All three major indexes are eyeing solid weekly gains
Stock futures are mixed this morning, moving off of yesterday's record-breaking surge as investors digest this morning's highly anticipated July jobs report. Despite a tight labor market and Covid-19 delta variant fears, hiring rose for the month, with nonfarm payrolls increasing 943,000 as opposed to the 845,000 analysts expected, while the unemployment rate fell to 5.4%. In response, Dow Jones Industrial Average (DJI) futures are 72 points higher, while the S&P 500 Index (SPX) is also firmly in the black. Futures on the Nasdaq-100 Index (NDX) are lower, however, as tech shares sink. For the week, all three major benchmarks are eyeing solid gains.
Continue reading for more on today's market, including:
- AMD cools off from record-setting win streak.
- Zoom Video stock looks to overcome a technical ceiling.
- Plus, marijuana stock brushes off quarterly win; unpacking DraftKings' blowout earnings; and Novavax delays Covid-19 vaccine approval.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts traded on Thursday, compared to 919,572 put contracts. The single-session equity put/call ratio stayed at 0.52 and the 21-day moving average stayed at 0.52 as well.
- The shares of Canopy Growth Corp (NASDAQ:CGC) are down 0.6% in premarket trading, despite the company reporting a surprise second-quarter profit, as demand for marijuana grew and costs fell. However, revenue came in below Wall Street's estimates. The security has been trending lower on the charts since its February peak, and has shed 56.6% over the past six months.
- Sports betting name Draftkings Inc (NASDAQ:DKNG) is 5% higher ahead of the open, after posting a second-quarter earnings and revenue beat. The company said monthly revenue per user rose 26%, amid improvement across several key metrics. In turn, the firm raised its full-year revenue forecast. The security has experienced some volatility on the charts over the past 12 months, but still sports a 55.1% year-over-year lead.
- Novavax, Inc. (NASDAQ:NVAX) is tumbling before the bell, last seen down 12.6%, after the biotechnology name said it would not seek emergency use authorization for its Covid-19 vaccine until later this year. Additionally, the company reported worse-than-expected second-quarter loss and revenue. The shares yesterday broke through overhead pressure at the $230 mark, though, and have added 153.7% in the last nine months.
- Today brings average hourly earnings data, wholesale inventories and consumer credit data.
Asian Markets Chop Lower as Covid-19 Fears Weigh
Stocks in Asia finished the week mostly lower. With Covid-19 cases once again impacting markets around the world, investors are eager to see how the July jobs report impacts the global economy. As a result, the Shanghai Composite in China and Kospi in South Korea each shed 0.2%, while Hong Kong’s Hang Seng moved 0.1% lower. Rounding out the region, Japan’s Nikkei rose 0.3%, after data showed June labor cash earnings dip for the first time in four months.
European markets, meanwhile, are creeping higher, heading for a muted afternoon as investors monitor the Covid-19 situation and await more corporate earnings. German finance giant Allianz is a heavyweight set to report later today, as well as real estate company Vonovia. At last check, France’s CAC 40 was up 0.2%, Germany’s DAX was up 0.1%, and London’s FTSE 100 was marginally higher.