Stock futures were arranged for an upbeat open on Monday, despite mixed action overseas, as the market gears up for the roll-out of the third-quarter reporting season later in the week.
[ibd-display-video id=2329112 width=50 float=left autostart=true] Nasdaq 100 futures led the early advance, rising 0.2% above fair value. Futures for the Dow Jones industrial average and the S&P 500 managed only fractional gains. Small caps outpaced in the early going, with Russell 2000 futures running 0.3% above fair value.
Most federal offices, Federal Reserve Banks and the bond markets are closed Monday for the Columbus Day holiday, limiting economic news releases and some transactions across the financial sector, and suggesting a quiet session for stocks.
Big banks will be the lead contingent heading into the earnings reporting season, with Citigroup ( C ) and JPMorgan ( JPM ) set to report on Thursday, and Bank Of America ( BAC ), PNC Financial ( PNC ) and Wells Fargo ( WFC ) scheduled for early Friday reports.
J&J Leads, GE Lags On the Dow; Netflix In Buy Range
Dow stocks were generally positive, led by Johnson & Johnson's (JNJ) early 1% gain. The medical product giant's Janssen subsidiary announced positive trial results from its darunavir HIV-1 infection treatment.
General Electric (GE) stooped 0.9%, the weakest premarket move among Dow industrials. The company announced after Friday's close that veteran CFO Jeffrey Bornstein would retire at the end of the year and Jamie Miller, CEO of GE Transportation, would fill Bornstein's role. Retirements of two vice chairmen were also announced.
Early Monday, GE said that board member Robert Lane would retire due to health reasons, to be replaced by Ed Garden, founding partner and chief investment officer at activist investor Trian Fund Management.
Another leading diversified operator, Honeywell (HON), gained 1.3% in early action. News reports on Sunday said the Morris Plains, N.J. company was exploring options to spin off operations in order to create at least two publicly-traded companies. Honewell shares are up 24% since the start of the year, ending Friday in a buy range above a 140.17 buy point in a flat base .
Apple (AAPL) rose 0.4%, after finishing Friday above its late-September low, but capped by resistance at its 10-week moving average.
Netflix (NFLX) led the FANG stocks , jumping 0.8% as the stock looks to add a fifth day to the rally that lifted shares more than 9% last week in heavy trade. Shares ended Friday near the top of a buy range , 4% above a 190.05 buy point in a cup-with-handle base.
IBD 50 stock Jupai Holding (JP) ran ahead 4% in premarket action. The China-based financial advisor spiked 39% last week, putting the stock up 88% since an August breakout and 81% above its July 2015 IPO price.
Control4 (CTRL) popped 2% ahead of the open. The smart home software play has logged a six-week rally, pushing the IBD 50 name more than 20% above a flat base buy point of 24.94. Investors who bought at this break out should consider locking in a portion of their profit .
Global Markets: China and Europe Mixed
Japan's Tokyo Stock Exchange was closed, but China's markets were mixed as the Shanghai exchange opened after a week-long holiday. The Shanghai Composite jumped 0.8%. Hong Kong's Hang Seng index dropped 0.5%.
In Europe, markets turned mixed in afternoon trade, having given up early gains as investors continue to monitor Catalonia's momentum toward a bid for independence in Spain.
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