Stock Futures Flat as Second Quarter Winds Down

The ADP employment report beat analyst expectations

Assistant Editor
Jun 30, 2021 at 9:09 AM
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Dow Jones Industrial Average (DJI) futures are down over 30 points ahead of the bell, as Wall Street prepares to close out a successful second quarter and first-half of the year. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are inching lower as well, following several consecutive days of intraday highs. Meanwhile, according to the ADP employment report, a better-than-expected 692,000 private-sector jobs were added in June. 

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

  • Addressing options sentiment by sector, with Schaeffer's Senior Quantitative Analyst Rocky White. 
  • Options bulls bet on upside for faltering Fuelcell stock
  • Plus, STZ's quarterly report; SPCE dips on double-downgrade; and LVS rises as travel restrictions loosen.  

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2 million call contracts traded on Tuesday, and 872,441 put contracts. The single-session equity put/call ratio rose to 0.43 and the 21-day moving average stayed at 0.43.
  2. Brewery name Constellation Brands Inc (NYSE:STZ) reported first-quarter earnings of $2.33 per share, which is just below analyst estimates of $2.34, as well as breakeven revenue. In pre-market trading, STZ is up 0.4%. 
  3. Virgin Galactic Holdings Inc (NYSE:SPCE) is down 5.3% before the open, after a rare double-downgrade from Bank of America Securities to "underperform" from "buy." The firm sees the stock as accurately valued, and notes that it will dwindle as commercial space peers go public. 
  4. Las Vegas Sands Corp (NYSE:LVS) is up 2% in electronic trading, after news that border restrictions between Hong Kong and Macau will ease in mid-July, as there is currently a 14-day quarantine rule. Simpler travel to Macau will likely give LVS a boost. 

  5. Today will bring the Chicago PMI, and the pending home sales index

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Covid-19 Variant Continues to Weigh on European Stocks

Asian markets settled on both sides of the aisle on Wednesday. The Shanghai Composite in China led the gainers, adding 0.5%, despite slowing growth in the country’s Purchasing Managers Index (PMI), which took a hit as a Covid-19 resurgence disrupted activity in its major export province of Guagdong. The South Korean Kospi also saw a slight pop, coming in with a 0.3% win for the day as tech stocks in the region surged. The Hong Kong Hang Seng took a 0.6% haircut, as investors eyed the debut of China-based drug stock Hutchmed, as well as a Hong Kong exchange filing in which China’s largest bad-debt manager Huarong Asset Management said it cannot know for certain when it will release its financial results for 2020. The Nikkei in Japan, meanwhile, finished flat with a 0.07% drop.

European markets are swimming in red ink today, pressured by the global rise in the Delta Covid-19 variant, paired with concerns over accelerating inflation. A slew of economic data was released throughout  the region. In the U.K., first-quarter gross domestic product (GDP) data showed a 1.6% quarter-on-quarter drop, coming in slightly lower than expected, while business investment shed 10.7%. Out of the euro zone, an inflation reading showed a slight drop in June to 1.9%, though the number is expected to topple 2.5% be the end of the year. In the wake of all these economic readings, the London FTSE 100 is off 0.4%, the French CAC 40 is 0.5% lower, and the German DAX has shed 0.7%.

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