MARKET SNAPSHOT: Nasdaq Shapes Up For Another Record, While Dow Futures Add Nearly 100 Points
November 21 2017 - 8:28AM
Dow Jones News
By Victor Reklaitis, MarketWatch
Earnings arrive from Lowe's, Dollar Tree, Medtronic, Campbell
Soup and more
U.S. stock futures on Tuesday pointed to a rise at the open,
putting the Nasdaq Composite on track for another record.
Investors are weighing up a raft of corporate earnings and
departing Federal Reserve Chairwoman Janet Yellen's announcement
(http://www.marketwatch.com/story/janet-yellen-announces-shes-leaving-the-fed-2017-11-20)
that she will leave the central bank altogether, rather than stay
on as a Fed governor.
What are the main benchmarks doing?
S&P 500 futures rose by 8.40 points, or 0.3%, to 2,590.50,
while Dow Jones Industrial Average futures moved up by 97 points,
or 0.4%, to 23,492. Nasdaq-100 futures added 30 points, or 0.5%, to
6,346.
On Monday, the S&P 500 and Nasdaq Composite both gained 0.1%
(http://www.marketwatch.com/story/us-stocks-face-another-down-day-as-german-political-concerns-weigh-2017-11-20),
leaving the Nasdaq less than 0.1% from last week's all-time closing
high
(http://www.marketwatch.com/story/us-stocks-on-track-to-bounce-back-after-dows-138-point-drop-2017-11-16).
The Dow tacked on 0.3%, as the blue-chip gauge and the S&P
finished 0.6% and 0.5% away from their early-November record
closes, respectively.
The three equity benchmarks are up between 15% and 26% for the
year as of Monday's close, helped by factors such as an expanding
U.S. economy, growth in corporate profits and bets that the Trump
administration will deliver tax cuts and other business-friendly
policies.
What are strategists saying?
The Monday announcement from Yellen, who could have stayed on as
a Fed governor until 2024, gives President Donald Trump even more
room
(http://www.marketwatch.com/story/yellens-departure-gives-trump-even-more-space-to-rebuild-the-fed-2017-11-20)
to change the way the U.S. central bank operates.
"How these changes will potentially affect Fed policy next year
is going to be particularly tricky and should not be
underestimated," said Michael Hewson, chief market analyst at CMC
Markets UK, in a note. "The permanent Fed governors get a vote at
every meeting. Their views on monetary policy are going to be
important and carry a lot of weight."
What could help drive markets?
An October reading for the Chicago Fed's national activity index
is slated to hit at 8:30 a.m. Eastern Time, and an October figure
for existing-home sales is due at 10 a.m. Eastern. Economists
polled by MarketWatch are expecting 5.45 million homes were
sold.
Check out:MarketWatch's Economic Calendar
(http://www.marketwatch.com/economy-politics/calendars/economic)
At 6 p.m. Eastern, Yellen is scheduled to take part in an event
with former Bank of England Gov. Mervyn King at New York
University's business school.
Which stocks look like key movers?
Home-improvement chain
(http://www.marketwatch.com/story/lowes-beats-profit-expectations-coo-to-retire-2017-11-21)Lowe's
Cos.(LOW) and specialty retailer
(http://www.marketwatch.com/story/signet-jewelers-shares-sink-after-earnings-miss-and-profit-warning-2017-11-21)Signet
Jewelers Ltd.(SIG) fell 1.5% and 14%, respectively, in premarket
trading after posting weaker-than-expected earnings before the
open, while discount retailer Dollar Tree Inc.(DLTR) gained 0.9%
after its stronger-than-anticipated results
(http://www.marketwatch.com/story/dollar-tree-earnings-and-sales-beat-expectations-2017-11-21).
Packaged-foods heavyweights Hormel Foods Corp.(HRL) and Campbell
Soup Co.(CPB) also released results, leaving Hormel up by 1%
(http://www.marketwatch.com/story/hormel-revenue-drops-as-turkey-troubles-remain-2017-11-21)
while Campbell shed 7%
(http://www.marketwatch.com/story/campbell-soup-shares-fall-after-earnings-miss-and-profit-warning-2017-11-21).
Medical-device maker Medtronic PLC(MDT) posted earnings before
the open as well, beating forecasts
(http://www.marketwatch.com/story/medtronic-beats-second-quarter-profit-and-sales-estimates-2017-11-21).
The stock was up 3% in premarket trading.
Shares in Intuit Inc.(INTU) traded 0.8% lower in premarket
action. The maker of TurboTax and other accounting software posted
better-than-expected quarterly results
(http://www.marketwatch.com/story/intuit-beats-on-first-quarter-earnings-but-stock-falls-2017-11-20)
late Monday, but some analysts said the company's guidance was
disappointing.
Agilent Technologies Inc.(A) fell 4% premarket after the maker
of scientific equipment late Monday posted better-than-anticipated
quarterly earnings
(http://www.marketwatch.com/story/agilent-falls-from-record-highs-after-forecast-comes-up-short-2017-11-20)
but gave a profit forecast that fell short of expectations.
Earnings preview:Analyst surveys point to a strong quarter for
Salesforce
(http://www.marketwatch.com/story/salesforce-earnings-analyst-surveys-pointing-to-a-strong-quarter-2017-11-20)
Shares in AmerisourceBergen Corp.(ABC) could see active trading
after the drug distributor late Monday agreed to buy independent
wholesaler H.D. Smith for $815 million
(http://www.marketwatch.com/story/amerisourcebergen-to-acquire-hd-smith-for-815-million-2017-11-20).
What are other assets doing?
European stocks traded higher, while Asian markets mostly closed
with gains
(http://www.marketwatch.com/story/tech-stocks-lead-broad-gains-by-asian-markets-2017-11-20).
Gold futures were advancing, while oil futures
(http://www.marketwatch.com/story/oil-regains-some-ground-lost-at-the-start-of-the-week-2017-11-21)
and the ICE U.S. Dollar Index were little changed.
(END) Dow Jones Newswires
November 21, 2017 08:13 ET (13:13 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
FTSE 100
Index Chart
From Apr 2024 to May 2024
FTSE 100
Index Chart
From May 2023 to May 2024