Nasdaq, Dow Futures Up Triple Digits Amid Chip Rebound

Investors are looking ahead to Nvidia earnings tomorrow

Stock futures are pointed higher this morning, with Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) futures up triple digits, while S&P 500 Index (SPX) futures sit firmly in the black. Treasury yields are extending their decline slightly, while chip stocks are rebounding as investors look ahead to Nvidia’s (NVDA) highly anticipated earnings report tomorrow. Inflation is also in focus, with July’s personal consumption expenditures (PCE) price index due out Wednesday. Meanwhile, Bitcoin (BTC) briefly topped 80,000 overnight before pulling back. 

Continue reading for more on today’s market, including:

• Familiar sentiment warning returning for stocks, per Schaeffer’s Senior V.P. of Research Todd Salamone. 
• 2 discount retailers reporting earnings later this week. 
• Plus, DKS sinking on Q2 report; bullish analyst lifting AMD; and UAL expanded on international destinations. 

5 Things You Need to Know Today

1. The Cboe Option Exchange saw roughly 2 million call contracts and 1.4cmillion put contracts traded on Monday. The single-session equity put/call ratio fell to 0.68, while the 21-day moving average rose to 0.59. 
2. Shares of Dick’s Sporting Goods Inc (NYSE:DKS) are down 17.2% premarket, after the sporting retailer posted lower-than-expected second-quarter earnings and revenue and slashed its annual forecast, citing a “challenging” footwear market. Should these losses hold, DKS will open at over two-year lows. 
3. Advanced Micro Devices Inc (NASDAQ:AMD) is up 3.3% ahead of the open, after Raymond James upgraded the semiconductor giant to “strong buy” from “outperform,” with a price-target hike to $641 from $565. Coming into today, AMD is up 113.3% year to date. 
4. United Airlines Holdings Inc (NASDAQ:UAL) is 3% higher in electronic trading, after the company added 10 new international destinations for 2027, including Okinawa, Japan. UAL is looking to extend a bounce off support at the $111 level and add to its 1.5% year-to-date lead. 
5. What to watch after Nvidia’s highly anticipated earnings this week.

Stocks Rise Overseas

Asian indexes finished mostly higher Monday as European traders bought in on falling Japanese bond yields. Japan’s Nikkei added 0.5%, while Hong Kong’s Hang Seng dropped 0.02%, China’s Shanghai added 0.2%, and South Korea’s Kospi finished up 0.7%.

European bourses are higher as homebuilding-related equities rallied on the British governments multi-billion plan to provide more low-cost housing. At last glance, London’s FTSE 100 is up 0.2%, France’s CAC is 0.4% higher, and Germany’s DAX is up 0.8%.