Dow Set to Resume Rally Ahead of 3Q Earnings Season
Dow Jones Industrial Average (DJIA) futuresare signaling a higher start -- with the blue-chip index set to resume its climb to record highs after Friday's rare loss. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also trading in positive territory, while the Nasdaq Composite (IXIC) could extend its daily win streak to 10.
With today's earnings and economic calendars bare and the bond market closed for Columbus Day, traders will look ahead to Wednesday's release of the September Fed meeting minutes, as well as the start of third-quarter earnings season, with several big banks -- including JPMorgan Chase and Bank of America -- set to report this week. Plus, oil prices could draw some attention, as oil companies in the Gulf of Mexico look to resume operations this week in the aftermath of Hurricane Nate. November-dated crude futures were last seen fractionally lower at $49.28 per barrel.
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5 Things You Need to Know TodayThe Chicago Board Options Exchange (CBOE) saw 755,229 call contracts traded on Friday, compared to 527,204 put contracts. The single-session equity put/call ratio rose to 0.70, and the 21-day moving average rose to 0.64.Loop Capital raised its price target on Netflix, Inc. (NASDAQ:NFLX) to $228 from $212. After hitting a record high of $198.92 last Friday, the FAANG stock is trading up 0.7% ahead of the bell -- on track to open at a new all-time peak.Shares of Tesla Inc (NASDAQ:TSLA) are down 1.7% ahead of the bell, after CEO Elon Musk tweeted late Friday that the automaker's electric semitruck reveal will be delayed until Thursday, Nov. 16. TSLA stock remains a long-term outperformer, though, up 67% year-to-date, with recent support emerging at its 120-day trendline.General Electric Company (NYSE:GE) announced a number of major executive changes, including the addition of Trian's Ed Garden to its board. Shares of the industrial conglomerate are down 1% in electronic trading -- maintaining their place as the biggest underdog of the Dow.There are no notable economic or earnings reports due today.
Overseas Trading
With stock markets closed in Japan and South Korea, traders mostly focused on economic data out of China, where trading resumed following a week-long holiday. Specifically, the Caixin services purchasing managers index for September revealed the slowest rate of growth in nearly two years. The Shanghai Composite popped 0.8% regardless, trading at its highest levels since January 2016. Hong Kong's Hang Seng, however, fell 0.5%.
It's been an up-and-down session so far in Europe, where stocks are hovering back near breakeven. Investors are still monitoring the situation in Spain, where protests continued over the weekend. In London, the FTSE 100 is down 0.2%, as a strengthening pound pressures stock prices. Meanwhile in Germany, the DAX earlier hit a record high, but was last seen up just 0.1%, despite strong industrial output data for August. France's CAC 40 is also up just 0.05%.