Stock Futures Slip With Tesla, Kavanaugh Vote in Focus

Futures on the Dow Jones Industrial Average (DJI) are trading below fair value this morning. It's been a strong quarter and month for the the Dow and S&P 500 Index (SPX), though both are headed for weekly losses. The Nasdaq Composite (IXIC), on the other hand, is bracing for a September loss, even as it paces toward a weekly win on strength in tech stocks.

In focus today is a round of economic reports, with early data showing August consumer spending rose 0.3% -- its slowest pace since February -- and the core personal consumption expenditures (PCE) index was unchanged at 2%. Wall Street will also be watching Tesla (TSLA) stock, which is plunging ahead of the bell on news the Securities and Exchange Commission (SEC) has filed a lawsuit against the carmaker's CEO Elon Musk, while keeping a close eye on the Senate Judiciary Committee's vote on Supreme Court nominee Brett Kavanaugh.

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

• The catalyst behind one cannabis stock's record high.
• Breaking down a profitable options trade on red-hot F5 stock.
• Put volume peaked as Bed Bath & Beyond spiraled.
• Plus, a fresh "buy" rating for Lowe's; a brow-raising Nvidia price target; and a sinking software stock.

5 Things You Need to Know Today

1. The Chicago Board Options Exchange (CBOE) saw 860,657 call contracts traded on Thursday, compared to 521,525 put contracts. The single-session equity put/call ratio rose to 0.61, and the 21-day moving average edged up to 0.60.
2. Lowe's Companies, Inc. (NYSE:LOW) was upgraded to "buy" from "hold" at SunTrust Robinson, with the brokerage firm boosting its price target on the home improvement retailer to $137 from $110. Telsey Advisory also lifted its LOW price target to $126 from $123. The shares of Lowe's -- one of the best stocks to own in the fourth quarter -- are up 1.1% ahead of the bell, after closing last night at $114.50.
3. Evercore ISI raised its price target on Nvidia Corporation (NASDAQ:NVDA) by $100 to $400 -- a 50% premium to last night's close at $267.40, and the highest on Wall Street. NVDA stock's recent pullback from its Sept. 4 record peak of $285.22 was contained by its 40-day moving average, and the shares are set to open up 1.4% today near $271.
4. Progress Software Corp (NASDAQ:PRGS) reported a stronger-than-expected fiscal third-quarter adjusted profit of 60 cents per share -- though revenue of $95.8 million fell short, and the company's full-year forecast came in below estimates. A price-target cut to $38 at Wedbush is only increasing headwinds, with PRGS stock down 13.5% in electronic trading -- on track to open near $36.50, its lowest level since July.
5. The Chicago purchasing managers index (PMI), the University of Michigan consumer sentiment index, and the Baker-Hughes rig count are due out today. BlackBerry (BB) and MiMedx (MDXG) will report earnings. Looking ahead to next week, several Fed speeches are scheduled following this week's rate hike.

European Bank Stocks Sink on Italian Budget Deficit Concerns

It was a largely positive session for Asian stocks today, highlighted by a multi-decade intraday peak for Japan's Nikkei on the back of strong economic data. By the close, Tokyo's equity benchmark was up 1.4%. China's Shanghai Composite also rallied, adding 1.1%, while Hong Kong's Hang Seng rose 0.3%. South Korea's Kospi underperformed its regional peers, however, giving up 0.5% as Korea Aerospace cratered by nearly one-third after failing to win a U.S. Air Force contract.

European markets are broadly lower at the session's halfway point, with Italian banks selling off after Rome set the country's budget deficit target at a higher-than-recommended 2.4% through 2021. Those worries are rippling through the European finance sector; BNP Paribas is down 4.3% in Paris, while Deutsche Bank has shed 3.7% in Frankfurt. At last check, the German DAX has shed 1.7%, the French CAC 40 is down 1.4%, and London's FTSE 100 is 0.9% lower.