Stock Futures Poised to Pause Rally

The Empire State manufacturing index remained positive in July

Deputy Editor
Jul 17, 2023 at 9:08 AM
facebook X logo linkedin

Dow Jones Industrial Average (DJI) futures are down double digits this morning, with all signs pointing to a breather today, in the wake of five-straight sessions of gains for the blue-chip benchmark. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are hovering around fair value, as investors await the latest batch of earnings reports this week.

Meanwhile, the Empire State manufacturing index came in at 1.1 in July from the previous month's reading of 6.6. The lackluster gross domestic product (GDP) data out of China is also weighing on Wall Street this morning. 

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

  • How these bank stocks fared after earnings. 
  • More on the Dow's perfect week last week. 
  • Plus, CHWY upgraded; PARA slips; and TSLA builds first Cybertruck. 

Futures July17

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.4 million call contracts and over 1.2 million put contacts exchanged on Thursday. The single-session equity put/call ratio stayed at 0.48 and the 21-day moving average remained at 0.65.
  2. Chewy Inc (NYSE:CHWY) is up 5.2% premarket, after Goldman Sachs upgraded the stock to "buy" from "neutral," citing the company's attractive risk/reward profile. Looking to break above recent pressure at the $39 level, CHWY is up 2% year-to-date. 
  3. Paramount Global (NASDAQ:PARA) is off 2.7% in electronic trading, after news that its parent company National Amusements is in talks to renegotiate debt with creditors. Plus, the latest "Mission: Impossible" underperformed at the box office, per a report from Variety. Heading into today, PARA is down 5.5% year-to-date. 
  4. Tesla Inc (NASDAQ:TSLA) is up 2% before the bell. The electric vehicle (EV) name finally built its first Cybertruck after two years of delays. Last session, TSLA hit its highest levels since September. Since the start of the year, the equity is up 128.4%. 
  5. See what economic data is due out later this week.      

Buzz 0717

China's GDP Weighs on the World

Asian markets were sharply lower on Monday, after China’s second-quarter GDP grew a smaller-than-expected 6.3%. In response, China’s Shanghai Composite shed 0.9%, while South Korea’s Kospi lost 0.4%. Elsewhere, Hong Kong’s Hang Seng was shuttered due to Typhoon Talim warnings, and Japan’s Nikkei was closed for Marine Day.

European markets are also lower, mirroring their U.S. and China counterparts as investors sift through a slew of earnings reports. At last check, France’s CAC 40 is 1.4% lower, the German DAX is off 0.7%, and London’s FTSE 100 is down 0.3%.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI