Stock futures are modestly higher this morning, looking to extend last session's rebound that saw the Dow Jones Industrial Average (DJI) snap a five-day losing streak. Investors are unpacking a flood of corporate earnings reports, while the U.S. trade deficit narrowed to $60.2 billion in June, as companies reduced imports after a surge earlier in the year. Meanwhile, President Donald Trump told CNBC earlier this morning that tariffs on semiconductors and pharmaceuticals are coming, possibly as soon as next week.
Continue reading for more on today's market, including:
- Despite last weeks selloff, Senior V.P. of Research Todd Salamone likes where the S&P 500 is.
- Behind Joby Aviation stock's all-time highs.
- Plus, three stocks making big post-earnings moves this morning.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.7 million call contracts and 958,647 put contracts traded on Monday. The single-session equity put/call ratio came in at 0.54, while the 21-day moving average remained at 0.59.
- Software stock Palantir Technologies Inc (NASDAQ:PLTR) is up 7.3% before the bell after strong second-quarter results, which included revenue above $1 billion for the first time ever. Should these gains hold, PLTR will open at fresh record highs.
- Shares of Vertex Pharmaceuticals Inc (NASDAQ:VRTX) are down 13.6% ahead of the open, despite better-than-expected second-quarter results, after the company said its next-generation pain treatment, VX-993, would not be moving into advanced testing after missing its main goal in a Phase 2 study. Coming into today, the equity is up 17.3% year-to-date.
- BWX Technologies Inc (NYSE:BWXT) is up 13.5% in electronic trading, after the nuclear energy company posted better-than-expected second-quarter results and a raised its full-year earnings and EBITDA forecast. Looking to extend yesterday's record highs, BWXT sports a 38.7% year-to-date lead heading into today.
- This week will bring plenty more earnings, as well as a handful of economic data.
Asian Bourses Unpack Latest Tariff Talk
Asian markets rebounded amid tariff talks, with Japan’s Nikkei adding 0.6% after Mitsubishi Heavy Industries signed a $6.5 billion deal to build frigates for the Australian navy. Meanwhile, Hong Kong’s Hang Seng and South Korea’s Kospi rose 0.7% and 1.6%, respectively, with the latter surging after the country’s consumer prices for July were in line with estimates. Elsewhere, China’s Shanghai Composite gained 1%.
European stocks are higher as trade negotiations continue. At last glance, London’s FTSE 100 is 0.4% higher, Germany’s DAX is up 0.8%, and France’s CAC 40 sports a 0.2% lead.
