The WSJ said Apple has cut iPhone production orders
Futures on the Dow Jones Industrial Average (DJI) are lower ahead of the holiday-shortened week. Dragging the Dow down is FAANG heavyweight Apple (AAPL), under pressure after the Wall Street Journal reported the company has cut production for its new iPhone models. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are in the red as well, with the tech sector and chip stocks set to extend their recent struggles. Investors are also eyeing trade developments between the U.S. and China, after the rift between the two nations was felt at the Asia-Pacific Economic Cooperation summit.
Continue reading for more on today's market, including:
- Analyst: This drug stock could double.
- This FAANG exec just hit the exits.
- This Apple supplier stock is on sale.
- Plus, more trouble for PG&E; JD reports a revenue miss; and Viking Therapeutics gets a big upgrade.
5 Things You Need to Know Today
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The Chicago Board Options Exchange (CBOE) saw 1.03 million call contracts traded on Friday. This is compared to 763,156 put contracts. The single-session equity put/call ratio rose to 0.74, and the 21-day moving average remained at 0.69.
- PG&E Corporation (NYSE:PCG) stock is down 7.5% in electronic trading, after it came out the utility company reported a second power-line outage the morning of one of the California wildfires. PCG tagged a 15-year low of $17.26 last Thursday, and shed nearly 39% last week.
- JD.com, Inc. (NASDAQ:JD) stock is down 3.9% ahead of the bell, after the Chinese e-commerce name reported third-quarter revenue that fell short of analyst estimates. JD, which has been a notable underperformer recently, is on track to open near its Nov. 12 lows of $21.46.
- On a happier note, shares of Viking Therapeutics Inc (NASDAQ:VKTX) are up 7.4% in electronic trading, after Raymond James upgraded the drug stock to "strong buy" from "outperform." The analyst in coverage waxed optimistic on the potential of the company's liver disease drug. Year-over-year, VKTX sports a whopping 321% gain.
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New York Fed President John Williams will take the mic several times. We'll also get the National Association of Home Builders (NAHB) housing market index, as well as e-commerce retail sales. Agilent (A), Burlington Stores (BURL), Dollar Tree (DLTR), Guess? (GES), Intuit (INTU), JD.com (JD), L Brands (LB), Pure Storage (PSTG), and URBN will report earnings.
Asian Markets Get Trade Talk Boost, Car Stocks Powering Europe
It was a positive finish in Asia, even as this weekend's Asia-Pacific Economic Cooperation summit fanned trade tensions between Washington and Beijing. Nevertheless, China's Shanghai Composite added 0.9%, Hong Kong's Hang Seng rose 0.7%, and South Korea's Kospi closed up 0.4%. Plus, Japan's Nikkei gained 0.7%, after data showed a widening trade deficit last month as oil imports surged. Tokyo's trade surplus with the U.S., meanwhile, fell for the first time in four months in October.
European markets are higher at midday, showing resilience as auto stocks sell off in the wake of the surprise arrest of Renault CEO and Nissan Chair Carlos Ghosn. At last check, London's FTSE 100 is up 0.7%, the French CAC 40 has gained 0.05%, and the German DAX is fractionally higher.