Stock Futures Modestly Higher on Heels of Fresh Jobless Data

U.S. trade deficit hit a new record in June

Digital Content Manager
Aug 5, 2021 at 9:22 AM
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Stock futures are pointed modestly higher this morning, as investors digest fresh jobless claims data following yesterday's dismal ADP private payroll survey. Specifically, first-time filings dropped to 385,000 last week, matching analysts' estimates. Futures on the Dow Jones Industrial Average (DJI) are eyeing a 68-point pop, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also shooting for gains. Additionally, fresh data showed  the U.S. trade deficit hit a record in June, with both exports and imports rising for the month.

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

  • Call traders blasted Redfin stock ahead of today's quarterly report.
  • RV giant looks like a solid choice for options bulls
  • Plus, Moderna brushes off earnings beat; e-commerce name bests analysts' estimates; and what is sinking Roku stock today.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts traded on Wednesday, compared to 878,254 put contracts. The single-session equity put/call ratio rose to 0.52 and the 21-day moving average stayed at 0.52.
  2. The shares of Moderna Inc (NASDAQ:MRNA) are down 3.8% in premarket trading, despite the pharmaceutical name beating Wall Street's second-quarter earnings and revenue estimates. Plus, the company noted its Covid-19 vaccine is 93% effective after six months. The stock yesterday surged to an all-time high of $433, and has added a whopping 157% over the past three months.
  3. E-commerce concern Wayfair Inc (NYSE:W) is surging ahead of the open, last seen 6.3%. The company posted better-than-expected  second-quarter earnings of $1.89 per share, while revenue came in well above pre-pandemic levels, amid a rise in active customers. The equity had been tumbling down the charts in recent weeks, guided lower by the 20-day moving average, but still carries an 11.2% year-to-date lead.
  4. Roku Inc(NASDAQ:ROKU) is 8.1% lower before the bell, brushing off a second-quarter earnings and revenue beat. Weighing on the streaming device is its user growth, which came in below analysts' expectations. The equity has been cooling off since hitting its July 27, all-time high of $490.76, but remains up an impressive 152.3% year-over-year.
  5. Things are quiet on the economic data front today.

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Asian Markets Drop Amid Aggressive Covid-19 Restrictions

Asian markets finished Thursday mostly lower, as China moved to more aggressive Covid-19 measures amid an uptick in delta variant cases. Specifically, residential communities are sealed off, flights and trains are suspended, and there’s mass testing in Wuhan – Covid’s ground zero. In response, mainland stocks, the Hang Seng in Hong Kong and Shanghai Composite in China, shed 0.8% and 0.3%, respectively. The video game sector remains in the crosshairs, after China’s state media published an article arguing that gaming companies should not have preferential tax measures. South Korea’s Kospi also dipped, losing 0.1%. Japan’s Nikkei was able to turn in a win for the region, rising 0.5% thanks to a round of upbeat corporate reports.

Meanwhile, in Europe, stocks are inching higher, as investors mull over more corporate earnings and a policy decision from the Bank of England (BoE). Though it warned of more substantial inflation in the near future, the BoE ultimately left its monetary policy unchanged, with lending rates at a historic low of 0.1%. Despite this decision, London’s FTSE was last seen 0.2% lower, while the CAC 40 in France and German DAX were last seen 0.2% and 0.04% higher, respectively.

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