Stock Futures Mixed on Heels of Upbeat Unemployment Data

The Nasdaq is still reeling from yesterday's major tech sell-off

Digital Content Manager
Sep 4, 2020 at 9:18 AM
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The tech sector continued to plummet in pre-market trading on Friday, after a massive sell-off led to a disastrous close in yesterday's session. Futures on the Dow Jones Industrial Average (DJI) are attempting recovery alongside a rise in bank stocks, after the index registered its biggest one-day decline since June. Meanwhile, futures on the S&P 500 Index (SPX) are slightly above flatline. However, the Nasdaq-100 Index (NDX) is swimming in red ink, as both (TSLA), Apple (AAPL), and other giants fell from grace, knocking it off record levels. Traders are also digesting today's upbeat jobs report, which showed the U.S. created 1.37 million jobs in August and posted the lowest unemployment rate since the March shutdowns.

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

  • A bull signal indicates this genetics stock has room to grow.
  • Crowdstrike stock posted a blowout second-quarter earnings report.
  • Plus, Apple records biggest one-day loss in history; Alphabet's antitrust case could come soon; and Taco Bell cuts more menu items.

Stock Futures Chart Sept 4

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.7 million call contracts traded on Wednesday, and 992,458 put contracts. The single-session equity put/call ratio rose to 0.58 and the 21-day moving average increased to 0.45.
  2. Apple Inc. (NASDAQ: AAPL) is down 2.8% in pre-market trading, after shaving 8% on Thursday and losing close to $180 billion in market value -- the largest one-day loss for any company in history. Nonetheless, the technology giant's market cap is still comfortably over $2 trillion. Year-over-year, the security sports a 131.1% premium. 
  3. Alphabet Inc (NASDAQ: GOOGL) is down 1% before the bell, with an antitrust case against the company coming as soon as this month. The New York Times (NYT) reported Justice Department officials are pressuring attorneys to wrap things up quickly, so that action can be brought against the company. Year-over-year, the equity is up 37.8%.
  4. The shares of Yum! Brands, Inc. (NYSE: YUM) are down 1.3% in electronic trading, after Taco Bell announced another wave of menu revisions amid the COVID-19 pandemic, which increased drive-thru demand but left kitchens understaffed. Year-over-year, the security is down 18.3%.
  5.  Notable economic data lined up for today includes the nonfarm payrolls report and the unemployment rate. No companies will toss their hats in the earnings ring to end the week.

Buzz Chart Sept 4

European Markets Slightly Higher After Resisting Tech Selloff

Asian markets finished the week modestly lower, as the tech selloff in the U.S. impacted overseas counterparts such as Alibaba (BABA) and Tencent. As a result, China’s Shanghai Composite lost 0.9%, while Hong Kong’s Hang Seng paced the region with a 1.3% fall. The South Korean Kospi shed 1.2%, and Japan’s Nikkei gave back 1.1%, with Apple suppliers Sharp and Murata Manufacturing among the notable laggards with the latter.

Stocks in Europe, meanwhile, are for the moment seemingly exempt from the carnage. There are also new European Union (EU) sanctions against Russia to monitor, in the wake of the poisoning of Vladimir Putin critic Alexi Navalny. London’s FTSE 100 is up 0.1% at last check, while the French CAC 40 clings to a 0.09% lead. The German DAX is off by 0.5%, despite an outsized move higher from bank giant Commerzbank.


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