Stock Futures Up as Semiconductors Surge

Dow Jones Industrial Average (DJI) futures are signaling a higher open, as traders digest data that showed the Chinese economy grew at a faster-than-anticipated pace in the first quarter. Back at home, corporate earnings continue to pour in, with Netflix (NFLX) stock up after earnings, while Intel (INTC) shares are surging on the blue chip's plans to exit the 5G smartphone modem business, and Qualcomm (QCOM) looks set to build on Tuesday's Apple-inspired surge. Against this backdrop, futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are above fair value, too, with all three indexes closing in on record highs.

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

• Why small-caps could stall this options expiration week, courtesy of founder and CEO Bernie Schaeffer.
• Put volume peaked on this plummeting healthcare stock.
• Outperforming Oracle stock seems overdue for upgrades.
• Plus, a sinking tech stock; record Netflix subscriber growth; and more on Qualcomm's brow-raising rally.

5 Things You Need to Know Today

1. The Chicago Board Options Exchange (CBOE) saw 1.09 million call contracts traded on Tuesday, compared to 638,821 put contracts. The single-session equity put/call ratio rose to 0.58, while the 21-day moving average remained at 0.61.
2. The shares of SINA Corp (NASDAQ:SINA) are 3.4% lower in pre-market trading, on news Chinese authorities have temporarily suspended several of the online media company's products, including its news app, after it violated internet regulations. SINA stock was up 18.8% year-to-date at last night's close, but is staring up at stiff resistance from its 200-day moving average.
3. After closing last night at $359.46, Netflix, Inc. (NASDAQ:NFLX) stock is 3.4% higher ahead of the bell. The streaming name reported better-than-expected first-quarter profit and revenue, and said paid streaming subscribers rose to a record 148.86 million in the first three months of 2019. A weak current-quarter forecast hasn't stopped analysts from boosting their NFLX price targets, with both Credit Suisse and J.P. Morgan Securities lifting their target prices to $450.
4. Qualcomm, Inc. (NASDAQ:QCOM) stock is up 8.6% in electronic trading, set to build on yesterday's 23.5% surge. The chipmaker said it signed a six-year patent license deal with Apple (AAPL), after the iPhone maker agreed to settle a legal dispute with QCOM on Tuesday. A round of bull notes have poured in, as well, with the tech shares eyeing levels not seen since November 2014.
5. St. Louis Fed President James Bullard and Philadelphia Fed President Patrick Harker will speak, while international trade data, MBA mortgage applications, weekly crude inventories, and the Fed's Beige Book are due. Abbott Labs (ABT), Alcoa (AA), E*TRADE (ETFC), Las Vegas Sands (LVS), Pier 1 Imports (PIR), PepsiCo (PEP), Skechers (SKX), Textron (TXT), United Continental (UAL), and U.S. Bancorp (USB) will report earnings.

China's GDP Unexpectedly Grew in Q1

An unexpected 6.4% surge in China’s gross domestic product for the first quarter of 2019 helped the Shanghai Composite end up 0.3%, though Hong Kong’s Hang Seng inched 0.02% lower, and South Korea’s Kospi fell 0.1%. Meanwhile, Japan’s Nikkei tacked on 0.2%, even as the country posted its first trade deficit in three years last month.

European stocks are mostly higher at midday, as traders await European Central Bank (ECB) President Mario Draghi’s post-meeting press conference. London’s FTSE 100 is 0.1% lower, after business distribution giant Bunzl tanked on disappointing revenue growth, while the French CAC 40 is 0.3% higher. The German DAX has risen 0.3% on media reports that ING has made an unofficial bid to take over Commerzbank – the financial concern was higher as a result.