Dow, SPX Futures Making Another Run at Records

This post was originally published on this site

Both the Dow and SPX are still trading near their record highs

Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) futures are struggling for direction ahead of the bell, after both indexes fell short of record highs yesterday.  Nasdaq-100 (NDX) futures, however, are looking to open with a double-digit pop. Elsewhere, after hitting a record the previous month, the U.S. trade deficit narrowed 8.2% to a better-than-expected $68.9 billion in April. Gold prices have moved higher after the data.

Continue reading for more on today’s market, including:

  • Options bulls have been targeting this software name
  • Behind Workhorse stock’s recent pop. 
  • Plus, SFIX surges after quarterly report; Tesla stock jumps on vehicle data; and FSLY dips after site outages. 

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts traded on Monday, and 815,688 put contracts. The single-session equity put/call ratio fell to 0.43 and the 21-day moving average stayed at 0.50.
  2. Stitch Fix Inc (NASDAQ:SFIX) is surging in pre-market trading, up 13.5% at last check, after the e-tail company reported narrower-than-expected fiscal third-quarter losses per share and an upbeat forecast. To follow, no fewer than seven analysts raised their price targets, with the highest coming from Evercore ISI to $82. 
  3. Tesla Inc (NASDAQ:TSLA) is up 2.9% before the bell, after data showed 33,463 China-made vehicles delivered in May, jumping 29% from the previous month when production was slowed by a maintenance shutdown. If today’s gains hold, Tesla stock is looking at its third-straight daily win after a recent slump. 
  4. Fastly Inc (NYSE:FSLY) is down 1.9% in electronic trading, though up from earlier losses. This negative price action comes after a technical issue impacted several Fastly-backed websites such as Reddit and the New York Times. 
  5. Today will bring job openings data. 

Economic Data Closely Watched in Asia

All eyes were on China’s May export data on Tuesday, which rose 27.9% year-over-year, but missed the estimated 32.1% year-on-year jump. Also in focus is Japan’s gross domestic product (GDP) data, which showed a smaller-than-expected contraction. In response the Hong Kong Hang Seng dropped 0.02%, the Shanghai Composite in China took a 0.5% haircut, the Kospi in South Korea fell 0.1%, and the Nikkei in Japan suffered a 0.2% pullback.

European stocks are on the rise today, while most markets keep a close eye on upcoming inflation data out of the U.S. The German DAX is 0.2% higher, the French CAC 40 is up 0.3%, and the London FTSE 100 is up 0.5%.