Stock Futures Brush Off Upbeat Jobs Data

Weekly jobless clams fell to pandemic low

Deputy Editor
Jun 3, 2021 at 9:18 AM
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Stocks are looking at a lower open this morning. Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) futures are down triple-digits, while S&P 500 Index (SPX) futures are set to fall further from all-time highs levels yesterday. The lackluster price action comes despite upbeat jobs data this morning; according to the ADP employment report, private payrolls increased by 978,000 in May, much higher than the estimated 680,000 and its largest gain since last June. Plus, weekly jobless claims came in at a lower-than-expected 385,000 for last week, a new pandemic low. Elsewhere, "meme stock" AMC Entertainment (AMC) is poised to captivate investors once more.

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

  • Blackberry stock joins in on the "meme stock" buzz. 
  • American Airlines stock could be a smart reopening play.
  • Plus, FEYE falls after big sale; pot stock upgraded; and bear notes for Splunk stock. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.2 million call contracts traded on Tuesday, and 824,483 put contracts. The single-session equity put/call ratio fell to 0.37 and the 21-day moving average stayed at 0.51.
  2. FireEye Inc (NASDAQ:FEYE) is down 9% in pre-market trading, after the cybersecurity company announced the sale of its security software products unit and the FireEye name to Symphony Technology for $1.2 billion. To follow, Piper Sandler raised its price target to $23 from $22.
  3. Cantor Fitzgerald upgraded Tilray Inc (NASDAQ:TLRY) to "overweight" from "neutral" this morning, sending the shares up 6.1% in electronic trading. The upgrade follows the company's merger with fellow cannabis name Aphria (MO), and the firm sees tailwinds for the stock in the coming months. Year-to-date, the weed stock is up 130%.
  4. Splunk Inc (NASDAQ:SPLK) is down 5.5% ahead of the open, after the software company reported wider-than-expected first-quarter losses per share, and revenue about in line with expectations. The stock is seeing a flurry of bear notes as well, with no fewer than 12 analysts cutting their price targets. 
  5. Today will bring productivity revision, the ISM services index, the final Markit services PMI, and a revision to unit labor costs.

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European, Asian Stocks Make Moves on Data

Asian markets saw mixed settlements on Thursday. The Nikkei in Japan celebrated another substantial win, rising 0.4%, while the South Korean Kospi added 0.7%. China’s Shanghai Composite took a 0.4% haircut, however, slipping after the country's Caixin/Markit services Purchasing Managers’ Index (PMI) came in at 55.1 for May, dropping from its April reading of 56.3. This dip likely disappointed investors, though it’s far from contraction levels – typically seen as any reading under 50. The Hang Seng in Hong Kong also took a hit, leading the region’s losses with a 1.1% drop.

European markets, meanwhile, are eyeing sizable losses, dampened by the disappointing PMI reading out of China. The latest business activity out of the euro zone was a bit brighter. Specifically, the IHS Markit’s final composite PMI rose to 57.1 in May – a notable jump from April’s 53.8 reading – though it’s doing little to boost sentiment. The London FTSE 100 is the worst hit by far, down 1.2% , while the French CAC 40 is 0.6% lower, and the German DAX is off 0.7%.

 

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