There are a number of analyst notes worth monitoring this morning
U.S. stock futures are pointing to a modestly lower open for equities today. There's little on the trading schedule as far as earnings and economic updates go, leaving traders to focus on the U.S.-China trade talks scheduled for later in the week. Over the weekend, a Bloomberg report indicated Beijing may not agree to a broad trade deal. As such, the Dow Jones Industrial Average (DJI) is set to pull back from Friday's post-jobs-report rally, while the S&P 500 Index (SPX) is also signaling a slow start to the week.
Continue reading for more on today's market, including:
- Tech stock hits new low on layoff news.
- Why analysts are saying to ditch this investment stock.
- Plus, more bullish buzz for Nvidia's gaming business; another Uber bull appears; and Carnival shares sink again.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 916,877 call contracts traded on Friday, compared to 598,296 put contracts. The single-session equity put/call ratio moved down to 0.65, while the 21-day moving average held at 0.66.
- Nvidia Corporation (NASDAQ:NVDA) received a bull note based on the two areas analysts have focused on most: gaming and data centers. This time it was RBC that weighed in bullishly, upping its price target to $217 from $190. The shares of NVDA stock are up 1.3% before the open.
- Another bullish analyst note to pay attention to is an upgrade to "buy" from "neutral" on Uber Technologies Inc (NYSE:UBER) out of Citigroup. The shares were approaching oversold territory on Friday, based on their 14-day Relative Strength Index (RSI) of 35, even though other UBER analysts are growing bullish, too.
- On the bearish side of things, Carnival Corp (NYSE:CCL) is pacing for a 1% decline at the open, after HSBC said it believes the cruise operator is going to suspend its share buyback plan, prompting a downgrade to "hold" from "buy." CCL shares moved lower two weeks back on weak quarterly earnings.
- The only noteworthy events on the schedule today is a conversation featuring Minnesota Fed President Neel Kashkari, while Fed Chair Jerome Powell will give brief remarks at an event in Salt Lake City, Utah. Economic data will be in focus tomorrow with the release of the produce price index (PPI).
Healthcare Shares Rise in Europe
It was a low-volume session in Asia today, with markets in China and Hong Kong closed for holiday. Japan's Nikkei closed down 0.2%, as shares of Uniqlo parent Fast Retailing slumped. Meanwhile, South Korea's Kospi eked out a 0.05% gain, as caution set in ahead of this week's trade talks between the U.S. and China.
European markets are modestly higher at midday, with healthcare stocks outperforming on news a pending U.S. court trial over Bayer's herbicide Roundup has been delayed. At last check, the German DAX is up 0.2%, even after data showed industrial orders fell more than expected in August. London's FTSE 100 is also 0.2% higher, while the French CAC 40 is boasting a 0.1% lead.