Stock Futures Slip as Traders Digest Tax Plan, GDP Data

Weekly jobless claims surged more than expected last week

Sep 28, 2017 at 9:20 AM
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Dow Jones Industrial Average (DJIA) futures are pointed lower this morning, as traders digest President Trump's tax plan, which critics say would substantially increase the U.S. deficit. Investors are also responding to the final gross domestic product (GDP) reading, which was revised up to 3.1% for the second quarter -- the fastest growth in two years. Weekly jobless claims also surged more than expected last week, driven by recent hurricanes and tropical storm damage.

Continue reading for more on today's market, including:

US Stock Futures Sept 28

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 868,117 call contracts traded on Wednesday, compared to 527,812 put contracts. The single-session equity put/call ratio fell to 0.61, and the 21-day moving average remained at 0.62.
  2. BlackBerry Ltd (NASDAQ:BBRY) stock is up 7.8% in pre-market trading, after the company reported stronger-than-expected earnings and record software sales. In addition, the firm said it signed its first BlackBerry Secure licensing deal. As such, BBRY shares could top $10 for the first time since late July.
  3. Shares of Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) could double this morning, last seen trading 98% higher in electronic trading, after the company's cannabis-based gel met the main goal in a mid-stage study. The biotech stock could close its early August bear gap, which stemmed from disappointing data for the gel.
  4. Trading lower before the bell is DexCom, Inc. (NASDAQ:DXCM) stock, which was last seen down 30.5% in pre-market trading -- and headed for two-year lows -- after rival Abbott Laboratories (ABT) secured approval from the Food and Drug Administration (FDA) for its blood glucose monitoring device sooner than expected. As such, Raymond James and J.P. Morgan Securities downgraded DXCM stock to ""market perform" and "neutral," respectively.
  5. Wall Street will also digest international trade data and weekly jobless claims today. AngioDynamics (ANGO), Conagra Brands (CAG), KB Home (KBH), Rite Aid (RAD), and Vail Resorts (MTN) will report earnings.

Buzz Stocks Sept 28

Overseas Trading

It was a mixed finish in Asia today, with Tokyo stocks outpacing their regional peers, as financial shares gained following the release of Trump's tax plan in the U.S. Additionally, Prime Minister Shinzo Abe dissolved the lower house of parliament ahead of the country's snap election on Sunday, Oct. 22. At the close, Japan's Nikkei was up 0.5%, while South Korea's Kospi eked out a 0.02% gain. Elsewhere, traders in China took profits off the table ahead of a week-long holiday, with the Shanghai Composite falling 0.2%. Hong Kong's Hang Seng also closed lower, shedding 0.8% as property stocks retreated.

European markets are mostly lower, though bank stocks are outperforming in reaction to the U.S. tax proposal. A negative earnings reaction for Hennes & Mauritz AB is helping to drive some of the downside, with the retailer reported lower-than-expected third-quarter pre-tax profit. Most recently, London's FTSE 100 was down 0.3% and the French CAC 40 is fractionally lower. The German DAX is higher, though, up 0.2%.

 

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