Dow Futures Climb After China Trade Rhetoric Relief

Futures on the Dow Jones Industrial Average (DJI) are nearly 300 points above fair value this morning, recovering from overnight instability in the wake of jarring comments from White House trade adviser Peter Navarro that a trade deal with China was "over." Navarro has since quelled the panic, clarifying this morning that the phase-one deal is still in place. 

Nasdaq-100 Index (NDX) and S&P 500 (SPX) futures are also eyeing outsized moves into the black today, with bank stocks and Apple (AAPL) taking positive cues from this morning's developments. Later today, investors will be watching as Dr. Anthony Fauci testifies at a House oversight hearing regarding the Trump administration's coronavirus response. 

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

• Options traders shifted their stance on this restaurant stock yesterday. 
• Schaeffer's Senior V.P. of Research Todd Salamone outlines when to expect the next volatility pop.
• Plus, Turbotax creator revamps; Tech stock downgraded; and Starbucks rises on "impossible" option.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 1.5 million call contracts traded on Monday, and 727,974 put contracts. The single-session equity put/call ratio fell to 0.47, and the 21-day moving average stayed at 0.50.
2. Intuit Inc (NASDAQ:INTU) is in focus this morning, after the TurboTax parent cut 715 jobs and announced that its revamping its technology and sales strategies. The impacted workers will receive additional weeks of salary. Despite consolidating below $295 since June, INTU is up 28% in the last three months.
3. Micron Technology Inc (NASDAQ:MU) is down 0.8% in electronic trading, after BMO downgraded the chip stock to "market perform" from "market outperform," while trimming its price target to $55 from $60. The firm pointed to the balanced risk/reward profile, but also decelerating fundamentals for the memory chip market. Year-over-year, MU is up 53.8%, but has ceded its year-to-date breakeven level in recent weeks.
4. Starbucks Corporation (NASDAQ:SBUX) is up 1.5% pre-market -- despite a price-target cut from Telsey Advisory Group to $80 from $90 -- after announcing two new cold beverages in stores today as well as the vegetarian "Impossible Breakfast Sandwich." Although SBUX is still facing coronavirus headwinds, the stock is up almost 15% this quarter.
5. Today will bring new home sales data as well as the Markit manufacturing PMI. IHS Markit (INFO) will report earnings. 

Tencent Roars Higher, European Markets Weigh Economic Data

Stocks in Asia were higher today, after a tumultuous trading session which ended with White House advisor Peter Navarro stating that the trade deal between the U.S. and China is not over. Hong Kong’s Hang Seng lead the charge, finishing 1.6% higher, after the shares of Chinese tech name Tencent soared to a record high. Meanwhile, Japan’s Nikkei rose 0.5%, while South Korea’s Kospi and China’s Shanghai Composite both tacked on 0.2%.

This morning’s euro zone purchasing managers’ index (PMI) has European stocks soaring today. The readings showed the economic downtown easing up in June, even as investors keep their eye on the uptick in coronavirus cases across the globe. The German DAX is up 2.8%, thanks to a rebound in shares of Wirecard (WDI). Elsewhere, France’s CAC 40 has tacked on 1.8% so far, followed closely by London’s FTSE 100, which is 1.4% higher.