May-dated crude is trading more than 2% higher this morning
Dow Jones Industrial Average (DJI) futures are signaling a lower start, under pressure from Boeing (BA). The blue-chip stock is off 1.2% in electronic trading, after a New York Times article over the weekend suggested "shoddy production" at a factory that makes BA's 787 Dreamliner. Futures on the S&P 500 Index (SPX) are pointed lower, too, ahead of a historically down day for the index. Traders are also returning from the long holiday weekend focused on surging oil prices, with May-dated crude futures up 2.2% at $65.43 per barrel on reports the U.S. will terminate sanction wavers for certain countries that have imported Iranian oil.
Continue reading for more on today's market, including:
- Options bulls see major upside for this booming weed stock.
- One Chinese stock that could make a big move this week.
- 2 reasons CVS Health stock could be headed even lower.
- Plus, Kimberly-Clark eyes new highs; Halliburton's earnings impress; and a downgrade for D.R. Horton.
5 Things You Need to Know Today
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The Chicago Board Options Exchange (CBOE) saw 1.2 million call contracts traded on Thursday, compared to 740,227 put contracts. The single-session equity put/call ratio jumped to 0.62, while the 21-day moving average remained at 0.61.
- Kimberly-Clark Corp (NYSE:KMB) stock is 3.6% higher in electronic trading, after the Kleenex maker reported first-quarter adjusted earnings of $1.66 per share on $4.6 billion in revenue -- more than analysts were expecting. After closing Thursday at $123.55, KMB stock is set to open in territory not seen since July 2017.
- Oilfield services operator Halliburton Company (NYSE:HAL) said first-quarter adjusted profit arrived at a better-than-expected 23 cents per share, while revenue of $5.7 billion also beat estimates. HAL stock has swung 3.1% higher in pre-market trading, poised to build on its 17.1% year-to-date gain.
- KBW downgraded D. R. Horton Inc (NYSE:DHI) to "market perform" from "outperform," pointing to valuation concerns following the homebuilding stock's 34% year-to-date rally. DHI shares are flat in electronic trading, after closing at an eight-month high of $46.42 on Thursday.
- The Chicago Fed National Activity index and existing home sales data will be released today. Baidu.com (BIDU), Steel Dynamics (STLD), Whirlpool (WHR), and Wynn Resorts (WYNN) will report earnings.
Asian Markets Eye Booming Brent Futures
It was a mixed finish in Asia today, with oil prices and energy stocks in focus as Brent crude futures advanced more than 2%. By the close, China's Shanghai Composite fell 1.7%, South Korea's Kospi edged up 0.02%, and Japan's Nikkei gained 0.08%. Hong Kong's stock market was closed for holiday. European markets are also closed for the Easter holiday, and will resume trading tomorrow.