Dow Futures Ready to Take a Breather

The Dow and Nasdaq's winning streaks could be in jeopardy today

Deputy Editor
Nov 7, 2023 at 9:09 AM
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Futures on the Dow Jones Industrial Average (DJIA) are down a firm 77 points this morning, potentially on track to snap a six-day winning streak today, while S&P 500 (SPX) and Nasdaq-100 Index (NDX) futures hover around fair value. Investors are unpacking plenty of earnings reports this morning, as well as the U.S. trade deficit, which jumped 5% to $61.5 billion as imports rose. 

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

  • VIX puts may be your best hedging bet right now, says Schaeffer's Senior V.P. of Research, Todd Salamone. 
  • Options traders eye struggling Ford Motor stock. 
  • Plus, three stocks moving higher after upbeat earnings. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 969,406 call contracts and 743,744 puts traded Monday. The single-session equity put/call ratio rose to 0.77 and the 21-day moving average stayed at 0.68.
  2. Planet Fitness Inc (NYSE:PLNT) stock is up 8.8% premarket, after the company's strong third-quarter report and raised full-year forecast. Since the start of the year, the equity is down 30%, but is 12.2% higher for the quarter. 
  3. Tripadvisor Inc (NASDAQ:TRIP) stock is surging after company's upbeat third-quarter report as well, up 10.5% before the bell. Should these gains hold, TRIP will break into positive territory for 2023. 
  4. The shares of Coterra Energy Inc (NYSE:CTRA) are up 2% in electronic trading, after the oil & gas name's better-than-expected third-quarter profits per share, helped by an increase in production. Since the start of the year, the equity is up 11.7%. 
  5. See what economic data is scheduled this week.  

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Asian Markets Also Lose Steam

Asian markets closed Tuesday lower, after China’s surprising monthly import growth was offset by a worse-than-expected drop in exports. In response, Hong Kong’s Hang Seng fell 1.7%, while China’s Shanghai Composite turned in a fractional loss. Elsewhere, the South Korean Kospi shed 2.3% following its best session since March 2020, after energy and manufacturing stocks turned sharply lower. Rounding out the region, Japan’s Nikkei dropped 1.3%.

Stocks in Europe are mixed this afternoon, as investors parse through a deluge of quarterly corporate reports. At last glance, London’s FTSE was marginally above breakeven, while France’s CAC 40 and Germany’s DAX were down 0.5% and 0.2%, respectively.

 

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