Stock Futures Signal New Highs as Wall Street Watches Las Vegas
Dow Jones Industrial Average (DJIA) futures are signaling a positive start to the fourth quarter, though pre-market gains are modest following a mass shooting in Las Vegas overnight -- and with at least 50 people dead and more than 400 injured, it's the deadliest gun attack in U.S. history. And while several Las Vegas-related casino stocks are sinking ahead of the bell, futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are up, too, after the S&P and Nasdaq Composite (IXIC) nabbed record highs on Friday.
Continue reading for more on today's market, including:
Buy calls on this small-cap airline stock, if past is prologue.Behind Costco's pre-earnings call buying activity.Why one analyst nearly quintupled their price target on this tech stock.Plus, gun stocks pop; Roku shares retreat; and takeover talk signals a big day for this cloud stock.
The Chicago Board Options Exchange (CBOE) saw 841,513 call contracts traded on Friday, compared to 499,101 put contracts. The single-session equity put/call ratio rose to 0.59, and the 21-day moving average remained at 0.62.Gun stocks are getting a lift today after the deadly shooting in Las Vegas heightens expectations for a revived gun control debate -- and a surge of sales before potential policy changes. Among specific equities, Sturm Ruger & Company Inc (NYSE:RGR) is up 4% ahead of the bell, while American Outdoor Brands Corp (NASDAQ:AOBC) is 4.3% higher.After a blowout debut for Roku Inc (NASDAQ:ROKU) last week -- the stock settled at $26.54, nearly 90% above its initial public offering price -- the shares are down 6.5% in electronic trading. Weighing on ROKU stock is an "unattractive" rating from New Construct over the weekend, with the brokerage firm citing a sharp difference between what the streaming name expects of its financial results and what it has actually reported.Following last month's buyout bid blow, shares of Synchronoss Technologies, Inc. (NASDAQ:SNCR) are more than 20% higher in pre-market trading. The cloud company said it is holding active discussions with other parties that offer "attractive proposals compared to the most recent proposal from Siris."The Institute for Supply Management's (ISM) manufacturing index, Markit's purchasing managers manufacturing index (PMI), and construction spending data will hit the Street today. Dallas Fed President Robert Kaplan is also scheduled to speak, and Cal-Maine Foods (CALM) will report earnings.
Overseas Trading
It was a quiet day for stocks in Asia, as markets in China and South Korea were shuttered for national holidays. However, Japan's Nikkei got a boost from the Bank of Japan's latest Tankan business confidence survey, which touched its highest reading in 10 years. Data was especially promising for large manufacturers, who've benefited from a weakening yen. By the close, the index was up 0.2%.
In Europe, major benchmarks are trading near breakeven at the halfway point. Traders are digesting the latest round of economic data, including weaker-than-expected manufacturing data in the U.K. for September, and a final reading on eurozone manufacturing as a whole was revised lower. Meanwhile, regional travel stocks were outperforming after Monarch Airlines ceased trading. Germany's DAX was last seen sporting a fractional lead, while London's FTSE 100 is down 0.1% and France's CAC 40 has dropped 0.3%.