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Stock Futures Down; Apple, FANGs Sag; Retail Names Mixed – Investor's Business Daily

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Stock futures angled lower once again on Thursday as pressure from overseas markets and a rising dollar factored into early trade.

XAutoplay: On | Off Futures for the Dow Jones industrial average dipped 0.2% as the index continues struggling to hold the 22,000 mark. S&P 500 futures traded 0.3% below fair value, while Nasdaq 100 futures dropped 0.5%. Small caps were somewhat sheltered from the downdraft, with Russell 2000 futures off 0.1%.

Apple, FANGs Drag; Perrigo, Blue Apron Spike, Retailers Slide

Among the most influential tech names, Apple (AAPL) improved, narrowing its early losses to 0.2%.   Google parent Alphabet (GOOGL) slipped out of thin gains to a 0.4% decline, as all four heavyweight FANG stocks traded lower.

On the Dow, Wal-Mart (WMT) swung to the heaviest early loss, down 0.8%, with Microsoft (MSFT) and Cisco Systems (CSCO) each notching 0.5% losses . Exxon Mobil (XOM) added 0.3% to lead theindex in premarket trade.

On the earnings front, among the heaviest early losses, Chicago Bridge & Iron (CBI) tumbled 20%, IamGold (IAG) skidded 14% lower and ExOne (XONE) dived 10%.

Drugmaker Perrigo (PRGO) plowed 11% higher to lead the S&P 500 in early action. The Michigan-based company’s second-quarter earnings and revenue fell less than forecast, and management boosted full-year earnings guidance to well above consensus views.  The stock ended Wednesday down 69% from its April 2015 high.

Coca Cola European Partners (CCE) advanced 4% following strong second-quarter results. Shares were extended on Wednesday, after breaking out of a flat base in mid-July.

Blue Apron (APRN) reversed an early 3% gain to a 0.6% loss, as investors took in mixed second-quarter results. Earnings were worse than expected, while revenue topped views. New orders and customers rose 19% and 23%, respectively, year-over-year, but fell sequentially as the company backed off its marketing expenditures. Blue Apron shares ended Wednesday 38% below their late-June IPO price.

Among IBD 50 names, YY (YY) jumped 5%,  NetEase (NTES) dropped 6% after reporting quarterly results. YY shares are extended after a flat-base breakout in July. NetEase has been balanced at its 10-week line of support in a six-week flat base.

Department stores reversed early gains and dug into losses. Wisconsin-based Kohl’s (KSS) trimmed a 5% loss to 1% after beating second-quarter earnings estimates, and reporting a slowdown in same store sales declines.   The stock ended Wednesday up 19% from an early June low and was attempting to retake support at its 40-week moving average.

Macy’s (M) traded up and down, showing a 1% gain after reporting strong second-quarter results. Dillard’s (DDS) tanked 14% on a surprise quarterly loss.

Dollar, Yen, Gold Rising; Producer Prices Dip, Jobless Claims Eke Higher

Prices paid to U.S. producers slipped 0.1% in July, the Labor Department reported, down from June’s 0.1% advance and below expectations for another 0.1% gain. Core prices, minus energy and food, also dipped 0.1%, below views for a rise of 0.2%.

First-time unemployment claims remained roughly steady at 244,000 for the week ended August 5. The Labor Department revised slightly its prior week estimate, to 241,00 new claims. Economists had projected 241,000 applications for the August 5 week.

New York Federal Reserve Bank President William Dudley speaks at 10 a.m. ET.

U.S. benchmark oil rose 1.1% to top $50 per barrel. Gold added 0.6%, to above $1,287 an ounce. Silver jumped 1.5%. The dollar was mixed, down vs. the euro and up against a rising yen. Bonds gained, sending the 10-year yield down 2 basis points to 2.23%.

After taking only a mild hit on Wednesday, declines in China accelerated Thursday, sending the Shanghai Composite down 0.4% and Hong Kong’s Hang Seng Index to a 1.1% loss. The opposite was true in Japan, where investors piling into the safe haven yen helped Tokyo’s Nikkei 225 trim its loss to less than 0.1%, vs. a 1.3% slide on Wednesday.

In Europe, sellers continued to drive markets, with London’s FTSE 100 down 1.1% in afternoon trade. Frankfurt’s DAX was off 0.8% and the CAC-40 in Paris showed a 0.3% decline.

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