Stock Futures Inch Higher Ahead of Fed Update
Tech stocks are building on Tuesday blistering run higher
Futures on the Dow Jones Industrial Average (DJI) are slowly climbing above fair value this morning, as investors await the Federal Reserve's update and subsequent press conference from Fed Chair Jerome Powell later this afternoon. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also hovering in the black ahead of the open, with tech stocks looking to build off yesterday's push to record highs. Elsewhere, while economies are reopening, Director of the National Institute of Allergy and Infectious Diseases, Dr. AnthonyFauci warned in an interview that the coronavirus pandemic is "far from over."
Continue reading for more on today's market, including:
This oil stock broke down amid sector struggles.Schaeffer's Senior Quantitative Analyst Rocky White offers further speculation after the Nasdaq Composite completes v-bottom. Plus, movie theaters set to re-open, GME down after earnings miss, and Etsy upgraded.
5 Things You Need to Know Today
The Cboe Options Exchange (CBOE) saw 2.2 million call contracts traded on Tuesday, and 877,844 put contracts. The single-session equity put/call ratio rose to 0.40, and the 21-day moving average fell to 0.5.AMC Entertainment Holdings Inc (NYSE:AMC) stock is up 14.4% in electronic trading, after announcing it would reopen its locations on a global scale in July -- with precautions. The company also announced a partnership with Clorox(CLX) to sanitize the theaters. For the month, AMC is posting a 46% gain. GameStop Corp (NYSE:GME) stock is down 5.7% ahead of the open, after the video game retailer reported fiscal first-quarter earnings and revenue that whiffed on analyst expectations. Nevertheless, four brokerages upped their pricetargets, including to $6 from $4.50 at Telsey Advisory. GME is up 41% this quarter.The shares of Etsy Inc (NASDAQ:ETSY) are up 4.1% before the bell, after Jefferies upgraded the e-tailer to a "buy" from "hold," and hiked up its price target to $110 from $71. The analyst in coverage glowed about the company's contributionto online consumption during the coronavirus lockdown. Set to take aim at its May 18 record highs around $88, ETSY is up 72.4% in 2020 so far.Today will bring out earnings reports from Guess? (GES), Red Robin Gourmet (RRGB), and Tiffany & Co. The core consumer price index and the Federal budget balance for May are also slated for release.
Asian Markets Mixed on China's Inflation Data
Stocks in Asia were mixed today, after China's May inflation data showed its producer price index fell 3.7% from the previous year, a much steeper decline than analysts expected. South Korea's Kospi tacked on 0.3%, while Japan's Nikkeireversed course from its losses yesterday to finish 0.2% higher. Elsewhere, Hong Kong's Hang Seng fell 0.03%, and China's Shanghai Composite lost 0.4%.
Stocks in Europe are down today, as investors await news of the Fed's latest policy meeting and economic forecasts in the U.S. Currently, London's FTSE 100 is off 0.09%, while the German DAX and France's CAC 40 are both down 0.3%.