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futures Little

Dow futures little changed as index tries for fifth straight day of gains – CNBC

A person walks at the Wall Street subway stop in New York City.

Angela Weiss | AFP | Getty Images

Stock futures were little changed in overnight trading on Wednesday as earnings season gets underway, giving investors a clearer picture of the overall health of corporate America.

Futures on the Dow Jones Industrial Average fell 63 points, pointing to a 48-point loss at Thursday’s open. S&P 500 futures fell 0.22%, while Nasdaq 100 futures slipped 0.55%.

Investors will monitor another batch of corporate earning results on Thursday, including from Bank of America and Morgan Stanley.

Earnings season kicked off on Monday, and so far results from the U.S.’ largest banks have been mixed. Goldman Sachs easily beat expectations when it reported earnings on Wednesday, helped by a 93% surge in trading revenue. JPMorgan Chase also reported better-than-expected results, while Wells Fargo posted a $2.4 billion loss and cut its dividend to 10 cents per share.

Johnson & Johnson, Charles Schwab, Abbott Labs and Domino’s Pizza will also report before the market opens on Thursday, while investors will be watching for Netflix’s second quarter earnings report after-the-bell.

June’s retail sales number will also be released on Thursday, with economists polled by Dow Jones expecting a 5.2% jump as the economy continued to reopen. May’s 17.7% surge blew past estimates and was the largest reading on record.

Stocks finished Wednesday’s session higher, fueled by positive news regarding a potential coronavirus vaccine, as well as strong earnings results from Goldman Sachs. The Dow rose 227.51 points, or 0.9%, in its fourth straight positive session. The 30-stock index crossed above the 27,000 mark for the first time in more than a month, although it wasn’t able to hold that level into the close, and finished the session at 26,870.10.

The S&P 500 rose 0.9%, while the Nasdaq Composite was the relative underperformer, rising just 0.5%. The tech-heavy index was weighed down by weakness in shares of Big Tech. Amazon slid more than 2%, while Netflix, Microsoft, and Alphabet also closed in the red as investors rotated out of these names and into sectors that are most sensitive to the economy’s reopening, such as cruise line operators.

Shares of Moderna finished the session 6.9% higher after data published by the New England Journal of Medicine showed the company’s coronavirus vaccine produced a “robust” immune response, or neutralizing antibodies, in all 45 patients in its early stage human trial.

Norwegian Cruise Line and Royal Caribbean each jumped more than 20% on Wednesday, while Carnival Corp. closed 16.2% higher.

With Wednesday’s gain the S&P 500 is now less than 5% away from recovering its February all-time high level, although some investors believe the the rally has run too far, too fast, given all the uncertainties that remain in the market.

“We are not out of the woods yet and are still far away from returning to pre-COVID-19 economic levels,” said Nate Fischer, chief investment strategist at Strategic Wealth Partners.

“The market is in need of a healthcare solution, as the economy was forced to shut down for a healthcare issue. So far, we’ve had fiscal and monetary assistance to this problem. Until a real medical remedy is found, the market will remain volatile,” he added.

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futures Stock

U.S. Stock Futures Rise on Positive Results for Moderna Vaccine – Yahoo Finance

(Bloomberg) — Futures on U.S. stock indexes jumped after data published on a potential Covid-19 vaccine showed an encouraging response in a safety trial.

September contracts on the S&P 500 rose 1% as of 9:10 a.m. in Tokyo, while futures on the Nasdaq 100 climbed 0.7%. Results published Tuesday in the New England Journal of Medicine said Moderna Inc.’s drug produced antibodies to the coronavirus in all patients tested in an initial safety trial.

“I think it’s very positive,” said Peter Mallouk, president and chief executive officer of wealth management firm Creative Planning. “What we have is reaffirming what the market thought about its general optimism about a timeline of an improvement.”

In the Moderna study, the neutralizing antibody levels produced were equivalent to the upper half of what’s seen in patients who get infected with the virus and recover, according to the results published Tuesday. The Moderna vaccine is one of the farthest along for Covid-19.

The after-hours surge came after a volatile two days of trading. After briefly reaching the highest levels since the Covid-19 swoon in March, the S&P 500 reversed to end Monday down 1%. Then Tuesday, after a series of swings, the benchmark finished the day up 1.3%.

The Nasdaq 100 closed Tuesday’s cash trading session up 0.8% to mark the first time since March that the tech-heavy gauge posted back-to-back reversals of at least 2% in opposite directions. Before this week, clusters of big contrasting reversals all occurred during bear markets.

The late day surge brought SPY, the ETF tracking the S&P 500, to $322 a share — close to the level reached on June 8 that has acted as solid resistance.

With a health-care crisis at the heart of the financial crisis and recession, investors are scrutinizing every piece of data on Covid-19 or high-frequency metrics on the recovery. The Moderna news fits on the positive side of the ledger.

“I’d classify the last few days as discount the bad and amplify the good,” said Max Gokhman, Pacific Life Fund Advisors’ head of asset allocation. “The Moderna news is positive and there’s no doubt that a proven vaccine is a major positive catalyst, so in keeping with the overall sentiment it makes sense that the markets would rally on the news.”

Still he added: “But also let’s be clear that the news we got is about positive progress, not any definitive proof of viability.”

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futures Jones

Dow Jones Futures: What To Do After Coronavirus Stock Market Rally, Tesla Reverse Lower; JPMorgan Earnings Due – Investor’s Business Daily

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futures points

Dow futures down more than 100 points after the market notches its best quarter in decades – CNBC

Stock futures dipped in early morning trade on Wednesday as the market is set to kick off a new quarter after a remarkable comeback.

Futures on the Dow Jones Industrial Average traded 45 points lower. S&P 500 futures and Nasdaq 100 futures also traded in negative territory.

The market just notched its best quarter in decades as it snapped back from the historic sell-off triggered by the coronavirus. The Dow gained 17.8% in the second quarter, posting its best quarter since 1987, while the S&P 500 finished the period with a near 20% gain, its best since 1998. The tech-heavy Nasdaq soared 30.6% for the quarter, the most since 1999.

In after-hours trading Tuesday, FedEx jumped nearly 9% after posting quarterly earnings and revenue that topped analysts’ forecast. The shipping company experienced a surge in deliveries amid the coronavirus lockdown.

While the market bounced sharply from its March lows, the recent spikes in coronavirus cases in some states kept investors on edge. White House health advisor Dr. Anthony Fauci warned Tuesday that if the outbreak continues at its current pace, daily new cases could surpass 100,000 new infections per day.

So far, more than 12 states have now paused or rolled back their reopenings as cases in the U.S. jumped 40% over the past week to an average of about 39,750 on Monday, according to a CNBC analysis of data compiled by Johns Hopkins University. 

“We continue to expect it to be an uneven process, albeit with a positive trajectory,” Keith Lerner, chief market strategist at SunTrust Advisory Services, said in a note. “The good news is through this digestion period, markets are working off some of the excesses that had built up, and elevated expectations are being reset.”

Investors will monitor the pace of recovery in the U.S. labor market. ADP will release its private payroll count for June on Wednesday at 8:15 a.m. ET. Economists polled by Dow Jones expect an increase of 2.50 million after a 2.76 million decline in May.

On the corporate front, Macy’s is set to report its quarterly earnings before the bell on Wednesday.

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futures Watch

What to watch today: Dow futures jump after a nearly 400 point loss overnight – CNBC

BY THE NUMBERS

On today’s economic calendar, the government is out with May new home sales at 10 a.m. ET, with economists expecting a 1.9% gain after a 0.6% increase in April. Existing home sales plunged 9.7% in May and were down 26.6% annually. However, the National Association of Realtors believes those levels will represent the bottom because those May numbers are based on closed sales during the worst of the coronavirus crisis in March and April. (CNBC)

IN THE NEWS TODAY

White House health advisor Dr. Anthony Fauci is set to provide testimony and answer questions during a House panel hearing on the coronavirus on Tuesday morning. Fauci’s appearance comes more than a month after he told a Senate panel that some states were prematurely reopening businesses and risking new outbreaks. Fauci’s prophetic warning about virus spikes has come to pass as Covid-19 hospitalizations were growing in 14 states. (AP & CNBC)

Cases are growing by 5% or more in 25 states across the U.S., including Texas, where the governor said the state will have to take “tougher actions” if daily coronavirus cases and hospitalizations continue to climb at current rates, and Arizona, where President Donald Trump plans to hold an indoor campaign rally Tuesday after last weekend’s rally in Oklahoma. (CNBC)

Major League Baseball plans to impose a 60-game schedule for its shortest season since 1878 after the players’ union rejected a negotiated deal of the same length. The decision could lead to lengthy and costly litigation over the impact of the coronavirus on baseball. (AP)

* Significant steps toward NBA restart begin this week (Houston Chronicle)

Employees at Alphabet’s (GOOGL) Google are signing an internal petition, calling on the company to stop selling technology to police departments. The document, which CNBC viewed, asks Google CEO Sundar Pichai to “take real steps to dismantle racism.”

BlackRock (BLK) CEO Larry Fink said, in a LinkedIn post, that the world’s biggest asset management firm was committed to increasing its Black workforce by 30% by 2024. BlackRock also plans to double the percentage of Black senior leaders from the current 3%. (Bloomberg)

Starbucks (SBUX) added the Impossible Breakfast Sandwich, made with Impossible Foods’ plant-based sausage, to its U.S menu on Tuesday to meet increased consumer demand for meatless meat. Impossible Foods’ Impossible Whoppers are in 7,500 Burger Kings nationwide. (CNBC)

STOCKS TO WATCH

IHS Markit (INFO), the financial information and analytics provider, reported quarterly profit of 69 cents per share, 2 cents a share above estimates. Revenue was slightly short of forecasts as organic revenue fell 7%. The company said the quarter was “challenging” due to the pandemic but that it expects profit and earnings growth this year and next.

Spirit AeroSystems (SPR) is asking its lenders for financial relief, as it deals with the fallout of the Covid-19 pandemic and the production halt for Boeing’s (BA) grounded 737 Max jet. Spirit is Boeing’s largest supplier.

Salesforce (CRM) announced a collaboration with Germany’s Siemens on a workplace safety software suite. The software will help in aiding social distancing in various aspects of workplace operations.

Softbank has kicked off the sale of $21 billion in T-Mobile (TMUS) shares. The Japanese firm is seeking to raise funds for a $41 billion debt reduction and stock buyback plan.

Intuit (INTU), the maker of TurboTax and other financial software, cut 715 jobs, and said it is revamping its technology and sales strategies. Impacted workers will receive a minimum of four weeks salary as well as two additional weeks for every year of service.

ViacomCBS (VIAC) will debut its new “SpongeBob” movie on digital platforms in early 2021, bypassing movie theaters. “The SpongeBob Movie: Sponge On The Run” will first be available via pay-per-view, and then move exclusively to the company’s CBS All Access streaming service.

American Airlines (AAL) will increase the aggregate size of planned convertible and secondary stock offerings to $2 billion from $1.5 billion, according to a Bloomberg report.

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futures Jones

Dow Jones Futures: Apple, Microsoft Fuel Coronavirus Stock Market Rally; Netflix – Investor’s Business Daily

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climb futures

Dow futures climb ahead of Fed update after blue-chip index snaps 6-day win streak, while Nasdaq marks fresh record – MarketWatch

U.S. stock-index futures Tuesday evening were trading slightly higher ahead of a key policy update from the Federal Reserve on Wednesday. Moves for futures come after the Dow Jones Industrial Average
DJIA,
-1.08%

halted the longest win streak–6 straight sessions–since Sept. 13, while the Nasdaq Composite Index
COMP,
+0.29%

carved out a second straight record closing high as investors bought large-capitalization stocks, including Facebook Inc.
FB,
+3.14%
,
Microsoft Corp.
MSFT,
+0.76%
,
Apple Inc. [s:AAPL], and Google parent Alphabet Inc.
GOOG,
+0.66%

GOOGL,
+0.27%
,
which all finished at all-time highs, prior to the meeting of central bankers that could provide fresh guidance on the U.S.’s economic outlook in the aftermath of the one of the worst viral outbreaks in more than a century. Futures for the Dow
YM00,
-0.19%

YMM20,
-0.19%

picked up 38 points in thin trading to reach 27,302, a climb 0.1%; those for the S&P 500 index
ES00,
-0.06%

ESM20,
-0.06%

rose 4.85 points, or 0.1%, at 3,210.25; while Nasdaq-100 futures
NQ00,
+0.28%

NQM20,
+0.28%

advanced 27 points, or 0.3%, at 9,978. The Fed’s balance sheet has ballooned from about $4 trillion in March to $7.21 trillion as of last week to support financial markets, with interest rates steady at a range of 0% and 0.25%. At the Fed’s last meeting, the central bank discussed strengthening forward guidance in the future so the market is more confident that interest rates will remain low and policy makers also talked about backing the guidance up by putting a cap of short-term rates, known as yield-curve control. It’s unclear how the Fed’s policy might shift in the face of May’s labor report, with data from the Labor Department last Friday showing that 2.5 million jobs were created on the month rather than millions than had been expected to be lost amid the COVID-19 pandemic. During Tuesday’s regular session, the Dow shed 300.14 points, or 1.1%, to end at 27,272.30. The S&P 500 index
SPX,
-0.78%

fell 25.21 points, or 0.8%, closing at 3,207.18, while the Nasdaq Composite Index
COMP,
+0.29%

advanced 29.01 points, or 0.3%, finishing at a record 9,953.75, after briefly touching an all-time intraday high of 10,002.50.

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futures positive

S&P 500 and Dow futures turn positive ahead of opening bell – MarketWatch

Futures for the S&P 500 and Dow Jones Industrial Average turned positive in early trading on Monday despite violent protests across the country and worries around U.S.-China tensions. Futures for the Dow
YMM20,
+0.29%

were 39 points, or 0.2%, higher at 25,417. Those for the S&P 500 index
ESM20,
+0.38%

were 2 points, or 0.1%, up at 3,044. Futures for the Nasdaq Composite
NQM20,
+0.37%

remained negative, down 0.2% at 9,542.25.

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futures shoot

Dow futures shoot higher after Wall Street’s latest rally – MarketWatch

U.S. stock index futures gained late Wednesday, after benchmark indexes surged forward in regular trading. As of midnight Eastern, Dow Jones Industrial Average futures
YM00,
+0.29%

were up about 100 points, or 0.4%, while S&P 500 futures
ES00,
-0.07%

were flat and Nasdaq-100 futures
NQ00,
-0.60%

fell after word of an upcoming executive order by President Donald Trump against social-media companies. Stocks jumped Wednesday despite rising tensions between the U.S. and China, as the U.S. and European countries continued to gradually reopen from pandemic-related shutdowns. The Dow
DJIA,
+2.21%

advanced 553.16 points, or 2.2%, to close at 25,548.27, while the S&P 500
SPX,
+1.48%

rose 44.36 points, or 1.5%, ending at 3,036.13. The Nasdaq Composite
COMP,
+0.77%

gained 72.14 points, or 0.8%, to close at 9,412.36, staging its biggest intraday percentage comeback since Feb. 28, according to Dow Jones Market Data.

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futures points

Dow futures sink more than 200 points after mixed day on Wall Street – MarketWatch

U.S. stock index futures sank in overnight electronic trading, following a mixed day on Wall Street on Monday. As of midnight Eastern, Dow Jones Industrial Average futures
YM00,
-0.52%

were down 150 points, or 0.6%. S&P 500 futures
ES00,
-0.49%

and Nasdaq-100 futures
NQ00,
-0.10%

fell as well. The Dow
DJIA,
-0.44%

fell more than 100 points Monday, while the S&P 500
SPX,
+0.01%

inched up slightly and the Nasdaq
COMP,
+0.77%

closed up 71 points. Stocks have been rallying in recent weeks as investors are more optimistic about an economic recovery as some businesses around the U.S. start to reopen.

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