Futures Point Higher Friday as China Raises Rates; Palo Alto Beats Earnings, Ross Stores Misses

First Look

Futures are pointed higher Friday morning as stocks head for their seventh consecutive week of declines, the longest streak since the dotcom bubble. The crypto market is up 3.48% over the last 24 hours. Boosting sentiment today is China's announcement of a 15 basis point cut in interest rates, which was more than expected. Palo Alto Networks (PANW) is up 11.85% after the company beat earnings and revenue estimates while issuing upside earnings and revenue guidance for the company's fourth quarter. Meanwhile, Ross Stores (ROST) is down 24% after the company missed earnings and revenue estimates while issuing downside second quarter and full-year EPS guidance. The Nasdaq is up 1.67%, the S&P is up 1.23%, the Dow Jones is up 0.96%.

Today's Sentiment

Quote of the Day

He who knows only his own side of the case knows little of that.
John Stuart Mill

Stocks on the Move

International Markets

Stocks in Asia are up. The Hang Seng is up 2.96%, the Mumbai Sensex is up 2.91%, the Shanghai SE Composite Index is up 1.6% the Nikkei 225 is up 1.27% and the Australia ASX All Ordinaries is up 1.2%. In Europe stocks are up. The FTSE 100 is up 1.94%, the DAX is up 1.91%, the Euro Stoxx 50 is up 1.86% and the CAC 40 is up 1.59%.

Futures & Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 0.58 at 112.79 per barrel. Brent crude is up 0.6 at 112.64 per barrel. Natural Gas is down -0.41 at 7.9. Precious metals are mixed this morning. Gold is up 2.04 at 1843.89 per ounce. Platinum is down -6.03 at 959.05 while silver is up 0.02 at 21.93. The dollar is mixed compared to the major currencies today. The greenback is up against the euro, up against the Yen and down against the Pound. Bitcoin is up 3.29% to $30,374.11 while Ethereum is up 4.88% to $2,051.75.

Put/Call Ratio

Yesterday, 1,174,783 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 944,827 put contracts. The single-session put/call ratio was 0.8.

Today's Economic Calendar

Earnings Expected Today