Dow Futures Surge Amid Infrastructure Bill News

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The Nasdaq is fresh off 10-straight wins

Dow Jones Industrial Average (DJI) futures are indicating solid gains this morning, as the blue-chip benchmark looks to build on its record close from Friday. S&P 500 (SPX) futures are eyeing a small pop, while Nasdaq-100 (NDX) futures are flat. The former is fresh off its seventh-straight win, while the tech-heavy latter is riding a 10-day win streak.

Investor optimism is swelling after the U.S. House of Representatives passed a more than $1 trillion infrastructure bill over the weekend. The new legislation is now headed to U.S. President Joe Biden’s desk for approval, and includes funding for transportation, utilities, and broadband. Elsewhere, Bitcoin (BTC) looks primed to make another run at record highs today.

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

  • This earnings report could be a clue for reopening stocks.
  • One small-cap stock sinking under a key trendline.
  • Plus, pot stock downgraded; Caterpillar a ‘fresh pick’; and unpacking Coty’s earnings beat.

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.7 million call contracts traded on Friday, compared to 1.2 put contracts. The single-session equity put/call ratio rose to 0.44, and the 21-day moving average stayed at 0.47.
  2. Canopy Growth Corp (NASDAQ:CGC) is down 0.4% ahead of the open, after Cowen and Canaccord Genuity both downgraded the pot stock. The bear notes follow the company’s fiscal second-quarter revenue miss last week. Year-to-date, CGC has already shed 52.2%.
  3. Caterpillar Inc. (NYSE:CAT) is up 5.2% in electronic trading, after Baird announced the blue chip name is one of its ‘fresh picks.’ The analyst in question noted CAT may see strong earnings over the next few years, with the recently passed infrastructure bill adding to strong demand. Year-over-year, CAT is up 26.2%.
  4. Coty Inc (NYSE:COTY) is up 8.5% before the bell, after beating Wall Street’s fiscal first-quarter earnings estimates. Plus, the beauty name said it is selling additional stake in Wella to KKR (KKR). COTY boasts a 178.1% year-over-year lead.

European Markets Mixed Ahead of Key U.S. Economic Data

Markets in Asia were mostly lower today, with the exception of China’s Shanghai Composite, which rose 0.2%, after data showed China’s exports jumping a better-than-expected 27.1% in October. Elsewhere, Hong Kong’s Hang Seng and Japan’s Nikkei both dropped 0.4%, while the South Korean Kospi finished the day with a 0.3% loss.

European markets are a mixed bag at midday, as investors eye economic data out of the U.S this week. The French CAC 40 is having the best day so far, rising 0.3%. Meanwhile, London’s FTSE 100 is off 0.05%, while the German DAX is down 0.2%, at last check.