The Fed will release minutes from its July meeting at 2 p.m. ET
The Dow Jones Industrial Average (DJIA) is headed for its fourth consecutive win, after eking out a gain Tuesday. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also indicating a positive open for stocks, as traders digest the latest retailer earnings and await the minutes from the Federal Open Market Committee's (FOMC) July meeting, which could provide more clues about the prospect of additional rate hikes this year.
Continue reading for more on today's market, including:
- What Trump's sinking approval rating means for stocks, according to Schaeffer's Senior Quantitative Analyst Rocky White.
- This bank ETF's options could be a bargain.
- Put players are targeting another earnings meltdown for this Dow stock.
- Plus, 3 drug stocks making major pre-market moves.
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 794,282 call contracts traded on Tuesday, compared to 543,035 put contracts. The single-session equity put/call ratio jumped to 0.68, and the 21-day moving average remained at 0.68.
- Bristol-Myers Squibb Co (NYSE:BMY) is down 2.4% in pre-market trading, after the company announced a combination drug treatment for kidney cancer -- which included its high-profile drug Opdivo -- failed in a late-stage study. BMY stock has struggled to gain momentum this year due to a number drug-related setbacks, with the shares sitting 1% lower year-to-date.
- Meanwhile, fellow drug stock Mylan N.V. (NASDAQ:MYL) is getting a lift from an upgrade to “buy” from “neutral” and price-target hike to $42 from $36 at Citigroup. The shares are pointed 3.6% higher ahead of the open, but have more work to do to recover from last week’s earnings sell-off.
- Biotech Exelixis, Inc. (NASDAQ:EXEL) is no stranger to success on the charts, sporting a 12-month lead of 150%. The shares are ready to add to those gains today, picking up 3.4% in electronic trading, thanks to news the company submitted a Supplemental New Drug Application for Cabometyx, its treatment for kidney cancer patients.
- Traders will digest the regularly scheduled update on crude inventories and housing starts. Cisco Systems (CSCO), American Eagle (AEO), L Brands (LB), and NetApp (NTAP) will reveal all in the earnings booth.
Overseas Trading
It was a mixed finish for Asian markets today, with investors weighing a firmer U.S. dollar and modest gains for oil prices. Korea Aerospace was one of the top gainers in Seoul, with shares of the military aircraft specialist roaring back from recent losses with a 16% rally. South Korea's Kospi settled up 0.6%, while Hong Kong's Hang Seng gained 0.9%. Elsewhere, an upwardly revised economic forecast from the IMF failed to boost stocks in mainland China, with the Shanghai Composite closing on a loss of 0.1% -- matching the modest decline in Japan's Nikkei.
Stocks in Europe are higher across the board at midday, as a stronger-than-forecast 2.2% rise in eurozone gross domestic product (GDP) sets a bullish tone. Energy names are among the top gainers at last check, with Brent crude futures on the upswing. At last look, the French CAC 40 is up 1%, the German DAX is 0.9% higher, and London's FTSE 100 has advanced 0.6%.