Dow futures are up triple digits
Stock futures are signaling a rebound this morning, with the Dow Jones Industrial Average (DJI) pointed over 150 points higher, while the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are poised for a big move into the black as well. The Dow is coming off its biggest drop in eight months, as fears over the spreading Covid-19 delta variant grip Wall Street. Meanwhile, the 10-year Treasury yield is still sitting near its five-year lows, last seen at 1.18%. Reopening stocks look ready to bounce back today, while the bank sector also looks ready to climb. Elsewhere, Bitcoin dropped back below the $30,000 level last night.
Continue reading for more on today's market, including:
- Schaeffer's Senior Market Strategist Matthew Timpane unpacks VIX seasonality.
- McDonald's stock is on sale ahead of earnings.
- Plus, Nasdaq plans spinoff; and two blue-chips enjoying post-earnings pops.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts traded on Monday, compared to over 1 million put contracts. The single-session equity put/call ratio fell to 0.53 and the 21-day moving average stayed at 0.49.
- Nasdaq Inc (NASDAQ:NDAQ) announced it plans to make its Nasdaq Private Market unit a separate company. NDAQ is off 0.9% ahead of the bell, but up 33% this year.
- IBM (NYSE:IBM) is up 3.1% in electronic trading, after the blue-chip tech giant's second-quarter earnings and revenue exceeded analysts' estimates, with IBM also noting its best revenue growth in three years. The stock is up 9.6% in 2021.
- The shares of Travelers Companies Inc (NYSE:TRV) are up 1.2% in pre-market trading, following the insurance company's second-quarter earnings topped analysts' estimates. The company's revenue also beat expectations, citing higher premiums and a lower number of catastrophe losses. Year-to-date TRV is up roughly 8%.
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Data on building permits and housing starts will be released today.
European Markets Attempt Rebound
Asian markets were lower across the board today, taking a cue from their U.S. counterparts after the Dow's massive selloff. Japan's Nikkei pulled back 1%, Hong Kong's Hang Seng fell 0.8%, and the South Korean Kospi closed with a 0.4% loss. Elsewhere, China's Shanghai Composite dipped 0.07%, after China expectedly kept its benchmark lending rate unchanged, with the one-year Loan Prime Rate (LPR) at 3.65% and the five-year LPR at 4.65%.
Over in Europe, markets are attempting to rebound from yesterday's slump sparked by the surge in Covid-19 cases internationally. The French CAC 40 is leading with a 0.9% gain midday, while London's FTSE 100 is up 0.5%, and the German DAX rises 0.4%.