusual amount of bearish sentiment currently surrounding the stock. The analysts' $278 price target is a 28% premium to last night's close. 
  3. WHR is up 62.8% in the past 12 months, yet only one analyst considered it a "strong buy" coming into today. 
  4. Another stock getting bullish analyst attention this morning is Sunnova Energy International Inc (NYSE:NOVA). Raymond James upgraded NOVA to "strong buy" from "outperform," calling concerns which led to the security's recent negative price action misguided. NOVA is up 4.5% in electronic trading. While it's still off 13.2% in 2021, it's staged a recent rally with help from the ascending 10-day moving average. 
  5. Energy stocks have been on a wild ride lately, with oil settling off its six-year highs during yesterday's session. It appears the sector is surging once more. Devon Energy Corp (NYSE:DVN) is getting a halo lift, up 1.2% before the bell, as U.S. West Texas Intermediate climbed another 1.7% this morning. DVN is up 78.9% this year, but has lost 11.4% in the last month. 

  6. Today's calendar job openings data will be featured, as well as minutes from the FOMC meeting. 

OV Buzz Chart July 7

Asian Markets Mixed Amid Ongoing China Regulations

Stocks in Asia were mostly lower today, with the exception of China's Shanghai Composite, which added 0.7%, amid the country's continued cybersecurity reviews spotlighting big tech. Elsewhere, Japan's Nikkei fell 1%, the South Korean Kospi dropped 0.6%, and Hong Kong's Hang Seng posted a 0.4% loss, as electric vehicle maker Xpeng closed flat in its Hong Kong debut.

Markets in Europe, meanwhile, are on the rise midday. The European Commission raised its gross domestic product (GDP) growth forecasts for the euro area to 4.8% for 2021 and 4.5% for 2022. At last check, London's FTSE 100 is up 0.4%, the French CAC 40 is flat, and the German DAX has tacked on 0.9%.


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 calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI