Bloomberg is reporting China is open to making a deal
Dow Jones Industrial Average (DJI) futures are soaring above fair value this morning, thanks to upbeat trade headlines. Specifically, Wall Street is reacting to a Bloomberg report suggesting China is willing to accept a partial trade deal if the U.S. doesn't impose more tariffs. In response, trade-sensitive names like Apple (AAPL) and Caterpillar (CAT) are on the rise before the open, propping up futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX), as well.
Meanwhile, there will be more economic data for traders to consider, too, with the Job Openings and Labor Turnover Survey (JOLTS) due out shortly after the open. Later in the day, Fed Chair Jerome Powell will take the stage again, and the central bank's September meeting minutes will also be released.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 805,585 call contracts traded on Tuesday, compared to 589,539 put contracts. The single-session equity put/call ratio fell to 0.74, while the 21-day moving average was 0.69.
- PayPal Holdings Inc (NASDAQ:PYPL) is set for a lower open after the company said it expected to take a nearly $230 million pre-tax loss on its strategic investments in the third quarter. The payments company is expected to report earnings later this month, while the shares in September fell below the 200-day moving average for the first time since January.
- It's been a rough few weeks for Roku Inc (NASDAQ:ROKU), mainly due to negative analyst attention. This morning, however, ROKU received a bull note from Macquarie, which lifted its price target to $130 from $110 and rated the equity as "outperform," expecting the company's user base to triple by 2022.
- FireEye Inc (NASDAQ:FEYE) is up 4.4% before the open thanks to the company's well-received third-quarter revenue outlook. Options traders have been buying calls on the cybersecurity stock as it tries to recover from 52-week-low territory.
- Today, the weekly crude inventory update comes out. No corporate earnings will be released.
Shanghai Composite Outperforms
It was a mixed finish in Asia today, as investors were hit with an onslaught of U.S.-China trade headlines. China's Shanghai Composite outperformed its regional peers, adding 0.4% as real estate stocks rallied on upbeat September property sales data. On the flip side, Hong Kong's Hang Seng gave back 0.8% , while Japan's Nikkei surrendered 0.6%. South Korea's Kospi was closed for holiday.
European markets are higher at midday, after Beijing attempted to ease trade tensions with the Trump administration. At last check, the German DAX is up 1.3%, the French CAC 40 is 0.9% higher, and London's FTSE 100 is boasting a 0.7% lead.