Dow Futures Inch Lower as Muted Trading Continues

U.S. durable goods orders were flat in July

Deputy Editor
Aug 24, 2022 at 9:23 AM
facebook twitter linkedin

Dow Jones Industrial Average (DJIA) futures are moving hesitantly lower ahead of the open, with the blue-chip index looking to extend its three-day losing streak. Futures on both the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are flat -- keeping with yesterday's muted price action. U.S. durable goods orders were flat in July, missing expectations of a 1% rise, while business investments (core orders) rose 0.4%. 

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

  • A look at NetApp stock ahead of quarterly results.
  • Unpacking stock's post-earnings history.
  • Plus, Petco slashes full-year forecast; analysts turn bearish on JWN; and FTCH soars on acquisition.  

Futures August24 

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.07 million call contracts traded on Tuesday, and 699,738 put contracts. The single-session equity put/call ratio stayed at 0.65, and the 21-day moving average remained at 0.67.
  2. Petco Health and Wellness Company Inc (NASDAQ:WOOF) is down 6.5% before the bell, after the retailer's second-quarter results missed top- and bottom-line estimates. Plus, the company slashed its full-year sales forecast due to higher costs. Year-to-date, the equity is down 20.5%. 
  3. Nordstrom Inc (NYSE:JWN) reported better-than-expected second-quarter results yesterday, but the stock is plummeting due to the company's full-year forecast cut -- down 12.7%  premarket-- amid lower foot traffic. No fewer than seven analysts lowered their price targets. Year-over-year, JWN is already down 36.7%.
  4. Farfetch Ltd (NYSE:FTCH) is up 17.2% in electronic trading, after news that the luxury e-commerce name will acquire online fashion retailer YOOX Net-A-Porter. FTCH is down 80.8% year-over-year. 
  5. Today will bring pending home sales.


European Markets Mixed Ahead of U.S. Fed Update

Asian markets were mostly lower on Wednesday, led by the Shanghai Composite in China which lost 1.9%. The Hong Kong Hang Seng wasn’t far behind with a 1.2% drop, after shares of electric vehicle (EV) name Xpeng suffered a dramatic post-earnings plummet. The Nikkei in Japan saw a slimmer 0.5% loss amid news that the country’s government planned on restarting more of its nuclear reactors – giving energy stocks throughout the region a boost. Finally, the only gainer – the South Korean Kospi – added 0.5%.

European markets are seeing a mixed day of trading as investors braced themselves for this Friday’s Federal Reserve comments at the Jackson Hole symposium in the U.S. At last glance, the London FTSE 100 is 0.2% lower, the French CAC 40 has added 0.2%, and the German DAX has inched 0.08% higher.


Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

Schaeffer's Daily Bulletin Offer


Special Offers from Schaeffer's Trading Partners