Quadruple witching will occur later today
Wall Street has spent most of the week nabbing record highs, and Dow Jones Industrial Average (DJI) futures are trending that way once more this morning. Investors are shaking off a mixed quarterly report from retail giant Nike (NKE) while considering the final third-quarter gross domestic product (GDP) report, which was unrevised, showing 2.1% growth for the period. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also drifting higher ahead of quadruple witching Friday.
Continue reading for more on today's market, including:
- Moody's is the latest to pile on Boeing.
- Mosaic stock was weighed down by production cuts.
- Plus, BlackBerry up on earnings beat; Biogen announces buyback; and U.S. Steel falls on dismal forecast.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.5 million call contracts traded on Thursday, compared to 796,768 put contracts. The single-session equity put/call ratio rose to 0.54, while the 21-day moving average stayed at 0.59.
- BlackBerry Ltd (NYSE:BB) stock is up 5.2% ahead of the bell, after the tech issue reported third quarter earnings and revenue that topped analyst forecasts. Prior to today, BlackBerry stock has tacked on 20.8% off its Oct. 9 multi-year low of $4.86. Today, the shares are set to test their 100-day moving average.
- Biogen Inc (NASDAQ:BIIB) stock is up 1.5% in electronic trading, after the company announced a $5 billion stock buyback program. Jefferies also upped its price target to $325 from $310. BIIB gapped higher in October thanks to upbeat results from its Alzheimer's treatment, and is set to reclaim its year-to-date breakeven level today.
- The shares of United States Steel Corporation (NYSE:X) are down 5.2% before the open, as the company's fourth-quarter forecast fell short of expectations. The steel name also announced it would be cutting its dividend, terminating stock buybacks, and laying off more than 1,500 workers. X was down 26.7% year-to-date heading into today, with its overhead 200-day moving average serving as a stiff ceiling.
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Personal income and spending data, and the University of Michigan consumer sentiment reading are scheduled today. CarMax (KMX) will share quarterly results.
Asian Markets Mixed After Lending Data; Europe Rides Trade Buzz
Markets in Asia closed mixed after China said it would be holding its lending benchmark steady, as expected. The Shanghai composite, in response, dropped 4%, while Hong Kong’s Hang Seng added 0.3%, and South Korea’s Kospi tacked on 0.4%. Meanwhile, the Nikkei in Japan lost 0.2%, as auto stocks -- including Toyota and Nissan -- dropped on the back of North America’s new trade deal, the United States-Mexico-Canada Agreement, which will require 75% of car parts to be manufactured in North America.
Over in Europe, stocks are higher as the major bourses continue to buzz on U.S.-China trade optimism. Germany’s DAX and the French CAC 40 are both 0.6% higher midday, while London’s FTSE 100 is up 0.2%, following a year-over-year surge in gross domestic product (GDP) in the U.K. Also driving the benchmark is the appointment of Financial Conduct Authority (FCA) Chief Executive Andrew Bailey’s appointment as the new governor of the Bank of England (BoE).