Dow Set to Resume Climb as Traders Hone In on Jackson Hole

The Dow Jones Industrial Average (DJIA) is set to pare yesterday's losses, as the highly anticipated central bank summit in Jackson Hole, Wyoming, takes center stage. Fed Chair Janet Yellen and European Central Bank President Mario Draghi are expected to speak tomorrow. Stocks are also reacting to a mostly upbeat round of retailer earnings, and digesting a slimmer-than-expected rise in weekly jobless claims. Traders are now awaiting the release of existing-home sales data, which follows yesterday's surprise drop in new home sales. Futures on the S&P 500 Index (SPX) and Nasdaq Composite (COMP) are also signaling a positive open.

Continue reading for more on today's market, including:

• The 6-figure bullish bet on semiconductor stocks.
• Option bears are circling battered Chipotle stock.
• Analysts are nearly halving their price targets on this drug stock. 
• Plus, 3 stocks soaring after earnings.

1. The Chicago Board Options Exchange (CBOE) saw 702,663 call contracts traded on Wednesday, compared to 406,253 put contracts. The single-session equity put/call ratio jumped to 0.58, and the 21-day moving average remained at 0.71.
2. Shares of Signet Jewelers Ltd. (NYSE:SIG) are up 17.6% in pre-market trading, after the company reported better-than-expected second-quarter earnings and a rise in quarterly sales. The diamond jewelry company also announced plans to acquire R2Net, owner of jamesallen.com, to improve customers' integrated shopping experience. 
3. Although the apparel and accessory brand gave mixed current-quarter guidance, Guess?, Inc. (NYSE:GES) stock is up 14.2% in electronic trading, after the company reported second-quarter earnings that nearly doubled estimates and better-than-expected revenue. As such, Jefferies and Telsey Advisory Group issued price-targets hikes for GES, to $13 and $15, respectively. GES closed Wednesday at $12.48, and today could flirt with post-election highs.
4. Better-than-expected second-quarter earnings has Dollar Tree, Inc. (NASDAQ:DLTR) stock up 9% in pre-market trading. The discount retailer's revenue also topped estimates, and the firm raised its full-year forecast.
5. Markit's flash composite purchasing managers index (PMI) will hit the Street today. A slew of companies will report earnings, including Abercrombie & Fitch (ANF), Autodesk (ADSK), Broadcom (AVGO), Hormel Foods (HRL), J.M. Smucker (SJM), Gamestop (GME), Marvell (MRVL), Seadrill (SDRL), Splunk (SPLK), Tiffany (TIF), Veeva Systems (VEEV), and VMware (VMW).

Overseas Trading

Stocks in Hong Kong battled back after markets were closed Wednesday due to tropical storm Hato. The Hang Seng settled up 0.4%, though shares of casino names with exposure to gambling mecca Macau continued to struggle. South Korea’s Kospi joined the Hang Seng at the winner’s table, adding 0.4%, following Samsung Electronics’ release of its Galaxy Note 8. On the other hand, the Nikkei closed down 0.4% in Japan to trade at more than three-month lows. China’s Shanghai Composite, meanwhile, dropped 0.5%.

In Europe, major benchmarks are enjoying a risk-on session. Stocks in the U.K. are leading the way, with London’s FTSE 100 up 0.5% at the halfway point. Traders there are shrugging off seemingly tepid economic data, namely a disappointing update on second-quarter business investments and consumer spending. The German DAX and French CAC 40 are also higher, sporting respective gains of 0.4% and 0.2%. Economic data is also in focus for France, where business sentiment for August touched a 10-year peak.