Stock Futures Dip Despite Upbeat Disney Earnings

U.S. stock futures are pointing to a slightly lower open this morning after President Donald Trump's State of the Union address last night. Traders will also be digesting another important dose of quarterly earnings reports, including well-received results from Walt Disney (DIS) and General Motors (GM). Elsewhere, Treasury Secretary Steven Mnuchin confirmed to CNBC that he'll be in China next week for trade talks, as the Dow Jones Industrial Average (DJI) tries to extend its daily win streak to three.

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

• Traders shouldn't fear an overbought stock market just yet, according to data from Schaeffer's Senior Quantitative Analyst Rocky White. 
• The e-tailer that just hit a new high. 
• Why options bears piled on this drug stock. 
• Plus, Snap snaps out of it; investors rage-quit on video game makers; and a drugmaker set to double in value.

5 Things You Need to Know Today

1. The Chicago Board Options Exchange (CBOE) saw 1.06 million call contracts traded on Tuesday, compared to 599,883 put contracts. The single-session equity put/call ratio dipped to 0.56, and the 21-day moving average stayed at 0.63.
2. Snap Inc (NYSE:SNAP) shares are set to soar at the open thanks to better-than-expected quarterly results. The social media company posted a smaller-than-anticipated loss for the period, and the number of people using the service was also higher than expected. Maybe the nightmare is indeed over for SNAP, with the stock up 23% pre-market amid a slew of analyst price-target hikes.
3. Bullish traders will likely want to hit the "reset" button on their video game positions today, as U.S. names are about to get smoked. Take-Two Interactive Software, Inc. (NASDAQ: TTWO) and Electronic Arts Inc. (NASDAQ:EA) both just reported weak quarterly results, and that will likely weigh on Activision Blizzard (ATVI), as well. Shares of TTWO, EA, and ATVI had already been struggling in recent months, and they're all set to open sharply lower today.
4. The shares of drugmaker MacroGenics Inc (NASDAQ:MGNX) are set to double at the open thanks to positive late-stage trial results for the company's breast cancer treatment. This comes after MGNX stock hit an all-time low two days ago.
5. International trade data and weekly crude inventories are on today's economic schedule. Fed Chairman Jerome Powell will speak this evening. Quarterly earnings from Chipotle Mexican Grill (CMG), Eli Lilly (LLY), Humana (HUM), New York Times (NYT),  Skechers USA (SKX), and Zynga (ZNGA) are slated for release.
    

Muted Trading Overseas as Asia Volume Remains Light

Japan's Nikkei added 0.1% as the yen continued to weaken against the dollar. Most other major indexes in Asia remain closed for holiday, but South Korea’s Kospi will reopen tomorrow.

Meanwhile, in Europe, stocks are trading lower. London's FTSE 100 is down 0.1% amid a dismal day from supermarket giant Ocado, after the company reported a fire at its distribution center. The French CAC 40 is off by 0.2%, while the German DAX is down 0.5%, as industrial orders fell for December.