Stock Futures Static as Dow, S&P 500 Eye Big August Wins

The newest Dow components are making their debuts today, too

Deputy Editor
Aug 31, 2020 at 9:24 AM
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Stock futures are poised to begin the week mostly unchanged, though the S&P 500 Index (SPX) stands out in particular, up over 7% this month, and set to notch its biggest August gain since 1984. Meanwhile, Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) futures are both clinging close to fair value, with the former also looking at its best August since the 1980s on a more than 8% rally.

In other news, Apple's (AAPL) four-for-one stock split just took effect, though the tech behemoth will have a much smaller influence on the Dow going forward. As of this morning's open, Salesforce.com (CRM), Amgen (AMGN), and Honeywell (HON) will replace Exxon Mobil (XOM), Pfizer (PFE), and Raytheon Technologies (RTX) on the blue-chip index.  

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

  • A bullish signal is flashing for Etsy stock.
  • The packaged food stock Citi called a "bit more compelling" than its rivals. 
  • Plus, BLK mutual fund is first to receive China approval; Beyond Meat stock notched a bull note; and more on Warren Buffet's latest investment moves. 

Futures Chart August 31

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.6 million call contracts traded on Friday, and 675,474 put contracts. The single-session equity put/call ratio rose to 0.42, and the 21-day moving average fell to 0.44.
  2. BlackRock, Inc. (NYSE:BLK) received approval from regulators in China to set up a mutual fund unit, making the company the first global asset manager to attain this type of approval. As a result, BLK is up 1% in pre-market trading. 
  3. Citigroup hit Beyond Meat Inc (NASDAQ:BYND) with an upgrade this morning. The firm raised its rating on the plant-based burger maker to "neutral" from "sell," citing better-than-expected topline growth, and underperformance since July. The analyst added that BYND now offers a more balanced risk/reward profile, too. The shares of Beyond Meat are up 2% before the bell. 
  4. Warren Buffet's Berkshire Hathaway Inc (NYSE:BRK.A) is up 0.4% ahead of the open after it acquired stakes of just over 5% in five large Japanese companies, in what the company has regarded as long-term investments that may raise its stakes to as high as 9.9%. Mitsubishi, Mitsui and Sumitomo are a few notable names included in the acquisition. 
  5. It'll be a slow start to the week, with no economic data lined up today. Meanwhile, Zoom will step into the earnings confessional.

OV Buzz Chart Aug 31

Asian Markets Mostly Lower; European Markets Rising on Utility Shares Surge

Stocks in Asia were mostly lower after today’s session. However, Japan’s Nikkei rose 1.1% as the country continues its search for a new prime minister, with Shinzo Abe stepping down for health reasons. Elsewhere, Hong Kong’s Hang Seng fell 0.9% and the Kospi in South Korea dropped 1.2%. Rounding out the region, China’s Shanghai Composite lost 0.2%, after it was announced that China’s manufacturing activity expanded for August but fell short of expectations.

European markets are seeing a modest rise today. The French CAC 40 is up 0.4%, as shares of French utility firm Suez (SZSAY) soared up around 19% after Veolia (VEOEY) offered to buy stake in the company. Meanwhile, the German DAX has gained 0.3%, and London’s FTSE 100 is closed for holiday.

 

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