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Dow Jones Rises In Early Going

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October 28th, 2018  

Dow Jones futures were poised to open higher by about 0.5% in premarket trading Tuesday, but early gains faded as sellers quickly regained control. Early gainers included Take-Two Interactive (TTWO) and Under Armour (UAA).

The S&P 500 was up 0.5% in early trade, the Dow Jones industrial average added 0.4% and the Nasdaq composite edged up 0.1%.

Coca-Cola (KO) stock and General Electric (GE) stock also made early headlines, while Wall Street awaits earnings from Facebook (FB) after the close.

After a strong open Monday that saw the Nasdaq composite rise 1.8% intraday, sellers started to come into the stock market at around 2 p.m. ET, knocking the Nasdaq to a loss of 1.6% by the close. Despite Monday's sharp losses, investors were not excessively fearful. The CBOE put/call ratio came in relatively tame at 1.08.

European stock indexes were mixed in late trading. London's FTSE 100 eked a small gain, while Germany's DAX and the Paris CAC-40 edged lower. In Asia, Japan's Nikkei picked up close to 1.5%, while the Shanghai composite rose 1%. Hong Kong's Hang Seng index diverged with a 0.9% decline.

Shares of Take-Two Interactive surged 7% in early trading after the company said its Red Dead Redemption 2 game was the second highest-grossing weekend entertainment launch of all time.

Meanwhile, shares of Under Armour vaulted 24% on better-than-expected earnings and sales.
Dow Jones Futures: Coca-Cola Earnings

Shares of Coca-Cola led Dow Jones futures in the going with a 1% gain, but the stock opened flat. Coca-Cola reported better-than-expected earnings and sales.

Dow component Pfizer (PFE), which had been showing support at its 50-day moving average, was lower by nearly 2% after Q3 sales missed estimates. The drugmaker also lowered the top end of its full-year sales outlook.

In other stocks news today, ex-Dow component General Electric fell after missing on earnings. It also slashed its quarterly dividend to a penny a share from 12 cents starting in 2019 and said an SEC probe widened.

Akamai Technologies (AKAM) was an earnings winner, up 13% just after the opening bell. Meanwhile, an earnings miss at Texas Roadhouse (TXRH) weighed on shares early Tuesday. Wingstop (WING) also reported earnings late Monday.

 - IBD.

See Also: S&P 500