The Dow is eyeing a triple-digit drop
Stock futures are pointed lower this morning, with futures on the Dow Jones Industrial Average (DJI) off 84 points, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are sporting sizeable losses as well. Investors are eyeing a weak earnings report from Amazon.com (AMZN), which posted a lower-than-expected forecast and a revenue miss. Social media name Pinterest (PINS) also posted a disappointing quarterly report. Despite today's early morning drop, however, stocks are eyeing comfortable monthly gains for July.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts traded on Thursday, compared to 901,450 put contracts. The single-session equity put/call ratio fell to 0.48 and the 21-day moving average stayed at 0.52.
- The shares of Exxon Mobil Corporation (NYSE:XOM) are down 0.5% in premarket trading, despite the company posting second-quarter earnings and revenue that topped expectations, noting stronger cost structure and market conditions. XOM is up 42% year-to-date.
- Caterpillar Inc. (NYSE:CAT) is brushing off better-than-expected second-quarter earnings, last seen down 2.3% ahead of the open. The stock is up 16.8% year-to-date, however.
- Robinhood Markets Inc (NASDAQ:HOOD) is now publically trading on on the Nasdaq, and the stock is sliding, shedding 8.4% yesterday, and another 0.5% in electronic trading. The company's CEO said he is not concerned about the early drop, however, as he is focusing on long-term growth for the stock.
- The trading month will come to a close today, with the employment cost index, data on personal income, consumer spending and core inflation all due out. The Chicago purchasing manager's index (PMI) will also help wrap up the week.
Asian Markets Drop on Heels of Volatile Week
Markets in Asia slipped today, led by the Hong Kong Hang Seng, which fell 1.4% after a volatile week of trading, as Chinese tech stocks pulled back once again. Japan's Nikkei followed behind with a 1.8% drop, amid news that the country's industrial output rose 6.2% in June, rebounding from May's 6.5% drop, while retail sales rose a worse-than-expected 0.1% year-over-year. Elsewhere, China's Shanghai Composite fell 0.4%, while the South Korean Kospi lost 1.2%.
European markets are taking a cue from their U.S. and Asian counterparts, swimming in the red at midday as investors unpack plenty of economic data. The euro zone economy grew 2% in the second quarter, while inflation rose 2.2% in July – its highest rate since October 2018 and above the 2% expected by the European Central Bank. Meanwhile, annual consumer price inflation in German jumped 3.1% in July – its highest since 2008. At last check, the German DAX and London's FTSE 100 are both down 0.8%, while the French CAC 40 is 0.1% lower.