Stocks will try to snap out of their recent slump
Futures on the Dow Jones Industrial Average (DJI) are trading above fair value, as stocks try to snap a two-day losing streak. Oil prices are also rebounding, with July crude futures last seen 4.1% higher at $53.21 per barrel, due to reports of tanker attacks in the Gulf of Oman. Traders will be monitoring this morning's jobless claims update, too, after the number of Americans filing for unemployment unexpectedly rose last week. Still, the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are pacing for positive opens, as well.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
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The Chicago Board Options Exchange (CBOE) saw 807,702 call contracts traded on Wednesday, compared to 618,660 put contracts. The single-session equity put/call ratio moved up to 0.77, while the 21-day moving average was 0.68 again.
- Tyson Foods, Inc. (NYSE:TSN) is in focus this morning after the company revealed its new plant-based protein products to challenge Beyond Meat Inc (NASDAQ:BYND). TSN shares are up 2.6% before the open, while BYND is set for a sharp pullback.
- On the earnings front, Lululemon Athletica inc. (NASDAQ:LULU) is trading up 4.8% pre-market thanks to better-than-expected results and an upwardly revised full-year guidance. This puts LULU stock on pace for a record high.
- RH Inc (NYSE:RH) also reported upbeat financial results, sending shares of the home furnishings company up 23% before the open. RH also raised its full-year outlook, saying it'll raise prices to offset the impact of tariffs from China.
- There will also be import and export prices data and the Fed balance sheet. On the earnings front, AVGO and Duluth Holdings (DLTH) will report.
European Markets Rise
Markets ended mostly lower in Asia today, with the exception of the Shanghai Composite in China, which managed to eke out a 0.05% win amid talks of more economy-boosting policies from the Chinese government. Hong Kong’s Hang Seng, on the other hand, inched down 0.05% as explosive protests continued to break out over the contentious extradition bill. Elsewhere, Japan’s Nikkei dipped 0.5%, dampened by Apple supplier Japan Display’s CEO departure, and the Kospi in South Korea fell 0.3%.
Most markets in Europe are higher at midday, as investors monitor U.S. President Donald Trump’s slightly more optimistic stance over the ongoing trade spat with China. The German DAX is currently in the lead, up 0.5% as telecoms surge on news 1&1 Drillisch became the fourth 5G mobile provider for the country. London’s FTSE 100 is 0.2% higher, while the French CAC 40 is down 0.02%.