Stock Futures Take a Breather After Another Record Session

Nasdaq futures, meanwhile are swimming in red ink this morning

Fernanda Horner
Sep 3, 2020 at 9:29 AM
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After another record-breaking session on Wall Street yesterday, stocks are taking a breather this morning. Futures on the Dow Jones Industrial Average (DJI) are trimming some of their earlier losses, after the Labor Department released a new batch of jobless claims, with 881,000 first-time unemployment applications filed -- dropping from last week's 950,000 first-time filer reports. The index is still pointing modestly lower ahead of the open, however.

Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also taking a breather, with the latter dampened by a drop in Facebook (FB) stock, following the social media giant's decision to ban political ads in the weeks leading up to the Nov. 3 presidential election. 

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

  • Analysts praised this home-furnishing stock ahead of today's earnings. 
  • Target stock took a breather despite its new premium food line.
  • Plus, Facebook bans political ads before election; Netflix signs production deal with former royals; and faux-meat concern gets an upgrade.

Stock Futures Chart Sept 3

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.94 million call contracts traded on Wednesday, and 778,509 put contracts. The single-session equity put/call ratio was 0.4 and the 21-day moving average was 0.44.
  2. Facebook, Inc. (NASDAQ: FB) is down 1.4% in pre-market trading, after the company announced it will ban new political ads from running the week before the presidential election, and  take down posts that claim voters will get coronavirus if they go to the polls. Year-over-year, however, the security sports a 65.9% premium. 
  3. Netflix Inc (NASDAQ: NFLX) is down 2% before the bell, despite signing a multi-year production deal with Prince Harry and Meghan Markle, formally known as the Duke and Duchess of Sussex. The former English royals will produce nature series, documentaries, and children's programming. Year-over-year, the company is up 91.1%.
  4. The shares of Beyond Meat Inc (NASDAQ:BYND) are up 1.5% in electronic trading, after Baird initiated coverage on the faux-meat concern with an “outperform” rating. The analyst in coverage glowed about the company’s distribution potential. Beyond Meat stock is up 71% in 2020. 
  5.  Trade deficit data, as well as revisions concerning productivity and unit labor costs data are due today. Meanwhile, Broadcom (AVGO), Campbell Soup (CPB), Ciena (CIEN), DocuSign (DOCU), Smith & Wesson Brands (SWBI), and Zumiez (ZUMZ) will all report earnings.

OV Buzz Chart Sept 3

European Markets Jump as Investors Scrutinize Key Data

Stocks in Asia were mixed once again today, as investors pored over regional economic data releases. Specifically, the Caixin/Markit services Purchasing Managing Index (PMI) came in at 54, just shy of July’s reading of 54.1. South Korea’s Kospi added 1.3%, followed closely by Japan’s Nikkei which managed to tack on 0.9%. Elsewhere, China’s Shanghai Composite lost 0.6%, while Hong Kong’s Hang Seng fell 0.5%.

European markets are moving higher this morning, as key economic data from around the globe is being scrutinized by investors. The Euro Zone’s Market PMI came in at 51.9 for August, topping the 51.6 estimate. The French CAC 40 is up 1.6%, at last check with the German DAX – up 1% -- close on its heels. Rounding out the region, London’s FTSE 100 is up 0.4%, with British bank Commerzbank in hot water for its involvement in the Wirecard scandal.


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