Stock Futures Cautiously Higher as Earnings Trickle In
Bank of America is among the companies that reported
Dow Jones Industrial Average (DJI) futures are hovering abovefair value today, following yesterday's snapped win streak, as another round of corporate earnings roll in. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also relatively flat, as traders digest quarterly reports from Bank of America (BAC), CSX Corp (CSX), and ASML Holding (ASML), among others. Looking ahead, FAANG giant Netflix (NFLX) and Dow component IBM (IBM)will report after the close today.
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The Cboe Options Exchange (CBOE) saw 876,077 call contracts traded on Tuesday, compared to 541,638 put contracts. The single-session equity put/call ratio landed at 0.62, while the 21-day moving average is 0.60.The shares of United Airlines Holdings Inc (NASDAQ:UAL) are up 0.6% at $94.50 in pre-market trading, after an impressive second-quarter earnings report. Citigroup raised its price target on the shares to $113 from $107, as a result. Now, UAL is set to hit new seven-month highs. Inovio Pharmaceuticals Inc (NASDAQ:INO) last night announced its was cutting select early-stage R&D programs, and dropped its bladder cancer study. The firm also plans to let go 28% of its employees in an effort to hone in on developing its late-stage HPV assets. The equity is down 13.3% at $2.60 in response. Crude oil concern Shell Midstream Partners L.P. (NYSE:SHLX) is lower this morning, after Mizuho cut its price target to $19 from $22, and downgraded the stock to "underperform" from "neutral." The analyst cited uncertainty surrounding Shell Midstream's Zydeco pipeline. The security is down 1.1% at $21.27 in pre-market trading. Housing starts, the weekly crude inventories update, and the Fed's Beige Book are on today's calendar. Earnings from Abbott Laboratories (ABT), Alcoa (AA), Bank of New York Mellon (BK), eBay (EBAY), PNC Financial (PNC), Skyworks Solutions (SWKS), and Textron (TXT) are due.
European Markets Sink on a Blow to the Energy Sector
There was again little buying in Asian equities as trade and economic concerns weighed. The biggest losses came from South Korea, where the Kospi fell 0.9%. In Japan, the Nikkei gave back 0.3%, while the Shanghai Composite closed with a 0.2% loss in China. The Hang Seng closed at a session high, but that was still 0.09% below breakeven.
Losses are also piling up in Europe, where the major indexes are all in the red halfway through the day. The energy sector has been a big loser so far, with large-cap oil stocks suffering notable pullbacks. The shares of automakers are also weak following a disappointing update in European car sales. The FTSE 100 in London was last seen down 0.2%, as was France's CAC 40, while the German DAX has given back 0.1%.