The New York Fed clarified John Williams' seemingly dovish remarks
Dow Jones Industrial Average (DJI) futures are higher this morning, even as a spokesperson for the New York Fed clarified that yesterday's dovish comments from New York Fed President John Williams were academic and "not about potential policy actions." Meanwhile, well-received earnings for Microsoft (MSFT) are lifting the blue-chip index, overshadowing pre-market losses for American Express (AXP) stock.
Continue reading for more on today's market, including:
- 3 stocks to avoid right now, according to analysts.
- Options bears flocked to Tiffany stock after another price-target cut.
- Put volume popped as this oil ETF plummeted.
- Plus, Skechers stock surges on an earnings beat; Pier 1 Imports elects new CFO; and KeyBanc gives Zillow stock a bull note.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 973,173 call contracts traded on Thursday, compared to 587,478 put contracts. The single-session equity put/call ratio landed at 0.60, while the 21-day moving average is 0.60.
- Shoe concern Skechers USA Inc (NYSE:SKX) is surging in pre-market trading, up 13.6% at $39.58 and set to open back near its April 2018 highs, after the company reported a second-quarter revenue beat -- its first in three quarters. Wedbush upgraded SKX to "outperform" from "neutral," and hiked its price target to $46 from $31.
- The shares of home goods retailer Pier 1 Imports Inc (NYSE:PIR) have jumped 11% to $4.33 in electronic trading, after the firm elected Robert Riesbeck as its new CFO, and appointed Douglas Diemoz to fill the new role of president. PIR is set to snap an eight-day losing streak.
- KeyBanc just initiated coverage on real estate name Zillow Group Inc (NASDAQ:Z) with an "overweight" rating and $66 price target. The analyst said Zillow's "traffic, capital, and data provide competitive advantages" that position Zillow to lead the real estate sector. The stock is 3.1% higher at $49.70 ahead of the bell.
- The University of Michigan's consumer sentiment survey will be released today. St. Louis Fed President James Bullard will speak during market hours, while Boston Fed President Eric Rosengren will take the stage after the close. Cleveland-Cliffs (CLF), Kansas City Southern (KSU), Schlumberger (SLB), and State Street (STT) will unveil earnings.
Europe Makes Modest Gains With Oil Prices
Asian stocks popped, with the upside spurred by expectations the U.S. Fed will announce a rate cut at its July meeting. A regional surge in tech stocks also created tailwinds, with Tokyo Electron, Sunny Optical, and Samsung Electronics among those seeing big gains. By the close, Japan's Nikkei was up 2%, South Korea's Kospi was 1.4% higher, Hong Kong's Hang Seng tacked on 1.1%, and China's Shanghai Composite added 0.8%.
Against this backdrop -- and with oil prices on the rise -- European markets are higher at midday, though gains are modest. At last check, London's FTSE 100 is up 0.2%, while the German DAX and the French CAC 40 are each flirting with a 0.1% gain -- the latter even as Publicis stock plummets on the advertising firm's downwardly revised full-year revenue forecast.