Dow Futures Surge Following Another Record Close

Dow futures are up triple digits

Deputy Editor
Oct 26, 2021 at 9:10 AM
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Futures on the Dow Jones Industrial Average (DJI) are up triple digits, as the blue-chip index looks to extend its second-straight record close. S&P 500 (SPX) and Nasdaq-100 (NDX) futures are in the black as well, as investors unpack another round of earnings. The onslaught of quarterly earnings have continued to be mostly upbeat, though supply chain and labor shortage issues are still seeping into several reports, with investors awaiting more from Big Tech. 

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

  • Senior V.P. of Research Todd Salamone discusses bull signals for the SPX and NDX. 
  • Checking in with DraftKings stock after its recent slide. 
  • Plus, crypto name upgraded; blue-chip stock posts earnings beat; and REAL jumps on analyst praise. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2 million call contracts traded on Monday, compared to 852,224 put contracts. The single-session equity put/call ratio fell to 0.41, and the 21-day moving average stayed at 0.48.
  2. Citigroup initiated coverage on Coinbase Global Inc (NASDAQ:COIN) with a "buy" rating and $415 target price, calling the company "crypto's general store." Plus, Piper Sandler raised its price objective to $360 from $335. COIN is up 1.9% before the bell and has added more than 40% so far this quarter.
  3. 3M Co (NYSE:MMM) announced better-than-expected third-quarter earnings and revenue. However, MMM is down 0.8% in pre-market trading, as the company also lowered its full-year forecast due to supply chain issues. On the charts, the 40-day moving average has been keeping a tight lid on the shares lately. 
  4. The RealReal Inc (NASDAQ:REAL) is up 5.9% in electronic trading, after Raymond James upgraded the stock to "outperform" from "market perform," with a $19 price target. The firm expects growth for REAL, and cited near-term revenue strength. Year-to-date, the luxury consignment website is down 33.6%. 
  5. Today will bring the consumer confidence index and new home sales. .

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Economic Data Sends Asian Markets Mixed

It was a mixed day for Asian markets. The Nikkei in Japan surged 1.8%, helped along by shares of Panasonic, which rose over 5%. The South Korean Kospi also saw a substantial 0.9% gain after the country’s gross domestic product grew 0.3% in the third quarter, though this growth missed analysts’ estimates. Elsewhere in the region, China’s Shanghai Composite lost 0.3%, and Hong Kong’s Hang Seng dropped 0.4%, weighed down by real estate stocks, which dropped amid fears that Beijing could begin to tax property owners.

In Europe, markets are getting a midday boost as sentiment surrounding global earnings remains optimistic. The London FTSE 100 is up 0.6%, the French CAC 40 is 0.7% higher, and the German DAX is up nearly 1%.

 

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