The Dow is eyeing a 72-point pop this morning
Stock futures are attempting a rebound this morning, after the major benchmarks turned lower yesterday as fears of slowing economic growth took hold of Wall Street. Futures on the Dow Jones Industrial Average (DJI) are 72 point higher, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are carrying more modest gains. A stabilizing 10-year Treasury yield is contributing to today's optimism, though investors are still keeping a close eye on the spread of the delta Covid-19 variant. Daily cases have now surpassed last summer's peak, but it was announced yesterday the U.S. reached its 70% vaccination goal.
Continue reading for more on today's market, including:
- Schaeffer's V.P. of Research Todd Salamone is watching these key millennium levels on the Dow.
- Murphy Oil stock could bounce off a historically bullish trendline.
- Plus, unpacking Under Armour's blowout earnings; BP beats analysts' estimates; and mall giant provides upbeat sales update.

5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts traded on Monday, compared to 768,576 put contracts. The single-session equity put/call ratio fell to 0.51 and the 21-day moving average stayed at 0.52.
- Apparel retailer Under Armour Inc (NYSE:UAA) is up 5.9% in premarket trading, after reporting better-than-expected second-quarter earnings of 24 cents per share, as well as a revenue beat. To boot, the company raised its full-year profit forecast. Year-over-year, Under Armour stock already boasts an impressive 100.7% lead.
- The shares of BP plc (NYSE:BP) were last seen up 5.5% ahead of the open. The company earlier announced a quarterly profit and revenue beat, as oil and gas prices jumped. A 4% dividend hike, as well as plans to boost its share buyback program are also giving the equity a leg up today. Despite experiencing volatility on the charts, BP has added 49.6% over the last nine months.
- Simon Property Group Inc (NYSE:SPG) is 2.8% higher before the bell, after the mall concern announced sales for June returned to pre-pandemic levels. This news could help the company fill previously vacated spaces, as retailers consider signing new leases. The equity has been cooling since its June 8, annual high of $136.70, but remains up 102.6% year-over-year.
- Factory orders and motor vehicle sales data are on tap today.

Asian Markets Drop After State Media Targets Tech Industry
Asian markets finished mostly lower on Tuesday. The big news came out of mainland China, after an article published by state media outlet Economic Information Daily voiced concern over the amount of time youths spent playing online games, going as far as describing it as a type of “opium.” The report led to substantial losses from firms in the gaming market such as Tencent, Netease, and Bilibili. In response, China’s Shanghai Composite and Japan’s Nikkei each shed 0.5%, while Hong Kong’s Hang Seng lost 0.2%. Elsewhere, the South Korean Kospi brushed off the report, going on to add 0.4% today.
Stocks in Europe, meanwhile, are higher this afternoon, despite worries over rising Covid-19 cases, new tech regulations in China, and questions surrounding U.S. economic growth. Strong earnings helped the major bourses find their footing, including BP’s blowout second-quarter report and dividend hike. At last check, France’s CAC 40 is up 1.1%, while London's FTSE 100 and the German DAX are 0.4% and 0.2% higher, respectively.