Stock Futures Try to Climb Despite Weak Jobs Report
Stock futures are holding above fair value despite the nonfarm payrolls report
U.S. stock futures are pointing to a positive open this morning, though they've pared some gains after a downbeat jobs report. Specifically, the nonfarm payrolls report for December showed 145,000 jobs added, compared to economists' expectations of 160,000. As such, the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) will need to overcome these headwinds to continue their push into record-high territory. Meanwhile, it's been another busy morning on the analyst front with a number of updates on big-name tech stocks, while investors are also considering M&A news out of the healthcare space.
Continue reading for more on today's market, including:
A bullish note had Coca-Cola shares on the rise again.The struggling retail stock options bears can't get enough of.Plus, a Facebook bull moves in; Foot Locker rating dropped; and healthcare's big M&A buzz.
5 Things You Need to Know Today
The Cboe Options Exchange (CBOE) saw 1.49 million call contracts traded on Thursday, compared to 723,324 put contracts. The single-session equity put/call ratio moved up to 0.40, while the 21-day moving average was 0.53.Bullish brokerage attention could help Facebook, Inc. (NASDAQ:FB) touch new highs today. FB shares received a new "outperform" rating from Bernstein, along with a $250 price target, with the firm suggesting the company can unlock new advertising opportunities in Instagram and WhatsApp. The social media giant yesterday notched its highest-ever close at $218.30. One name seeing bearish analyst attention today is Foot Locker, Inc. (NYSE:FL), after Susquehanna dropped its rating to "neutral" from "positive," and moved its price target down to $41 from $47. FL shares have been struggling to overcome the $40 level recently, last seen at $38.54. On the M&A front, traders are digesting news that Eli Lilly and Co (NYSE:LLY) is buying Dermira Inc (NASDAQ:DERM) for $1.1 billion. This caps off a blistering rally in DERM shares, which were trader near $5 in mid-October before surging to yesterday's close of $18.34. Today's economic calendar will include nonfarm payrolls, the unemployment rate, and wholesale inventories. Infosys (INFY) will post its quarterly report before markets open, as well.
Apple Suppliers Lead Gainers in China
Markets in Asia were mostly higher, with Apple suppliers surging after a Reuters report showed iPhone sales in China rose more than 18% in December. Japan's Nikkei gained 0.5%, despite dismal full-year guidance from Fast Retailing yesterday. South Korea's Kospi paced the region with a 0.9% gain. Hong Kong's Hang Seng added 0.3%, but China's Shanghai Composite bucked the broad market trend and finished 0.1% lower.
In Europe, stocks are mixed at midday. Global market sentiment concerning the Middle East has improved, despite the reports that the Ukraine-bound flight leaving Tehran was shot down by Iran by mistake. London's FTSE 100 is off by 0.1%, unable to capitalize off a big day from airline stocks Ryanair, EasyJet, and IAG. The French CAC 40 is flat as protests for pension reform sweep the country. Meanwhile, the German DAX is 0.2% higher, with utility company RWE a notable winner.