Stock Futures Tentatively Higher as Tech Resumes Rally

Jobless claims, meanwhile, climbed higher than expected

Digital Content Manager
Sep 10, 2020 at 9:24 AM
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Stock futures erased earlier losses on Thursday in an attempt to extend yesterday's notable rebound. Futures on the Dow Jones Industrial Average (DJI) are set to open roughly 70 points above fair value. Meanwhile, futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also pointed tentatively higher, as investors eye tech's supposed comeback, and wonder if the worst is really over. Elsewhere, Wall Street is combing over another round of weekly jobless claims data. Claims totaled 884,000 last week, coming in higher than the estimated 850,000. 

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

  • Why right now is the perfect time to get in on this gold stock.
  • HD Supply stock jumped after a second-quarter earnings beat.
  • Plus, weed company partners with Martha Stewart; JPM's billion-dollar green bond; and protesters push back against Uber.

Futures 910 2

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.4 million call contracts traded on Wednesday, and 885,721 put contracts. The single-session equity put/call ratio rose to 0.62 and the 21-day moving average stayed at 0.47. 
  2. Canopy Growth Corp (NYSE: CGC) is up 0.9% in pre-market trading, after the cannabis company announced it partnered with Marquee Brands' Martha Stewart to create a line of supplements called Martha Stewart CBD, which will feature flavored gummies, softgels and oil drops. The company is down 40.4% year-over-year.
  3. JPMorgan Chase & Co. (NYSE: JPM) is up 0.3% before the bell, after the major bank offloaded $1 billion worth of of bonds to fund sustainability projects. The move comes as some in the U.S. are beginning to accept a climate crisis may create both financial and environmental instability. Year-to-date, the equity is down 27.6%.
  4. The shares of Uber Technologies Inc (NYSE: UBER) are down 0.5% in electronic trading, after protesters in Oakland, California said the company's anti-racism billboards are hypocritical and offensive, noting that Uber is currently fighting a ballot measure that would require it to classify drivers as employees. Year-to-date, the security is up 17.7%.
  5. The Producer Price Index (PPI) and wholesale inventories data are due out today. Meanwhile, Chewy (CHWY), Dave & Busters (PLAY), Peloton (PTON) and Oracle (ORCL) will all report.

OV Buzz Chart Sept 10

Asian Markets Mixed as Gaming Stock Makes Impressive Debut

Stocks in Asia were mixed on Thursday, led by Japan’s Nikkei and South Korea’s Kospi which both rose 0.9%. The latter received a boost from Kakao Games, which just made its debut on the index and surged to more than double its issue price. Mainland stocks struggled though, as Hong Kong’s Hang Seng and China’s Shanghai Composite each fell 0.6%. The former slipped alongside shares of Yum China, which debuted in the city on Thursday only to fall more than 5% from its issue price.

European markets are lower this morning, just ahead of the European Central Bank’s (ECB) latest meeting regarding interest rates and monetary policy. Still, the German DAX is up a paltry 0.04% at last check. Meanwhile, France CAC 40 is off 0.3%, while London’s FTSE 100 is rounding out the region with a 0.5% dip.

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