Stock Futures Pare Gains After Jobs Data
Traders are reacting to another weak jobs report
Stocks could be set for a rocky open, with all eyes on the May jobs report. The Labor Department's numbers showed nonfarm payrolls increased by just 75,000 last month, 100,000 fewer than expected, while the growth in wage gains was also weak. This follows a disappointing ADP jobs data from Wednesday, and will stir more chatter about a potential rate cut from the Fed. As for now, the Dow Jones Industrial Average (DJI) is pointing to a positive open -- though futures have pared their earlier gains -- as the index paces for a big weekly win.
Continue reading for more on today's market, including:
Calls pop on electronics stock after upgrade. Options traders bet on volatility in finance stocks. Why technical traders should target pot stock ACB. Plus, 2 young stocks set to soar after earnings; and 2 names to watch on the M&A front.
5 Things You Need to Know Today
The Chicago Board Options Exchange (CBOE) saw 951,530 call contracts traded on Thursday, compared to 632,090 put contracts. The single-session equity put/call ratio moved up to 0.66, while the 21-day moving average stayed at 0.71.Software stock Zoom Video Communications Inc (NASDAQ:ZM) is set to soar after the company's first earnings release as a public entity, with the shares gaining 13.4% in pre-market action -- which amazingly would be the exact move the options market was pricing in. The company posted stronger-than-expected earnings and gave a bullish outlook, as well.An even bigger winner in electronic trading is Beyond Meat Inc (NASDAQ:BYND), which is set to open up 24.6%. The plant-based protein firm's sales topped expectations in its first earnings release, and the company said it expects sales to double in 2019 as demand for vegan burgers grows. On the M&A front, Barnes & Noble, Inc. (NYSE:BKS) is being taken private by hedge fund Elliott Management for $683 million, a day after the stock jumped roughly 30% on reports of such a deal. Elsewhere, Caesars Entertainment Corporation (NASDAQ:CZR) is up sharply before the open on reports of a potential merger with Eldorado Resorts Inc (NASDAQ:ERI). There are no earnings today. Next week's trading schedule features inflation data and retail sales.
Nikkei Rises with Chinese Markets Closed
Stocks in Asia finished higher today, taking cues from the upbeat trade buzz between the U.S. and Mexico. Japan's Nikkei added 0.5% on the back of a strong day from robotics stock Fanuc, while South Korea's Kospi finished up 0.3%. Markets in China and Hong Kong were closed for holiday.
Over in Europe, stocks are also in the black, as investors continue to digest yesterday's European Central Bank (ECB) decision to keep interest rates steady into 2020. London's FTSE 100 is up 0.8% at last check, as Prime Minister Theresa May officially resigned today. The French CAC 40 leads the region with a 1.5% gain, while the Frankfurt DAX is up a solid 0.7%, despite Germany's central bank lowering its economic growth forecast and April industrial production figures coming in lower than expected.