Dow Set to Surge on Strong Blue-Chip Earnings

Dow Jones Industrial Average (DJI) futures are trading more than 100 points above fair value this morning on a flurry of impressive earnings reports from blue chips. Specifically, Coca-Cola (KO) announced a top- and bottom-line beat for the second quarter and lifted its full-year revenue forecast, while United Technologies (UTX) also reported earnings that came in atop estimates. Elsewhere, chip stock Intel (INTC) is once again boosting the Dow, up 1.2% ahead of the bell on reports that Apple (AAPL) is set to buy the company's modem business. 

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

• Nevermind the yield curve -- watch this LEI red flag for stocks, says Schaeffer's Senior Market Strategist Matthew Timpane.
• 3 stocks making big moves on analyst attention yesterday. 
• Why options traders swarmed 2 China stocks. 
• Plus, Hasbro posts impressive earnings; Starbucks takes a stake in Brightbloom; and AutoNation names new CEO. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 878,629 call contracts traded on Monday, compared to 624,491 put contracts. The single-session equity put/call ratio landed at 0.71, while the 21-day moving average is 0.60.
2. Toymaker Hasbro Inc (NASDAQ:HAS) is up 3.2% at $112 in pre-market trading after unveiling second-quarter earnings that exceeded analysts' estimates. The company reported a revenue beat, too, citing strong sales on its "Avengers:Endgame" related toys.
3. Starbucks Corporation (NASDAQ:SBUX) announced a software licensing agreement with the automated cafe company Brightloom, formerly known as Eatsa. The partnership will include SBUX taking an equity stake in Brightloom, as well as a seat on the company's board of directors. Starbucks stock is up 0.6% at $91.48 ahead of the open. 
4. The chief financial officer of AutoNation Inc (NYSE:AN), Cheryl Miller, was just dubbed CEO and President of the company. Miller will replace Carl Liebert in the role effective immediately. This news comes on the heels of last night's second-quarter earnings beat from the car dealer. As a result, AN stock is inching higher in electronic trading, up 2.6% at $43.05, at last check. 
5. Today, existing home sales roll out. It's a busy day for earnings, too, with Travelers (TRV), Visa (V), Chipotle (CMG), Fifth Third (FITB), Harley-Davidson (HOG), JetBlue (JBLU), Kimberly-Clark (KMB), Snap (SNAP), Stanley Black & Decker (SWK), and Texas Instruments (TXN) all reporting.

London Stocks Rally on Johnson PM Election

Stock markets in Asia rose overnight, following the lead of their U.S. peers and getting a lift from positive trade headlines. The biggest winner in the region was Japan’s Nikkei, which was up 1% by the close. In China, the Shanghai Composite posted a 0.5% win, and Hong Kong’s Hang Seng was close behind, rising 0.3%. South Korea’s Kospi finished up 0.4%.

In Europe, most attention is centered around news that Boris Johnson has been elected as the new leader of the Conservative Party in the U.K, meaning he’ll take over as Prime Minister on Wednesday. This is helping to spark a rally in equities in the region, with London’s FTSE 100 last seen near session highs, up 1%. France’s CAC 40 and Germany’s DAX are also sporting strong leads at midday, up 1% and 1.7%, respectively.