Retail sales and import data have hit the Street already
U.S. stock index futures are trading modestly above fair value ahead of a busy day on Wall Street. Already today, traders were hit with weak retail sales -- which grew at their slowest pace in six months in August -- while import prices fell 0.6% last month, their biggest drop since January 2016. There's plenty more on tap, too, with a Fed speech currently underway and several economic reports still slated for release. At last check, futures on the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are up, with the latter coming off its fourth straight win and closing last night fewer than 13 points from its Aug. 29 record intraday high.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Chicago Board Options Exchange (CBOE) saw 1.34 million call contracts traded on Thursday -- the most since July 20 -- compared to 669,873 put contracts. The single-session equity put/call ratio fell to 0.50, and the 21-day moving average edged down to 0.60.
- Marijuana stocks are set to take a big hit today, after a Politico report indicated the U.S. could ban Canadians who work or invest in cannabis companies from crossing the border. While shares of Tilray Inc (NASDAQ:TLRY) are down 12.3% ahead of the bell -- pulling back from yesterday's record high -- Cronos Group Inc (NASDAQ:CRON) is off 7.2%.
- Dave & Buster's Entertainment Inc (NASDAQ:PLAY) reported a second-quarter profit of 84 cents per share on $319.2 million in revenue -- more than analysts were expecting. The restaurant chain also raised its full-year outlook, announced a quarterly dividend payment, and boosted its current share repurchase program. PLAY stock is up 3.6% in pre-market trading, and could take aim at a new annual high.
- Nio Inc (NYSE:NIO) stock is set for a third day of volatile trading, up 13.2% in electronic trading. The Chinese electric carmaker -- which some are calling China's Tesla -- priced its initial public offering (IPO) at $6.26 on Tuesday, before opening at $6 on Wednesday and trading as low as $5.35. Yesterday, NIO hit a record high of $12.69 before closing at $11.60.
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Business inventories, the preliminary University of Michigan consumer sentiment index, and the Baker-Hughes rig count will be released today. Additionally, Chicago Fed President Charles Evans will speak ahead of next week's onslaught of economic reports.
Data Weighs on China Stocks
It was mostly a positive day for Asian equities, as traders showed confidence in the U.S.-China trade outlook and tech stocks gained. The one negative outlier, however, was China's Shanghai Composite, which finished down 0.2%, despite flirting with positive territory earlier in the session. Chinese investors considered a round of economic data that included disappointing fixed asset investment numbers for the first half of the year. Meanwhile, Hong Kong's Hang Seng popped 1% and Japan's Nikkei ended up 1.2%, thanks mostly to a strong session for chip stocks. South Korea's Kospi also closed with a nice gain, up 1.4%.
Over in Europe, stocks are cautiously higher halfway through the day, mostly due to positive global trade developments. As such, the French CAC 40 and German DAX are sporting 0.2% gains, and London's FTSE 100 is up 0.3% at last check.