Stock Futures Mixed as COVID-19 Fears Resurface

U.K. Prime Minister Boris Johnson warned the U.K. is at a “perilous turning point”

Digital Content Manager
Sep 22, 2020 at 9:13 AM
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Stock futures are mixed this morning, still attempting to recover from a dismal start to the week. Futures on the Dow Jones Industrial Average (DJI) are hovering 30 points below fair value. Meanwhile, the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are looking to open slightly higher, with a freshly upgraded Amazon (AMZN) helping to strengthen the tech sector. Still, fears of a new wave of coronavirus cases are weighing heavy on investors' minds, especially after U.K. Prime Minister Boris Johnson announced further restrictions and noted the country was at a “perilous turning point.” Back in the U.S., Federal Reserve Chairman Jerome Powell assured the central bank will support the economy “for as long as it takes.”

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

  • Schaeffer's V.P. of Research Todd Salamone unpacks a historic option buying ratio.
  • UPS bucked the broad-market selloff after a lofty price-target hike.
  • Plus, Hertz considers bankruptcy loans; Intel gets the go-ahead in dealings with China; behind Amazon's latest upgrade.

Stock Futures 922

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.4 million call contracts traded on Monday, and 726,180 put contracts. The single-session equity put/call ratio dropped to 0.49 and the 21-day moving average stayed at 0.50. 
  2. Hertz Global Holdings Inc (NYSE:HTZ) is up 2.3% in pre-market trading, after the car rental company said it was considering $1-$1.5 billion bankruptcy loan proposals from two separate creditor groups, according to a Bloomberg report. Year-over-year, the stock is down 90.4%.
  3. Intel Corporation (NASDAQ:INTC) is up 0.6% before the bell, after the technology company received a U.S. license that allows it to continue providing certain products to China's Huawei Technologies. Before the license was issued, a ban prevented U.S. companies from doing business with Huawei unless authorized by the U.S. government. The security is down 16.9% this year.
  4. The shares of Amazon.com, Inc.(NASDAQ: AMZN) are up 1.7% in electronic trading, after Bernstein upgraded the security to  to “outperform” from “market perform.” The analyst in coverage noted that a recent 16% drop creates an attractive entry point for the security, and highlighted the company's growth prospects. Year-over-year, Amazon stock is up 65%.
  5. The pace is picking up today with an existing home sales report and the American Petroleum Institute's (API) crude oil inventory report. Investors will also be expecting Redbook's sales growth update and new manufacturing data. The earnings docket features AutoZone (AZO), KB Home (KBH), Nike (NKE), and Stitch Fix (SFIX).

OV buzz chart sept 22

Asian Markets Drop as Reignited Coronavirus Fears Hit

Stocks in Asia were lower on Tuesday, tumbling for a second-consecutive day as coronavirus fears reignited. As a result of the returning fears, shares of travel stocks fell considerably. One such loss came from Korean Air Lines, which played a part in the 2.4% fall seen from South Korea’s Kospi. Elsewhere, China’s Shanghai Composite tumbled 2.3%, while Hong Kong’s Hang Seng ended the session with a 1% loss. The latter experienced losses once again on the back of reports that HSBC and Standard Chartered allegedly moved large sums of illicit funds. Lastly, markets in Japan were closed once again for a holiday.

Meanwhile, European stocks reversed course from the previous session and are on the rise today. Despite travel and bank stocks experiencing notable losses, the German DAX is leading the region with a 1.1% lead. France’s CAC 40 is close behind, last seen up 0.7% up, while London’s FTSE 100 is 0.5% higher.

 

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