Dow Futures Extend Rebound with Tech in Spotlight
A weakening dollar and a resilient tech sector are giving stock futures a boost this morning
Dow Jones Industrial Average (DJI) futures are yet again attempting a rebound, hitting a "limit up" earlier this morning as extreme market volatility continues to be the new normal on Wall Street. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also making sizable gains, as investors bet on resilience from the tech sector despite an imminent recession and sudden weakness in the U.S. dollar. In other news, California Governor Gavin Newsom issued a statewide order for all residents to 'stay at home,' as the coronavirus continues its rapid global sweep. Emergency and essential services will remain open.
Continue reading for more on today's market, including:
Options bulls pounce as Gilead bucks the broadmarket trend. The one stock skipping out on yesterday's rental car sector slide. Plus, NAVB soars on extended patent; Sorrento advances early stages of coronavirus cure; and Nike gets an upgrade.
5 Things You Need to Know Today
The Cboe Options Exchange (CBOE) saw 1.04 million call contracts traded on Thursday, and 1.04 put contracts. The single-session equity put/call ratio rose to 1, and the 21-day moving average climbed to 0.83.Drugmaker Navidea Biopharmaceuticals Inc (NYSE:NAVB) is soaring in pre-market trading, up 26.1% after the the U.S. Patent and Trademark Office extended the patent for its Lymphoseek injection through May 12, 2025. The penny stock was down 70% year-over-year going into today. Sorrento Therapeutics Inc (NASDAQ:SRNE) has already tacked on 29.6% before the bell on news that the company produced a preclinical batch of its STI-4398 (COVIDTRAP) protein and plans on immediate testing to combat the coronavirus, with human trials expected in the next few months. SRNE traded as high as $5.09 back in early January.Shoemaker and Dow component Nike Inc (NYSE:NKE) is getting a boost this morning after an upgrade from "buy" to "neutral" from Bank of America Securities. The analyst in coverage thinks this new challenging environment could boost Nike's global market share. The equity is up 2.9% at last check. It's a light end to the week, with existing home sales the only major data on tap for today. Tiffany (TIF) will report earnings.
Overseas Markets See Strong Finish to Wild Week
Markets in Asia finished the week strong, boosted by continued efforts from governments to combat the economic impact of COVID-19. China's Shanghai Composite gained 1.6%, after the country kept its loan prime rates the same from February, boosting the Chinese yuan. Hong Kong's Hang Seng added 5.1%, while South Korea's Kospi paced the region with a 7.4% surge. Japan's Nikkei was closed for holiday.
Over in Europe, stocks are joining in on the global rally today. London's FTSE 100 is up 1.8% at last check, with retailer W.H. Smith a notable winner thus far. The French CAC 40 and the German DAX are up 5.4% and 4.1%, respectively, despite the latter weighed down by airliner Lufthansa, which warned the industry may not survive without a government bailout.