Stock Futures Signal Strong End to September

The U.S. stock market is poised for a monthly win

by Karee Venema

Published on Sep 30, 2019 at 9:11 AM

Reports suggesting the White House wanted to curb capital flows to China sparked a bearish reversal in stocks on Friday. This morning, though, futures on the Dow Jones Industrial Average (DJI) are trading above fair value, after the Treasury Department said the Trump administration is not currently planning to block Chinese companies from listing on U.S. stock exchanges. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are up with the Dow, as all three indexes look to build on their monthly gains in the last day of the third quarter. 

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

  • Why Stitch Fix stock could be volatile on Wednesday.
  • This airline stock just had its best day ever.
  • Plus, a big bull note for Apple; a drug stock set to jump 38%; and Immunomedics drops on breast cancer drug buzz.

us premarket trading on sept 30

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.18 million call contracts traded on Friday, compared to 855,110 put contracts. The single-session equity put/call ratio slipped to 0.72, while the 21-day moving average edged up to 0.65.
  2. J.P. Morgan Securities lifted its Apple Inc. (NASDAQ:AAPL) 2020 price target to $265, compared to its 2019 price target of $243, saying it expects sentiment to "improve materially" on the tech stock. The brokerage firm also raised its iPhone volume forecasts for the next two quarters. AAPL stock is up 0.7% ahead of the bell, after closing Friday at $218.82 -- a 38.7% year-to-date gain.
  3. Dova Pharmaceuticals Inc (NASDAQ:DOVA) stock is 38% higher in electronic trading, set to open at an annual high of $27.96 per share. The boom comes after Swiss rare diseases specialist Swedish Orphan Biovitrum (SOBI) will buy the North Carolina-based firm for $27.50 per DOVA share, with the right to an additional $1.50 per share on U.S. Food and Drug Administration (FDA) approval of the company's Doptelet for use in chemotherapy-induced thrombocytopenia.
  4. Immunomedics, Inc. (NASDAQ:IMMU) stock is bracing for a 5.7% drop out of the gate, after the company said it was delaying the submission of its application for FDA approval of its breast cancer drug until late November or early December. IMMU stock settled Friday at $14.32, just above its year-to-date breakeven mark.
  5. The Chicago purchasing managers index (PMI) is due. Cal-Maine Foods (CALM) will report earnings.

buzz stocks sept 30

Sinking Bank Shares Weighed on Tokyo Stocks

It was a mixed day for Asian markets. China's Shanghai Composite slipped 0.9% with better-than-expected manufacturing data overshadowed by last Friday's news that U.S. President Donald Trump is considering delisting Chinese companies from American stock exchanges. Hong Kong's Hang Seng was 0.5% higher after Anheuser-Busch InBev's Budweiser APAC listing surged on its first day as a public company. Meanwhile, South Korea's Kospi ended 0.6% higher, while Japan's Nikkei lost 0.6% as the financial sector took a hit.

Stocks in Europe are mixed at midday, amid rising trade tensions between the U.S. and China. London's FTSE 100 is 0.2% lower after British Prime Minister Boris Johnson said Sunday that he would not be resigning, with or without a Brexit deal. Investors also digested an 11-year low in the euro zone’s jobless rate. Elsewhere, the German DAX and French CAC 40 are both up about 0.1%.  


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