Stock Futures Higher As Retail Sales Rebound
Dow Jones Industrial Average (DJIA) futures are higher ahead of the bell, signaling another record high for the index, as traders weigh the latest round of bank earnings and economic data. Bank of America stock is pointed higher after earnings, while fellow financial concern Wells Fargo is headed lower. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are slightly higher as well, despite smaller-than-expected increases in the consumer price index (CPI) and monthly retail sales. Still, consumer prices jumped by the most in eight months in September, and U.S. retail sales rose 1.6%, marking the biggest jump since 2015. All three indexes are on track to finish the week in the black.
Markets are also digesting comments from Senator Ted Cruz, who this morning said that tax reform may not happen until early next year. Elsewhere, November-dated crude futures are up 1.9% to trade at $51.55 per barrel, thanks to strong import data out of China.
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5 Things You Need to Know TodayThe Chicago Board Options Exchange (CBOE) saw 825,744 call contracts traded on Thursday, compared to 577,596 put contracts. The single-session equity put/call ratio rose to 0.70, and the 21-day moving average went up to 0.64.Biotech stock Aerie Pharmaceuticals Inc (NASDAQ:AERI), which two days ago touched a record high, saw its shares halted for Friday trading, as the Food and Drug Administration (FDA) reviews its new drug application for Rhopressa. AERI stock has added 66% year-to-date, closing Thursday at $62.95.Electric automobile company Tesla Inc (NASDAQ:TSLA) is making headlines once again, and will be recalling 11,000 of its Model X SUVs worldwide due to a seat issue. There have not been any reports of injuries or accidents related to the issue. TSLA stock is up 0.1% in electronic trading, and is up 66% year-to-date. BASF will buy Bayer's herbicide businesses for about $7 billion. Bayer said it will use the funds to partially refinance its planned acquisition of fertilizer giant Monsanto Company (NYSE:MON). Amid rising expectations for a buyout, MON stock is up 2.5% in electronic trading. The University of Michigan's consumer sentiment survey is due today. Retail sales and business inventories data will also hit the Street. Evans, Kaplan, Powell, and Boston Fed President Eric Rosengren will speak. JB Hunt (JBHT) will round out the week's earnings reports.
Overseas Trading
Major Asian stock indexes closed mostly higher, led again by the Nikkei's ongoing push into two-decade-high territory. The Tokyo-based index closed up 1%, shrugging off a strengthening yen. Chinese stocks also performed well, thanks in part to strong trade data for September. The Shanghai Composite settled up 0.2%, and the Hang Seng added 0.1% in Hong Kong. Despite another strong session from Samsung Electronics -- which forecasted a huge spike in profit -- the South Korean Kospi closed with a 0.1% loss.
Stocks are mixed in Europe so far today. London's FTSE 100 is stuck below breakeven, down 0.2%, as the pound strengthens. However, Germany's DAX has managed to add 0.4% thanks to news healthcare company Bayer AG is selling roughly $7 billion worth of assets. Meanwhile, the French CAC 40 Is clinging to a 0.2% lead.