Stock Futures Crushed After Yield Curve Inversion
The yield on 10-year Treasury note fell below the 2-year Treasury yield
Dow Jones Industrial Average (DJI) futures are taking a beating this morning, trading more than 300 points below fair value. This has the blue-chip index on track to pare the bulk of the gains from yesterday's trade-induced rally. Bank stocks are under the most pressure, after the yield on the 10-yearTreasury note fell below that of the 2-year note, marking a rare yield curve inversion. This signal has flashed prior to previous recessions, and, alongside weak economic data from overseas, has sparked panic selling in stocks and a rush to safe-haven assets -- with December-dated gold futures up 0.6% at $1,523.10 an ounce ahead of the open.
Continue reading for more on today's market, including:
This rare signal says to buy stocks now, according to Schaeffer's Senior Quantitative Analyst Rocky White.There's a fire sale on this FAANG stock.These 3 retail stocks rallied on yesterday's tariff news.Plus, Canada Goose pulls back on margin miss; Qualcomm names new chair; and a big bull note for WWE. 
5 Things You Need to Know Today
The Cboe Options Exchange (CBOE) saw 884,175 call contracts traded on Tuesday,compared to 583,924 put contracts. The single-session equity put/call ratio fell to 0.66, while the 21-day moving average remained at 0.67.Canada Goose Holdings Inc (NYSE:GOOS) stock is down 3% in electronic trading, after the luxury retailer's second-quarter gross margins fell short of the consensus estimate. On Monday, GOOS breached its year-to-date breakeven level, after its summer breakout was contained by its 160-day moving average earlier this month.Qualcomm, Inc. (NASDAQ:QCOM) stock is down 2% ahead of the bell, likely due to broad-market headwinds. However, the chip company did name former Palo Alto Networks (PANW) Chairman and CEO Mark McLaughlin as its chairman. QCOM is up 27% in 2019, but has pulled back sharply from its early May 19-year high of $90.34, settling last night at $72.18.The shares of World Wrestling Entertainment, Inc. (NYSE:WWE) are up 0.4% in electronic trading, after Rosenblatt Securities initiated coverage on the entertainment name with a "buy" rating and $85 price target -- a 27% premium to last night's close at $66.70. The analyst in coverage glowed about the company's content, and sees WWE's pullback as an intriguing entry point.The weekly crude inventories report is due. On the earnings front, Cisco Systems (CSCO), CannTrust (CTST), Canopy Growth (CGC), Luckin Coffee (LK), Madison Square Garden (MSG), and NetApp (NTAP) will all unveil their quarterly results.
German GDP Data Sinks European Stocks
Asian markets took their bullish cues from Wall Street, closing higher on news the U.S. will delay tariffs on certain Chinese goods. Japan's Nikkei led the way with its 1% pop, while South Korea's Kospi tacked on 0.7%. Gains were more modest in China, as speculators weighed dismal readings on industrial production, retail sales, and urban unemployment, with the Shanghai Composite closing up 0.4%. Hong Kong's Hang Seng, meanwhile, added 0.08%.
European stocks are selling off at midday, with traders spooked by Germany's latest gross domestic product (GDP) data, which showed the country's economy contracted in the second quarter. A sharp drop in eurozone industrial production -- which fell 1.6% in June, its largest month-over-month decline since 2016 -- is only adding to the risk-off backdrop. At last check, the German DAX and the French CAC 40 are each down around 2%, while London's FTSE 100 is off 1.3%.