Stock Futures Set to Soar for Second Straight Day
Tensions with China over Hong Kong persist, though
After a hot start to begin the holiday-shortenedweek, Dow Jones Industrial Average (DJI) futures are soaring once again, as investor optimism builds surrounding the reopening of the economy. Shares of airlines and cruise lines lead the premarket gains, asvarious states begin to roll back lockdown restrictions put in place to combat the coronavirus outbreak. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are significantly abovefair value as well, although is Wall Street monitoring mounting U.S.-China tensions, as the Trump administration weighs sanctions against the superpower for its new Hong Kong laws.
Continue reading for more on today's market, including:
AutoZone stock is higher after a positive earningsreport.Bear comments from its CEO sendbulls flocking to Deutsche Bank. Plus, Boeing up again; Domino's demand dips; and Trump takes on Twitter.
5 Things You Need to Know Today
The Cboe Options Exchange (CBOE) saw 1.7 million call contracts traded on Tuesday and 841,084 put contracts. The single-session equity put/call ratio fell to 0.50, and the 21-day moving average remained at 0.59.Boeing Co (NYSE:BA) is up 3.3% during pre-market trading, after union officials confirmed the jet maker plans to announce 2,500 voluntary layoffs this week, the first phase of broader layoffs that the company said will amount to about10% of its total workforce. Boeing stock is looking to comeback from a 55.6% year-to-date deficit.Domino's Pizza, Inc. (NYSE:DPZ) stock is up 1.6% in electronic trading, after announcing a rebound in demand for the first eight weeks of the current quarter. In response, three brokerages upped their price targets, thehighest coming from Guggenheim to $415. Domino's stock is up 22% in 2020. Twitter Inc (NYSE:TWTR) is down 2.2% ahead of the open, after the company announced it has implemented fact-checking technology to tweets sent out by U.S. President Donald Trump, doing so for the first time when the presidentposted two tweets in regard to the alleged fraud related to mail-in ballots. Twitter's policies to combat misinformation have led to a 38.5% gain for the quarter for the social media stock. The Beige book will be the only data on tap today. The earnings docket is full; GOOS, HP Inc (HPQ), NetApp (NTAP), Ralph Lauren (RL), PVH (PVH), Toll Brothers (TOL), and Workday (WDAY) will all report.
Hong Kong Tensions Weigh on Asian Markets, European Stocks Lifted by EU Measures
Stocks in Asia were mixed today, after tensions continue to rise between the U.S. and China over the latter's proposed security laws in Hong Kong, as well as increased protests in the area. White House press secretary Kayleigh McEnany says"it's hard to see how Hong Kong can remain a financial hub" if Beijing imposes these laws. China's Shanghai Composite lost 0.3% for the day, while Hong Kong's Hang Seng dropped 0.4%. Elsewhere, the Kospi in SouthKorea gained 0.1 %, and Japan's Nikkei pared earlier losses to finish 0.7% higher.
In Europe, stocks are moving higher amid news that the European Union (EU) will announce a ?,?750 billion ($825 billion) stimulus program for coronavirus recovery efforts. In response, the German DAX is up 2%, the French CAC 40 has risen 1.9%, and London's FTSE 100 has tacked on 1.4%.