Stock Futures Shrug Off Alarming Jobs Data

Private payrolls increased less than Wall Street forecasted

Deputy Editor
Sep 1, 2021 at 9:13 AM
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Stock futures are higher to begin September, as the S&P 500 Index (SPX) looks to build on its seven-month winning streak. Futures on the Dow Jones Industrial Average (DJI) are eyeing a triple-digit pop, while Nasdaq-100 Index (NDX) futures boast a modest lead, even after less-than-stellar jobs data rolled in. The ADP employment report showed private payrolls increasing by just 374,000, far below Wall Street's estimate of 600,000. Elsewhere, oil prices will be in focus amid the Hurricane Ida fallout and ahead of the OPEC+ meeting later today. 

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

  • Schaeffer's Senior Quantitative Analyst Rocky White presents the best and worst stocks to own this Labor Day.
  • Why options traders blasted Digital Turbine stock.
  • Plus, unpacking Campbell Soup's earnings report; Nio's dismal delivery outlook; and Sunrun stock's bull note. 

Futures Chart September 1

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts traded on Tuesday, compared to 702,613 put contracts. The single-session equity put/call ratio rose to 0.46 and the 21-day moving average stayed at 0.52.
  2. Campbell Soup Company (NYSE:CPB) stock is up 0.7% before the open, despite the food processing company beating top and bottom-line forecasts in its fiscal fourth-quarter earnings report. Possibly weighing on Campbell Soup stock is a fiscal 2022 adjusted earnings outlook that's lower than Wall Street estimated, as the food producer continues to deal with higher in put costs and a limited workforce. Campbell Soup stock is off 20.7% year-over-year going into today.
  3. The shares of Nio Inc (NYSE:NIO) are down 5.1% in electronic trading, after the China-based electric vehicle maker slashed its third-quarter delivery outlook. The company cited supply chain constraints as the reason for the cut. Nio stock is down 19.3% year-to-date but remains up 106.6% year-over-year.
  4. Energy stock Sunrun Inc (NASDAQ:RUN) is up 6.5% before the market's open, after the security was added to the U.S. Analyst Focus List at JPMorgan Chase. Meanwhile, Wolfe Research hit RUN with a "market overweight," after the company made the move to clean energy. Sunrun stock is down 36% in 2021.
  5. A slew of other economic indicators are due out today, including construction spending and motor vehicles sales data. Traders will also be keeping an eye on the final Markit manufacturing PMI, and the Institute for Supply Management (ISM) manufacturing index..

OV Buzz Chart Sept 1

European Markets Buck Yesterday's Inflation Data Woes

Markets in Asia were higher today, led by Japan's Nikkei, which scored a 1.3% pop. Elsewhere, the South Korean Kospi added 0.2%, Hong Kong's Hang Seng rose 0.6%, and China's Shanghai Composite tacked on 0.7%. Investors eyed economic data out of China, with August's Caixin/Markit manufacturing Purchasing Managers' Index (PMI) coming in at 49.2, putting it below the mark that separates expansion from contraction at the 50 level.

Following shaky trading during yesterday’s session, thanks to concerning Euro zone inflation data, markets in Europe are higher today. The French CAC 40 is in the lead with a 1.4% gain, while London's FTSE 100 is up 0.9%. The German DAX is 0.3% higher, despite news that German retail sales suffered a much bigger-than-expected 5.1% month-over-month drop in July, compared to the anticipated 0.9% deficit. Meanwhile, the euro zone's final August manufacturing PMI came in at 61.4, which is just below the flash estimate of 61.5.

 

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