Stock Futures Emboldened by Economic Optimism
Dow futures are up over 200 points this morning
Futures on the Dow Jones Industrial Average (DJI) are up over 200 points above fair value this morning, bolstered by continued economic reopenings across the U.S. S&P 500 Index (SPX) futures are inching higherwhile Nasdaq-100 Index (NDX) futures struggle for direction, as optimism carries over from Friday's record-breaking highs in the wake of an unexpectedly optimistic employment surge. Investors are already looking ahead to Wednesday's Federal Reserve meeting, where an interest rate decision, economic projections, and remarks from Fed Chair Jerome Powell are all expected.Elsewhere, oil prices appear to be ready to take a breather, with July-dated crude futures down 1.9% at $38.80 per barrel.
Continue reading for more on today's market, including:
Stitch Fix stock grapples with resistance ahead of earnings tonight. One potential coronavirus vaccine stock flat in spite of updates. Plus, Moderna's latest bull note; Dunkin's promising path ahead; and THO rises on an earnings beat.
5 Things You Need to Know Today
The Cboe Options Exchange (CBOE) saw 3.2 million call contracts traded on Friday, and 1.3 million put contracts. The single-session equity put/call ratio stayed at 0.40, and the 21-day moving average fell to 0.52. Moderna Inc (NASDAQ:MRNA) stock is down 0.8% in electronic trading, despite Barclays initiating coverage with an "overweight" rating. The analyst in coverage sees the controversial drugmaker as the best in class and first in marketfor a potential COVID-19 vaccine candidate . MRNA has nearly tripled in 2020. The shares of Dunkin' Brands Group Inc (NASDAQ:DNKN) are up 4.7% ahead of the bell, after the fast-food chain received an upgrade from KeyBanc Capital Markets to "overweight" from "sector weight." The firm cited the company's navigation of the pandemic, which leaves it in a good place it terms of reopening. DNKN is up 7% in the last five days. Thor Industries Inc (NYSE:THO) is up 5% this morning, after a fiscal third-quarter earnings beat of 43 cents per share, much higher than analysts expected losses of 26 cents per share. The company noted that sales for May improved as soon as dealerships started reopening. THO is now looking to build on Friday's two-year high of $103.99. Today will start the relatively quiet week with earnings from SFIX and no economic data.
Stocks in Asia Rise on Optimistic U.S. Data
Stocks in Asia rose to begin the week, as investors' hopes were spurred by Friday's optimistic U.S. jobs data and Saturday's OPEC+ production cut update. Leading the charge was Japan's Nikkei, up 1.4%. Meanwhile, China'sShanghai Composite tacked on 0.2%, South Korea's Kospi added 0.1%, and Hong Kong's Hang Seng rose a paltry 0.03%.
Elsewhere, minimal gains are being seen for the most part in Europe, as markets weigh on economic recovery in the wake of COVID-19 and ongoing global protests against racism. London's FTSE 100 is up 0.2% at last check, while the German DAX has risen0.1%, and France's CAC 40 is sitting at breakeven levels.