Dow Futures Get a Lift on Trade Optimism
Several Fed speakers could weigh in on the recent batch of ugly economic data
Dow Jones Industrial Average (DJI) futures are up over 100 points today, on hopes that a trade resolution between the U.S. and China is in sight. Ahead of the March 1 tariff deadline, and after weeks of lower-level trade talks, President Donald Trump and Chinese Vice Premier Liu He will meet in Washington, D.C., today. Elsewhere, Wall Street looks ahead to a number of speeches from Fed leaders, who could weigh in on the recent batch of ugly economic data.
Continue reading for more on today's market, including:
The drug stock that just doubled. What this bearish trendline could mean for Mylan before earnings. Behind the worst day in years for this pizza stock. Plus, Wayfair soars on an earnings beat; Citigroup stock gets a good review; and Roku shares a sunny forecast.
5 Things You Need to Know Today
The Chicago Board Options Exchange (CBOE) saw 869,622 call contracts traded on Thursday, compared to 572,259 put contracts. The single-session equity put/call ratio rose to 0.66, and the 21-day moving average stayed at 0.61. Wayfair Inc (NYSE:W) stock is up 17.7% in pre-market trading, after the online furniture retailer announced sales and earnings results that topped analysts' expectations. The shares of W found a recent ceiling in the $122 area, but are set to break out and hit levels not seen since early October today. Citigroup Inc (NYSE:C) shares are 1.1% higher ahead of the bell, after Jefferies upgraded the financial services company to "buy" from "hold." The stock staged a bounce off its late-December lows, but this week took out its 120-day moving average for the first time since October. The shares of Roku (NASDAQ:ROKU) are up 5.8% in electronic trading, after the streaming company announced earnings that beat estimates. Roku also issued well-received current-quarter sales guidance. The security is now attempting to close a Nov. 8 bear gap, and is already up 68% year-to-date. The economic schedule will feature several Fed speakers. New York Fed President John Williams, St. Louis Fed President James Bullard, Fed Vice Chair Richard Clarida, and Philadelphia Fed President Patrick Harker will all speak as part of the 2019 U.S. Monetary Policy Forum in New York. The Baker-Hughes rig count is also due out. AutoNation (AN) and Cabot Oil & Gas (COG) will report earnings.
Asia, Europe Mostly Higher Amid High-Level Trade Talks
Stocks in Asia were mostly higher to close out the week. All eyes remain on Washington, with Liu He scheduled to meet with Trump later today. China's Shanghai Composite added 1.9%, while Hong Kong's Hang Seng gained 0.7% in a last-minute push. South Korea's Kospi joined the winners circle with a 0.08% gain thanks to a bump from Samsung Electronics. However, Japan's Nikkei bucked the regional trend and finished down 0.2%, as chip stocks traded lower in sympathy with the Nasdaq Composite's Thursday drop.
Over in Europe, gains for trade-sensitive stocks are setting the tone as investors await fresh developments between the U.S. and China. London's FTSE 100 is pacing the region with a 0.7% gain, while France's CAC 40 is up 0.5%, powered by a 17% post-earnings surge from consultant firm Sopra Steria Group. The German DAX is up 0.5%, too, as traders shrug off a four-year low in the Ifo business climate index.