Other bank stocks are enjoying a halo lift
Dow Jones Industrial Average (DJI) futures are pointing to yet another record high, and a fourth straight day in the black, as traders digest the first of many bank earnings this week. Specifically, Citigroup (C) posted impressive earnings and revenue for the second quarter, lifting fellow financial stocks Goldman Sachs (GS) and JPMorgan Chase (JPM). The impressive start to earnings season is overshadowing China's slowest economic growth in decades. In fact, President Donald Trump said via Twitter that the slowdown -- a result of the trade war -- is the reason "China wants to make a deal with the U.S., and wishes it had not broken the original deal in the first place."
Continue reading for more on today's market, including:
- 3 pot stocks up in smoke last week.
- Analyst: This biopharma stock could soar 156%.
- How Stitch Fix is winning over Goldman Sachs.
- Plus, Amazon's "Prime Day" kicks off; Tiffany gets a downgrade; and Carrizo surges on buyout buzz.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.08 million call contracts traded on Friday, compared to 593,296 put contracts. The single-session equity put/call ratio landed at 0.55, while the 21-day moving average is 0.60.
- The shares of Amazon.com Inc (NASDAQ:AMZN) are slightly higher ahead of the bell, up 0.5% at $2,021.20, as the company's fifth annual "Prime Day" gets underway. The event, which usually runs 24 hours, will be extended to a full 48 hours this year.
- Jewelry concern Tiffany & Co (NYSE:TIF) is down 1.1% at $93.62 in pre-market trading, after Citi downgraded the equity to "neutral" from "buy," citing concerns over near-term dynamics.
- Carrizo Oil & Gas Inc (NASDAQ:CRZO) stock is surging in electronic trading, on news that the crude concern is being bought by Callon Petroleum Company (NYSE:CPE) for about $13.12 per share. The former stock is up 10.5% at $11.60, while the latter has lost 10.9% to trade at $5.70.
- The Empire State manufacturing index is due out today, and New York Fed President John Williams will speak. Charles Schwab (SCHW), and J B Hunt (JBHT) will report earnings.
Asian Markets Buoyed By Stimulus Hopes
Asian stocks closed mostly higher following the release of economic data out of China. With traders reacting to China’s slowest economic growth since 1992, the Shanghai Composite initially fell sharply. But it pared those gains to end near session highs for a 0.4% gain, as hope for potential stimulus action grew and upbeat retail and industrial data was released. The Hang Seng experienced similar price action, finishing up 0.3%. On the other hand, South Korea’s Kospi was down 0.2% at the close, and Japan’s Nikkei was closed for holiday.
European equities are also on the rise. However, upside has been limited because Germany’s Economy Ministry released a report pointing to “sluggish” industrial activity, hinting at a weak second quarter. Germany’s DAX is still up 0.4% so far, as is London’s FTSE 100, while France’s CAC 40 has managed a 0.1% lead.