S&P futures saw aggressive selling last night after White House adviser Navarro made comments on a Fox interview. When asked a long a detailed question about the China trade deal, Navarro simply said “It’s over” and then when on to criticize China. Markets initially took these words as an indication that the trade deal was in jeopardy and sold off.
Futures were down over 1%, but the comments were walked back quickly and futures eventually bounced all the way back into the green.
Positive June PMI data out of Europe has helped futures accelerate higher, which will help stocks open nicely in the green.
S&P Futures Trading Levels
The S&P futures currently sit at 3135, about 75 handles off last nights lows.
Support levels for the day will be 3115 and 3083
Upside resistance is 3140 and 3170.
The current environment is trending sideways, with bullish responses to “bad” news creating a positive environment for stocks.
Three Stocks to Watch
PYPL- PayPal has been one of the strongest stocks of 2020. The stock is up over 100% from the March lows and has accelerated higher over the last couple weeks. Yesterday, the company made news that the company will accept direct sales of cryptocurrency to its users. This news could open up a whole new arena for the company and the stock responded higher by 3%. Looking at the premarket, the stock is up another 2%.
INO- The stock is trading up 10% premarket after it received a $71M contract to scale up manufacturing of its COVID-19 Vaccine. The contract will allow the company to support production to potentially deliver millions of doses of its vaccine.
NKE – With earnings on Thursday, Needham is feeling very comfortable being on the long side. The firm reiterated its Buy rating for Nike, raising its price target from $80 to $113.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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PayPal Holdings, Inc. (PYPL): Free Stock Analysis Report
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Inovio Pharmaceuticals, Inc. (INO): Free Stock Analysis Report
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