Stock Futures Mixed as ECB Hints at Future Easing
3M and Facebook both announced impressive quarterly earnings
Dow Jones Industrial Average (DJI) futures are clinging to slim gains, following yesterday's wild trading -- which included a loss for the Dow and record highs for the Nasdaq and S&P. On the earnings front, Dow component 3M (MMM) unveiled earnings and revenue that topped analysts' estimates, while FAANG name Facebook (FB) also announced well-received second-quarter results. Dovish comments from the European Central Bank (ECB) regarding future policy are boosting stocks overseas, but it's set to be another mixed session here in the U.S. as traders look ahead to next week's Fed meeting.
Continue reading for more on today's market, including:
Beware this FedEx bear signal, despite the UPS halo lift.3 healthcare stocks to watch. Options bulls bombarded one old-school chip stock after earnings. Plus, Nike considers dropping Hurley; Ford falls on earnings flop; and Southwest dips on earnings.
5 Things You Need to Know Today
The Cboe Options Exchange (CBOE) saw 1.03 million call contracts traded on Wednesday, compared to 684,552 put contracts. The single-session equity put/call ratio landed at 0.66, while the 21-day moving average is 0.60.Shoe giant Nike Inc (NYSE:NKE) is reportedly considering a possible sale of its surfwear brand Hurley International, according to Reuters, as the popularity of surfer style wanes. Nike shares are unmoved at $86.70 in pre-market trading. Ford Motor Company (NYSE:F) is down 5% at $9.81 in electronic trading after revealing second-quarter earnings and revenue that came in lower than analysts' estimates. The automaker also slashed its full-year guidance on steep restructuring charges. After reporting second-quarter earnings that narrowly surpassed estimates, Southwest Airlines Co (NYSE:LUV) announced that it extend Boeing Co (NYSE:BA) 737 MAX groundings through year-end. LUV stock is down 3.9% at $52.60 ahead of the bell. Durable goods data is out today, alongside international trade data. Intel (INTC), Dow (DOW), Alphabet (GOOGL), Amazon (AMZN), Anheuser-Busch InBev (BUD), Bristol-Myers Squibb (BMY), Comcast (CMCSA), Deckers Outdoor (DECK), Juniper Networks (JNPR), Mattel (MAT), Starbucks (SBUX), and Southwest Airlines (LUV) will step into the earnings confessional.
All Eyes on Draghi as ECB Hints at Easing
Stocks were mostly higher in Asia, though upside may have been limited due to hesitation before the central bank meeting in Europe. Following the lead of their U.S. counterparts, chip stocks were some of the strongest performers in the region, helping the Shanghai Composite rise 0.5% in China. Hong Kong's Hang Seng also rose, notching a 0.3% win thanks to strong gains out of Tencent. Japan's Nikkei joined the winner's table with a 0.2% rise, but South Korea's Kospi fell 0.4%.
European benchmarks are on the rise thanks to hopes for more stimulus out of the ECB, which said eurozone rates would stay at current levels or move lower, with attention now on a press conference from bank president Mario Draghi. Earnings are also in focus, as consumer goods giant Unilever dips after its report. Still, the French CAC 40 was up 1.1% at last check, the German DAX is gaining 0.5%, and London's FTSE 100 has added 0.4%.