Tariff Rollback Resistance Pressures Stock Futures
The Dow is signaling a slightly higher open this morning
Stock futures are pointing to a mixed open, with the S&P set to cool its heels following yet another record close after a Reuters report noted some hesitancy within the Trump administrationover the mutual U.S.-China tariff repeals discussed earlier this week. Sources suggest there's an internal divide among White House officials over whether these rollbacks might hand over too much U.S leverage as trade negotiations continue beyond phase one. On the other hand, Dow futures are pointed higher, led by big pre-market gains for Disney stock following a well-received fiscal fourth-quarter earnings report.
Continue reading for more on today's market, including:
Behind one bull's big pre-earnings bet on ARLO stock. Long-term signal says buy this biotech stock before earnings. Plus, BKNG stock swarmed with bull notes after earnings; Gap CEO resigns; and BABA launches Hong Kong IPO.
5 Things You Need to Know Today
The Cboe Options Exchange (CBOE) saw 1.41 million call contracts traded on Thursday, compared to 753,545 put contracts. The single-session equity put/call ratio moved down to 0.54, while the 21-day moving average came in at 0.62. Priceline parent Booking Holdings Inc (NASDAQ:BKNG) is up 5.3% ahead of hte bell after posting third-quarter earnings of $45.36 per diluted share, beating analysts' estimates, and overshadowing a slight revenue and fourth-quarter forecast miss. The results have brought out plenty of price-target hikes from the brokerage bunch, including Cowen and Company, which lifted its target price all the way to $2,400 -- about 30% north of last night's close. Clothing retailer Gap Inc (NYSE:GPS) is spiraling this morning, following news that CEO Art Peck will be resigning effective immediately. Robert Fisher, the son of Gap's founders, will be stepping into the role on an interim basis until a replacement is found. Additionally, GPS slashed its full-year earnings forecast. The embattled retail stock is down 7.1% in electronic trading as a result. The shares of Alibaba Group Holding Ltd (NYSE:BABA) are inching higher after Reuters reported the e-commerce company could launch a Hong Kong initial public offering (IPO) by the end of this month, with a goal of raising up to $15 billion. The U.S.-traded shares of BABA -- a recent favorite of options traders -- are up 0.8% in pre-market trading.Today, the University of Michigan consumer sentiment index will be released. Duke Energy (DUK), Revlon (REV), and U.S. Concrete (USCR) make up the earnings schedule.
Asian, European Markets Sink on Tariff Reports
Markets in Asia ended the week lower across the board, after reports threw cold water on tariff optimism. The Shanghai Composite finished down 0.5%, after the People's Bank of China (PBoC) set the midpoint for the yuan at its highest level since early August. Chinese trade data for October beat expectations, though, with exports down 0.9% year-over-year, and imports off 6.4%. Hong Kong's Hang Seng paced the decline with a 0.7% drop, while South Korea's Kospi and Japan's Nikkei both shed 0.3%.
Over in Europe, stocks are also down, as trade-sensitive mining stocks pace the losers. London's FTSE 100 is off 0.4% at last check, despite a big day from insurance giant Beazley. The French CAC 40 and German DAX are 0.3% and 0.4% lower, respectively.