The major U.S. equity benchmarks are on track for their sixth straight win
Dow Jones Industrial Average (DJI) futures are trading modestly above fair value, and hinting at their sixth straight daily win, with the blue chips eyeing their best weekly percentage gain since November 2016 -- the first week of the "Trump rally." S&P 500 Index (SPX) futures are also pointing to a positive session, and another advance today would mark the index's longest winning streak since the start of the year. Elsewhere,the CBOE Volatility Index (VIX), Wall Street's "fear gauge," is pacing for its steepest weekly percentage loss since November 2016.
Continue reading for more on today's market, including:
- Buy calls on this commodities stock.
- Why this retail stock could keep climbing next week.
- The Dow stock that touched a 17-year high.
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Plus, Coca-Cola's big earnings beat; Deere beats estimates of its own; and Walmart eyes Flipkart.
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 1.19 million call contracts traded on Thursday, compared to 727,827 put contracts. The single-session equity put/call ratio rose to 0.61, while the 21-day moving average jumped to 0.63.
- Coca-Cola Co (NYSE:KO) stock is up 1.8% in electronic trading, after the beverage company reported fourth-quarter earnings and revenue that exceeded expectations. Coca-Cola stock touched an all-time high of $48.61 on Jan. 26, but then promptly pulled back with the broad market sell-off. The equity is on track to post its best week since December 2016.
- Deere & Company (NYSE:DE) stock is 0.7% higher ahead of the bell, after the tractor company delivered fiscal first-quarter earnings and revenue above analyst estimates. The company also raised its full-year guidance, citing expectations for strong demand. Deere stock notched a record high of $171.95 on Jan. 26, and the pullback off this high was contained by its 80-day moving average.
- Shares of Walmart Inc (NYSE:WMT) are 0.2% higher in electronic trading, after Reuters reported the retail giant was in talks to buy more than 40% of India-based e-commerce company Flipkart. The deal would be one of Walmart's largest overseas acquisitions. Walmart stock touched an all-time high of $109.98 on Jan. 29. After dipping below the $100 level amid the broad-market volatility last week, the shares have now reclaimed a spot above their 50-day moving average, ending Thursday at $103.23.
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Housing starts, as well as data on consumer sentiment and import and export prices, will be released today. For earnings, Campbell Soup (CPB), J M Smucker (SJM), Kraft Heinz (KHC), Newell Brands (NWL), and V.F. Corp (VFC) are expected to report.
Asian Markets Quiet As Earnings Season Lifts Europe
It was a quiet trading session in Asia today, with markets in China, Hong Kong, and South Korea closed for the Lunar New Year holiday. Nevertheless, Japan's Nikkei jumped 1.2% as utility stocks and tech shares soared, and Prime Minister Shinzo Abe reappointed Haruhiko Kuroda to another five-year term as head of the Bank of Japan.
European stocks are higher at midday, as traders react to the latest round of corporate earnings. Among the day's individual leaders are Dutch energy firm Vopak and French satellite services provider Eutelsat Communications. Most recently, the French CAC 40 was up 1%, while the German DAX and London's FTSE 100 were 0.7% higher -- with the latter pacing for its best week since December 2016, even after Britain's retail sales rose by a slimmer-than-expected margin last month.