Goldman Sachs Earnings Drag on Dow Futures
Citigroup, meanwhile, is higher after earnings
Dow Jones Industrial Average (DJI) futures are trading below fair value this morning, with the blue-chip index poised to take a breather after Friday's big gains. Bank earnings remain in focus today, with Goldman Sachs (GS) stock lower ahead of the bell after the financial firm reported weaker-than-expected revenue. A quarterly profit beat for Citigroup (C), meanwhile, has its shares higher in electronic trading. The S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are signaling negative starts, too, with the latter set to test its footing atop the key 2,900 level.
Continue reading for more on today's market, including:
An attractive options strategy for earnings season.Why Wedbush thinks this real estate stock can rally 30%.Options volume peaked on these sinking health insurers. Plus, a falling weed stock; a booming biotech; and Best Buy makes history.
5 Things You Need to Know Today
The Chicago Board Options Exchange (CBOE) saw 1.28 million call contracts traded on Friday, compared to 688,106 put contracts. The single-session equity put/call ratio fell to 0.54, while the 21-day moving average remained at 0.61.The shares of Aphria Inc (NYSE:APHA) are down 12% in electronic trading, after the cannabis producer swung to a loss in its fiscal third quarter. Today's pre-market move has APHA stock set to open back in single-digit territory -- and likely has short sellers cheering.Biotech Bio-Path Holdings Inc (NASDAQ:BPTH) has submitted a request to the Securities and Exchange Commission (SEC) to withdraw a filing for a stock offering. After closing Friday at $15.65, BPTH stock is up 40.6% ahead of the bell.Best Buy Co Inc (NYSE:BBY) has tapped current Chief Financial Officer Corie Barry as its new CEO. Barry will take the top role in June to replace current CEO Hubert Joly, who will become the executive chairman of the board. This will also mark the first time the retailer has had a woman as its CEO. BBY stock is down 1.2% in pre-market trading, on track to retreat from last week's year-to-date highs above $75.The Empire State manufacturing survey and Treasury International Capital (TIC) data will be released today, while Chicago Fed President Charles Evans is scheduled for two speeches. Charles Schwab (SCHW) will report earnings.
Global Markets Mixed Ahead of Earnings in U.S.
Asian markets kicked off the week mixed, as trader optimism over strong economic data out of China began to peter out. The Shanghai Composite and Hong Kong's Hang Seng were both down 0.3%, while Japan's Nikkei was 1.4% higher. Meanwhile, South Korea's Kospi rose 0.4% on a lift from Asiana Airlines, which skyrocketed after its top shareholder, Kumho Industrial, announced plans to sell its entire stake.
European markets are also mixed at midday, as traders keep an eye on the global economy, as well as trade talks between the U.S. and China. London's FTSE is down 0.1%, the French CAC 40 is up 0.1% and the German DAX is 0.2% higher.