Dow Signals Third Straight Loss on IBM, Netflix Earnings
NFLX is set to nosedive on a surprise drop in subscribers
Dow Jones Industrial Average (DJI) futures are signaling their third day in the red, with UnitedHealth Group (UNH) and IBM (IBM) stocks lower after earnings. Nasdaq-100 Index (NDX) futures are also lower, with FAANG concern Netflix (NFLX) set to nosedive on a surprise drop in second-quarter subscriber rates and sluggish international membership growth. Elsewhere, Treasury Secretary Steven Mnuchin commented that "complicated issues" remain on the trade front with China, but that he and U.S. Trade Representative Robert Lighthizer will have a phone call with Chinese representatives today.
Continue reading for more on today's market, including:
The chocolate stock seeing wild call trading ahead of earnings.How this oil stock's rare downgrade has options players coming in hot. The bank stock flashing a bearish signal ahead of earnings.Plus, SunTrust reports an earnings beat; Apple gets an upgrade; and Wayfair's COO retires.
5 Things You Need to Know Today
The Cboe Options Exchange (CBOE) saw 828,522 call contracts traded on Wednesday, compared to 554,433 put contracts. The single-session equity put/call ratio landed at 0.67, while the 21-day moving average is 0.60.SunTrust Banks Inc (NYSE:STI) stepped into the earnings ring this morning, with second-quarter results that beat analysts' estimates. The finance name also reported better-than-expected revenue, and said its planned merger w/ BB&T Corporation is progressing well. The equity is inching 0.1% higher ahead of the bell.Raymond James this morning upgraded Apple Inc (NASDAQ:AAPL) to"outperform" from "market perform," waxing optimistic on the tech giant's "5G iPhone product cycle in 2020." The security is up 0.3% at $204.03 in pre-market trading.The shares of Wayfair Inc (NYSE:W) are down 1.6% at $149.49 in electronic trading, after the online furniture retailer's COO James Savarese announced his retirement. The COO of Wayfair's European operations, Thomas Netzer, will take over the role. Today's calendar brings weekly jobless claims and the Philadelphia Fed business outlook survey, while Williams will take the stage again. Microsoft (MSFT), Chewy (CHWY), E*TRADE (ETFC), Honeywell (HON), Intuitive Surgical (ISRG), Morgan Stanley (MS), Philip Morris (PM), and Skechers (SKX) will release their quarterly updates.
Asian, European Stocks Lower as Markets Take a Cue From Wall Street
Asian markets slipped today, taking their bearish cues from Wall Street. Japan's Nikkei slid 2% after data showed the country's exports fell more than expected in June. China's Shanghai Composite also saw heavy selling, finishing down 1%, while Hong Kong's Hang Seng gave back 0.5%, and South Korea's Kospi dropped 0.3% after the Bank of Korea issued a surprising rate cut.
European stocks are mostly lower at midday, as traders sift through an onslaught of earnings reports. One of the biggest losers is German software firm SAP, which was last seen down 6.6% -- dragging the Frankfurt DAX 0.6% lower. Elsewhere in the region, London's FTSE 100 is off 0.5% as the pound gains on unexpected rise in U.K. retail sales, and the French CAC 40 is up 0.04%.