Dow Futures rallies as blue chip earnings pour in
Dow Futures Are Up Triple Digit
It’s a mixed day for the markets this morning. Dow Jones Industrial Average (DJI) the future is about to expand yesterday’s gathering, S&P 500 Index (SPX) futures contracts contemplate more modest gains, and futures contracts on the Nasdaq-100 Index (NDX) have dropped slightly. Several blue chips, including Coca-Cola (KO) and Verizon Communications (VZ), have released impressive quarterly earnings reports, although Netflix (NFLX) was not so lucky. The FAANG name has announced disappointing subscriber forecasts, pushing pre-market stock down and keeping a lid on the technology. Meanwhile, the 10-year Treasury yield is slightly higher, last seen at 1.23%.
Read on to learn more about the current market, including:
- Rocky White, senior quantitative analyst at Schaeffer, goes down market width.
- the bank stocks it’s ready for a rebound.
- In addition, the JNJ hiking forecasts; CMG leaps on revenue growth; and SAP sees the bright days to come.
5 things you need to know today
- the Cboe Options Exchange (CBOE) saw more than 1.5 million purchase contracts traded on Tuesday, up from 705,388 sales contracts. The single-session put / call ratio fell to 0.44 and the 21-day moving average remained at 0.49.
- Johnson & Johnson (NYSE: JNJ) share is up 1% in e-commerce after the pharmaceutical giant posted second-quarter earnings and earnings that exceeded analysts’ estimates. The company also raised its earnings outlook, noting strong sales of drugs and medical devices. JNJ is up 7% in 2021.
- Chipotle Mexican Grill, Inc. (NYSE: CMG) the stock is up 4.7% ahead of the bell, up on revenue growth for its second quarter, which topped analysts’ estimates, although its earnings fell below expectations. The company’s comparable sales also exceeded expectations, with a return to indoor dining room. CMG is 35% year-on-year.
- SAP SE (NYSE: SAP) the stock is down 4.4% in pre-market trading, even after the tech company raised its outlook for the second time in 2021, citing its success in helping customers move their IT operations to the cloud . SAP is up 9.3% year-to-date.
the economic calendar seems naked today, with no relevant dataset to come out.
Strong earnings boost European markets
Asian markets were now mixed. China’s Shanghai Composite led the winners with a pop of 0.7%, while Japan’s Nikkei followed with a gain of 0.6%. Japanese exports increased 48.6% year-on-year in June, which is above the 46.2% expected. Meanwhile, the South Korean Kospi lost 0.5% and the Hong Kong Hang Seng lost 0.1%.
European markets are up by noon, with the help of strong quarterly earnings reports, particularly from UK names Next and Future. London’s FTSE 100 is up 1.5% at last check, the French CAC 40 is up 1.2% and the German DAX is up 0.7%, despite the fact that the German software giant SAP indicated a decline after its quarterly report.