US Stocks Could Continue Last Week's Momentum As Nasdaq, S&P 500 Futures Surge Ahead Of Tech-Heavy Earnings Week — Tesla, Twitter, Chinese Companies In Focus
The major U.S. index futures point to a higher open on Monday following the strong gains posted by all three major averages last week.
Stocks rallied all across in the week ended Oct. 21 as traders reacted positively to earnings reports and mulled over the surge in bond yields. The Nasdaq Composite and the S&P 500 Index ended at their highest levels in about two weeks, while the Dow settled at an over one-month high.
| Index | Performance (+/-) | Value | |
|---|---|---|---|
| Nasdaq Composite | +5.22% | 10,859.72 | |
| S&P 500 Index | +4.74% | 3,752.75 | |
| Dow Industrials | +4.89% | 31,082.56 |
Santa Claus rally, which typically is stronger during mid-term election years, could lift the S&P 500 Index back to its August high, Ed Yardeni of Yardeni Research said in a CNBC interview. This allows scope for a 15% rally as the market approaches the year-end, he suggested.
Here’s a peek into index futures trading:
| Index | Performance (+/-) | |
|---|---|---|
| Nasdaq 100 Futures | +0.26% | |
| S&P 500 Futures | +0.45% | |
| Dow Futures | +0.49% | |
| R2K Futures | +0.32% |
In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE: SPY) climbed 0.47% to $376.05 and the Invesco QQQ Trust (NASDAQ: QQQ) rose 0.26% to $276.14, according to Benzinga Pro data.
On the economic front, S&P Global’s U.S. manufacturing, services and composite purchasing managers’ indices for October are due at 9:45 a.m. EDT.
Treasury Secretary Janet Yellen is scheduled to speak at 11 a.m. EDT.
The Treasury will auction 3-month and 6-month bills at 11:30 a.m. EDT.
Stocks In Focus:
- Tesla, Inc. (NASDAQ: TSLA) slid in premarket trading amid expectations CEO Elon Musk could announce the sale of some shares anytime. The company also reduced prices of its Made-in-China vehicles, beginning Monday, in a bid to push volumes.
- Biopharma Myovant Sciences, Inc. (NYSE: MYOV) advanced after the company agreed to a sweetened offer from Sumitomo Pharma Co. Ltd. (OTC: DNPUF) unit.
- Casino stocks Las Vegas Sands Corp. (NYSE: LVS) and Wynn Resorts Limited (NASDAQ: WYNN) tumbled in premarket trading.
Yum China Holdings, Inc. (NYSE: YUMC) shares tumbled after the company announced the conversion of its secondary listing in Hong Kong to primary listing, thus becoming a dual-primary listed company.
- Twitter, Inc. (NYSE: TWTR) rose as the deadline for the completion of the taking-private deal draws close.
Large-Cap Premarket Movers:
- Chinese e-commerce retailers JD.com (NASDAQ: JD), Alibaba Group Holding Limited (NYSE: BABA) and Pinduoduo, Inc. (NASDAQ: PDD) plunged 16%, 12% and 15%, respectively, in premarket trading.
- Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM) slumped close to 4%.
- Miners BHP Group Limited (NYSE: BHP) and Rio Tinto Group (NYSE: RIO) fell over 2% each.
Commodities, Global Equity Markets:
Crude oil futures retreated for a second straight session, with a barrel of WTI-grade crude oil trading north of $84 a barrel.
The Asia-Pacific markets that were open for trading ended on a mixed note, with the Hong Kong and Chinese market plunging sharply in reaction to the political development in China. The Indian, Singaporean, New Zealand, Malaysian and Thailand markets remained closed for public holidays.
European stocks traded higher in late morning trading after showing some volatility after the open. The removal of the overhang around the U.K. leadership crisis may lead to a relief rally.
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