Facebook remains under pressure, and Oracle is sinking post-earnings
Dow Jones Industrial Average (DJI) futures are trading above fair value as the Fed prepares to begin its March meeting later in the day. While a policy decision won't be unveiled until tomorrow, Wall Street is fully expecting Jerome Powell's first meeting as Fed chair to result in an increase in interest rates. The S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are signaling positive opens, as well -- even with shares of Facebook (FB) pointed lower again amid reports its security chief is leaving the company. Meanwhile, disappointing quarterly results from Oracle (ORCL) could also pressure the tech sector.
Continue reading for more on today's market, including:
Schaeffer's V.P. of Research Todd Salamone discusses what to expect when VIX options expire tomorrow.The drug trial update that could have a "significant impact on the opioid crisis."Universal Display stock just fell through a crucial technical level. Plus, Oracle revenue whiffs; BlackBerry makes another deal; and Facebook tests chart support.
Earnings from Arcadia Biosciences (RKDA), Children's Place (PLCE), and FedEx (FDX) will be released.
Stocks in Asia were once again a mixed bag today, as investors anxiously eyed the tech-driven U.S. sell-off. Japan's Nikkei gave back 0.5% to notch its third straight decline, but clawed back about 157 points from its early morning lows. South Korea's Kospi reversed early losses to finish 0.4% higher thanks to solid gains for Hyundai Heavy Industries, up 3.5%, and a rebound in auto stocks. Hong Kong's Hang Seng added 0.1% as tech stocks caught a lift from Apple supplier Sunny Optical Technology's well-received earnings report, with that stock up 8.6% by the close. Meanwhile, China's Shanghai Composite gained 0.3%.
European markets are cautiously higher at midday, as a round of corporate earnings and M&A news takes center stage ahead of tomorrow's U.S. Fed decision. London's FTSE 100 is up 0.5% at last check, with a 3.2% post-earnings gain from homebuilder Bellway boosting sentiment, and engineering firm Fenner popping nearly 25% on reports of buyout interest from France's Michelin. Germany's DAX and the French CAC 40 are both up 0.4% at midday.