The Dow is 13 points lower this morning
U.S. Stock futures are relatively unchanged this morning. Dow Jones Industrial Average (DJI) futures are pointed roughly 13 points lower, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are looking to open just above their respective breakeven levels. Covid-19 cases have climbed back to their highest volume since February in the U.S., keeping weight on markets and preventing the Dow and S&P 500 from claiming even more record highs, as investor sentiment sours. Attention is also being directed to the $1 trillion bipartisan infrastructure bill, which could be passed as soon as Tuesday.
Continue reading for more on today's market, including:
- Red-hot manufacturing stock can't be missed this month.
- An eye on Weight Watchers as it heads into the earnings confessional.
- Plus, AMC enjoys post-earnings pop; PLNT stumbles on profit miss; and the bid for KSU drives higher.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts traded on Monday, compared to 793,910 put contracts. The single-session equity put/call ratio fell to 0.49 and the 21-day moving average stayed at 0.52.
- The shares of AMC Entertainment Holdings Inc (NYSE:AMC) are up 11.5% ahead of the bell, following the firm's quarterly report in which it posted slimmer-than-expected losses, and revenue that topped analysts' estimates. AMC noted lifting lockdown measures and a boost from several blockbuster movie releases. AMC is up an incredible 1,581.6% this year.
- Planet Fitness Inc (NYSE:PLNT) also reported earnings after the close last night, though it's second-quarter profits missed estimates by 2 cents. Its revenue bested analysts' expectations, however, and the fitness name thanked the reopening of its gyms and a rise in membership numbers for the partial beat. Despite this, PLNT is off 3.2% ahead of the open this morning, adding to its 4.9% six-month deficit.
- Kansas City Southern (NYSE:KSU) is up 6.7% in electronic trading on news that Canadian Pacific Railway (CP) has lifted its cash-and-stock bid to buy KSU to $300 per share, from its original bid of $275 per share, in an effort to top an offer from Canadian National Railway (CNI). KSU is up 34.1% in 2021.
- Today's economic calendar features the National Federation of Independent Business' (NFIB) small-business index, as well as preliminary productivity, and unit labor costs data.
Asian Markets Largely Overlook Covid-19 Worries
Stocks in Asia were mostly higher on Tuesday, though the South Korean Kospi turned in a 0.5% loss, after game developer Krafton made its market debut in the country today, and tumbled as much as 20% from its initial public offering (IPO) price. The PUBG creator pared some losses, finishing 8.8% lower, but still logged the worst South Korean debut since 2004. Meanwhile, mainland stocks are shrugging off Covid-19 concerns, with Hong Kong’s Hang Seng and China’s Shanghai Composite adding 1.2% and 1%, respectively. Rounding out the region, the Nikkei in Japan finished 0.2% higher.
European markets are also mostly higher, building on a cautious start to the week. Earnings season is beginning to wind down, but more corporate reports are offsetting a rise in global coronavirus cases, which continues to dent investor sentiment. At last check, Germany’s DAX is up 0.2%, despite the country’s ZEW survey of economic sentiment for the month missing expectations by a wide margin. Meanwhile, France’s CAC 40 is 0.1% higher, while London’s FTSE 100 is down a paltry 0.05%.