All three major indexes are pointed higher this morning
Stock futures are pointed higher this morning, taking back ground after Friday's steep weekly losses. Futures on the Dow Jones Industrial Average (DJI) are looking at a 170-point pop, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are firmly in the black as well. Investors are looking ahead to the Jackson Hole symposium, which takes place on Thursday and Friday, and could offer hints as to the Federal Reserve's timeline for tapering off stimulus. Elsewhere, Bitcoin (BTC) surged to a three-month high of $50,000 on Sunday.
Continue reading for more on today's market, including:
- This software name scored a fresh record high after its quarterly win.
- Best Buy stock is looking to outperform after its earnings report.
- Plus, Paypal expands crypto services; why General Motors lost $1 billion; and Coinbase Global stock rides Bitcoin's surge.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2 million call contracts traded on Friday, compared to 1.1 million put contracts. The single-session equity put/call ratio fell to 0.57 and the 21-day moving average stayed at 0.54.
- PayPal Holdings Inc (NASDAQ:PYPL) is up 0.9% in electronic trading, after the online payment systems company said U.K. customers will be allowed to buy, hold and sell cryptocurrencies starting this week. This marks first time customers outside the U.S. will be able to use its cryptocurrency services. The equity just hit a July 26 all-time-high of $310.16, and sports a 37.7% year-over-year lead.
- The shares of General Motors Company (NYSE:GM) are down 1.5% ahead of the bell, after the automaker widened its Chevy Bolt recall to newer models, to address a battery issue. The move is expected to cost the company $1 billion. The security has been trending lower on the charts since its June 7, record high of $64.30, but remains up 69.3% year-over-year.
- Cryptocurrency exchange concern Coinbase Global Inc (NASDAQ:COIN) is up 3.5% before the open, after bitcoin surged to its highest level since May on Sunday. The equity has seen some volatility on the charts since it first becoming public in April with an initial public offering (IPO) of $250. Over the last three months, though, COIN has added 14.7%.
- Today brings both the Markit manufacturing and services PMI, as well as existing home sales data.
European Markets Inch Higher on Heels of Economic Data
Markets in Asia rose to start the week, led by Japan's Nikkei, which jumped 1.8%, as investors brush off continued regulatory concerns. The Hong Kong Hang Seng added 1.1% -- bouncing back from bear market territory after slipping to its lowest level since late October at the end of last week. Elsewhere, China's Shanghai Composite climbed 1.5%, and the South Korean Kospi tacked on 1%.
Meanwhile, European markets are slightly higher, after their biggest weekly decline since February. The Euro zone's IHS Markit's flash composite purchasing managers’ index (PMI) hit a two-month low of 59.5 in August, while the U.K.'s IHS Markit/CIPS flash composite PMI posted its third-straight monthly decline in July – falling to 55.3. At last glance, London's FTSE 100 is up 0.4%, the French CAC 40 is posting a 0.9% rise, and the German DAX is 0.3% higher.