Major Indexes Staring at Fourth Consecutive Week of Losses

This could be Wall Street's worst losing streak since 2019

Digital Content Manager
Sep 25, 2020 at 9:20 AM
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Despite yesterday's marginal win, stock futures are pointed mostly lower this morning, with all three major indexes staring at their fourth consecutive weekly loss for the first time since 2019. Futures on the Dow Jones Industrial Average (DJI) are set to open with a more than 100-point drop. Meanwhile, the S&P 500 Index (SPX) is looking to open significantly lower, and the Nasdaq-100 Index (NDX) is eyeing modest gains, as tech shares struggle to recover from this month's selloff, dismissing any recent gains. Elsewhere, House Democrats are still working on a $2.4 trillion relief package that includes unemployment benefits and aid to airlines. Still, even if the package could get a vote as soon as next week, it is far above the price Republican leaders were willing to pay.

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

  • This pharma stock could be headed towards record highs.
  • Rite Aid stock pummeled despite upbeat quarterly report.
  • Plus, European Commission appeals Apple ruling; AstraZeneca granted partial immunity; and Boeing supplier files for bankruptcy protection.

Stock Futures 925

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts traded on Thursday, and 751,051 put contracts. The single-session equity put/call ratio rose to 0.63 and the 21-day moving average jumped to 0.53. 
  2. Apple Inc. (NASDAQ:AAPL) is up 0.3% in pre-market trading, despite the European Commission announcing it would appeal a court ruling involving the tech giant and the Republic of Ireland, in which the general court ruled that there was not enough proof the Irish government gave the company a tax advantage. The case is now going to the highest court in Europe. Year-over-year, AAPL sports a 95.8% lead.
  3. AstraZeneca plc (NYSE:AZN) is up 0.1% before the bell, after the European Union granted the company partial immunity from any potential liability related to its coronavirus vaccine candidate, meaning AstraZeneca would pay legal costs only up to a certain threshold. The drugmaker reportedly received this benefit because it is asking a lower price for the treatment. The security is up 27.9% in the last six months.
  4. The shares of Boeing Co (NYSE:BA) are up 0.7% in electronic trading this morning, despite one of its suppliers, Impresa, filing for bankruptcy protection due to the grounding of Boeing’s 737 Max jet after two fatal crashes. The jet was a crucial source of revenue for the company. Year-over-year, Boeing stock is down  62.2%.
  5. Today's attention is shifting to orders data for core durable goods. Earnings from Carnival (CCL) are on tap.

    OV Buzz Chart Sept 25

European Markets Drop as Hopes of Economic Recovery Dim

Stocks in Asia were mixed to close out the last full week of September. Making headlines was shares of Chinese property developer Evergrande Group, plunging nearly 10%, after reports surfaced showing the company is seeking government approval for a restructuring plan amid cash flow issues. As a result, mainland stocks mostly suffered, with Hong Kong’s Hang Seng and China’s Shanghai Composite falling 0.3% and 0.1%, respectively. Elsewhere, Japan’s Nikkei locked in a 0.5% gain, while South Korea’s Kospi rounded out the region with a 0.3% win.

European stocks are lower today, giving back modest gains from the morning as travel and auto stocks weigh. Investors continue to look at coronavirus developments and the decreasing likelihood of a smooth economic recovery. In response, the German DAX and France’s CAC 40 were both last seen off 1.6%, while London’s FTSE 100 is down 0.4%.


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