Dow futures are bouncing back with a triple-digit pop
Stock futures have staged a quick bounce off yesterday's dismal price action, with the Dow Jones Industrial Average (DJI) eyeing a 270-point lead, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are trading comfortably higher as well. The 10-year Treasury yield, meanwhile, turned higher -- adding 5 basis points to 1.34% -- which quieted some anxieties about the slowing economic reopening. Reopening stocks are also on the rebound, while Big Tech is taking a bit more time to recover. The sector is weakened slightly by news that U.S. President Joe Biden will announce a new executive order with the intent of cracking down on some of the biggest companies' anticompetitive practices.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts traded on Thursday, compared to 999,715 put contracts. The single-session equity put/call ratio rose to 0.59 and the 21-day moving average rose to 0.45.
- U.S.-listed Chinese stocks are bouncing after a week of miserable price action in the face of Chinese government crackdowns on U.S. exchanges. Newly public Didi Global Inc (NYSE:DIDI) is up 2.9% ahead of the bell, though it's still eyeing a negative weekly return of roughly -31%.
- Cruise stocks are rebounding from yesterday's rout, including Norwegian Cruise Line Holdings Ltd (NYSE:NCLH), which was last seen up 2.1%. The security sports a 67.2% year-over-year lead, with most of this week's pullback captured by its 180-day moving average.
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Levi Strauss & Co. (NYSE:LEVI) is up 3.4% in electronic trading, following the company's second-quarter earnings report, in which the company posted profits and revenue that easily topped expectations. LEVI also lifted its third-quarter dividend by 33%. The security has been recovering from a pullback, which was captured by its 130-day moving average. The shares are up over 120% year-over-year.
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The week wraps up the week with wholesale inventories data.
Asian Markets Sink as Investors Eye Inflation Data
Markets in Asia were mostly lower today, with the exception of Hong Kong's Hang Seng, which added 0.7%. China's Shanghai Composite fell 0.04%, as investors unpacked inflation data. China's consumer price index (CPI) for June rose 1.1% year-over-year, which is lower than analysts' expected 1.3%, and producer price index (PPI) came in line with expectations, rising 8.8% year-over-year last month. Elsewhere, Japan's Nikkei lost 0.6%, and the South Korean Kospi dropped 1.1%, after the country placed the greater Seoul area under the strictest possible social distancing rules due to Covid.
In Europe, markets are rebounding from yesterday's selloff. The French CAC 40 is leading the winners with a 1.8% pop. Meanwhile, the German DAX is up 1%, and London's FTSE 100 has risen 0.8% at last check, amid news that the U.K. is easing some travel restrictions. G-12 finance ministries are also meeting in Italy to discuss economic recovery and taxes.