Stock Futures Eye Positive Open on Heels of Steep Sell-Off
U.S. import prices rose less than expected in April
Futures on the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) are signaling a rebound this morning, after yesterday's intense, U.S.-China trade sell-off. The major stock market indexes suffered their worst session in months on Monday, after China retaliated with increased tariffs on $60 billion worth of U.S. imports. On the economic front, U.S. import prices rose less than expected in April.
Continue reading for more on today's market, including:
VIX levels to have on your radar now, according to Schaeffer's Senior V.P. of Research Todd Salamone.Penny stock pummeled on bankruptcy buzz. 3 stocks to sell now, according to analysts. Plus, Ralph Lauren's earnings blowout; one retailer's C-suite shake-up; and Take-Two's earnings disappointment.
5 Things You Need to Know Today
The Chicago Board Options Exchange (CBOE) saw 965,156 call contracts traded on Monday, compared to 758,814 put contracts. The single-session equity put/call ratio fell to 0.79, while the 21-day moving average moved up to 0.63.Ralph Lauren Corp (NYSE:RL) is up 3% in electronic trading, after the company shared impressive fiscal fourth-quarter earnings, and raised its quarterly dividend by 10%. RL stock has struggled in recent weeks, and yesterday breached its 320-day moving average for the first time since an early February bull gap, but remains 14.3% higher year-to-date.Abercrombie & Fitch Co. (NYSE:ANF) is flat in this morning's trading, but the company is making headlines after revealing the resignation of Chief Operating Officer Joanne Crevoiserat, dissolving the COO role altogether. While the stock has recently pulled back with the broader equities market, ANF has added 42% over the past six months.Take-Two Interactive Software, Inc. (NASDAQ:TTWO) is down 0.7% in electronic trading, after the company's revenue forecast fell short of expectations. No fewer than five analysts have already responded to the news, with Baird cutting its price target to $109 from $114. TTWO stock is already down 2.8% year-to-date.On today's docket will be speeches from New York Fed President John Williams and Kansas City Fed President Esther George. Aurora Cannabis (ACB), Container Store (TCS), CyberArk Software (CYBR), and Tilray (TLRY) will all step into the earnings confessional.
Strong Jobs Data Sends U.K. Stocks Surging
Stocks in Asia fell again, despite media reports suggesting state-supported efforts to lift equity prices. China's Shanghai Composite finished down 0.7%, and Hong Kong's Hang Seng fell 1.5%, while the yuan held near year-to-date lows. Japan's Nikkei also closed in the red, giving back 0.6%, amid a sharp pullback in SoftBank Shares.
On the other hand, stocks in Europe are attempting to rebound. Strong jobs data out of the U.K. took investor attention away from trade tensions, with unemployment falling to the lowest point since 1974. In other news, Germany's Bayer suffered sharp losses after the high-profile court decision around its Roundup weed killer. So far today, the French CAC 40 is up 1.1%, the FTSE 100 is trading 0.9% higher in London, and Germany's DAX is gaining 0.5%.