Dow futures are pointed roughly 182 points higher
Markets are poised to extend their rally off Monday's trench, with futures on the Dow Jones Industrial Average (DJI) up 182 points, and the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) sporting notable pre-market gains of their own. The 10-year Treasury yield is continuing to rise too, last seen at 1.3%. Tech stocks are leading the way this morning, with better-than-expected earnings from several social media stocks, including Twitter (TWTR) and Snap (SNAP).
Continue reading for more on today's market, including:
- How this blue-chip stock behaved before this morning's earnings report.
- What might push Twitter stock even higher.
- Plus, HON lifts forecast; INTC sinks despite earnings beat; and buyout buzz sends VNNE surging.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts traded on Thursday, compared to 768,366 put contracts. The single-session equity put/call ratio rose to 0.57 and the 21-day moving average stayed at 0.49.
- The shares of Honeywell International Inc (NASAQ:HON) are slipping today, last seen down 0.3%, despite the company reporting a second-quarter earnings and revenue beat, and lifting its full-year outlook. Honeywell cited strength across all its businesses. Year-over-year, HON is up 51.4%.
- Blue-chip tech name Intel Corporation (NASDAQ:INTC) is down 2.4% in electronic trading, after its latest forecast fell below some investors expectations, with the firm noting the world-wide chip shortage could be long-term. The company did post a fiscal third-quarter earnings and revenue beat, however. Year-to-date, the stock is up 12.7%.
- Sweden-based auto name Veoneer Inc (NYSE:VNE) is up 54.7% in electronic trading, amid news that the firm will be bought by Canada-based competitor Magna International in a $3.8 billion all-cash deal, which will aid in the firm's recent driver assistance technology developments. Magna (MG), meanwhile, is off 4.2% ahead of the bell.
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The week wraps up with the Markit manufacturing purchasing managers' index (PMI), as well as the services PMI.
Earnings Season Gives European Markets a Boost
Markets in Asia were mostly lower today, with Japan's Nikkei closed for holiday. Hong Kong's Hang Seng dropped 1.5%, while China's Shanghai Composite shed 0.7%, after news that Beijing is considering further harsh penalities and even a forced delisting of rideshare name Didi (DIDI). Today's only winner, the South Korean Kospi, added 0.1%.
Meanwhile, European markets are higher across the board as earnings season picks up. The euro zone's flash purchasing managers index (PMI) for July showed business activity growth at its fastest in over 20 years, as countries reopen. London's FTSE 100 is posting a 0.8% gain after U.K. retail sales rose 0.5% in June, though the country's IHS Markit PMI dropped to 57.7 from 62.2 for the same month. Elsewhere, the French CAC 40 is up 1.1% at last check, and the German DAX has risen 1%.