Dow Futures Climb After Pfizer Earnings

The Federal Reserve's two-day meeting kicks off later today

Managing Editor
Nov 2, 2021 at 9:16 AM
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Futures on the Dow Jones Industrial Average (DJI) are pointing toward a modest pop on Election Day, as Wall Street looks to build on yesterday's strong start to November. An upbeat quarterly report from blue-chip drugmaker Pfizer (PFE), is fueling the early-morning optimism. S&P 500 (SPX) and Nasdaq-100 (NDX) futures are indicating more of a choppy open though, the latter weighed down by premarket losses from Tesla (TSLA). Looking ahead, the Federal Open Market Committee's (FOMC) two-day meeting begins today, with investors keen for clues about the tapering of bond purchases. 

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

  • Schaeffer's Senior V.P. of Research Todd Salamone unpacks the latest NDX breakout.
  • Why Pure Storage stock is the right pick for options bulls.
  • Plus, top-line beats for Under Armour and Clorox; plus a big day for FuelCell stock.

OV Futures Chart Nov 2

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.1 million call contracts traded on Monday, compared to 850,869 million put contracts. The single-session equity put/call ratio fell to 0.40, and the 21-day moving average stayed at 0.48.
  2. Under Armour Inc (NYSE:UAA) stock is up 10.3% before the bell, after the athleisure retailer reported earnings and revenue that topped analyst forecasts. Under Armour also upped its full-year guidance. Heading into today, Under Armour stock is up 28% year-to-date.
  3. Clorox Co (NYSE:CLXstock is up 2.1% ahead of the open, after the household products name scored a top-line beat and reaffirmed its full-year forecast. CLX is down 19% in 2021, and hit a more than one-year low of $156.23 on Oct. 19. 
  4. The shares of FuelCell Energy Inc (NASDAQ:FCEL) are up 7.2% in electronic trading, after the clean energy company agreed to extend the joint development agreement it has with Exxon Mobil (XOM) for carbon capture technology. FuelCell stock is up 50% in the last three months.
  5. There are no economic indicators of note besides a homeownership rate update.

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European Investors Eye More Earnings

Asian markets were mostly lower today, as shares of major real estate firms fell in the region, reigniting fears surrounding China’s battered property sector. China’s Shanghai Composite and Hong Kong’s Hang Seng slipped 1.1% and 0.2%, respectively, after developer Yango Group was downgraded and the firm proposed swapping some U.S. dollar bonds for new notes in an effort to “avoid imminent payment defaults.” The Nikkei in Japan, meanwhile, took a 0.4% haircut. Rounding out the region, the South Korean Kospi rose 1.2%, led by shares of industry heavyweight Samsung.

Stocks across the pond are mixed this afternoon, as European investors gear up for more corporate earnings, as well as the U.S. Federal Reserve’s FOMC meeting, which kicks off today. Separately, traders are awaiting developments from the COP26 climate summit in Glasgow, though hopes that major carbon-related targets will be hit are slim. At last check, London’s FTSE 100 is off 0.6%, while the French CAC 40 and German DAX are 0.2% and 0.5% higher, respectively.

Trader: Sell These 8 Stocks in 2021

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