Stock Futures Muted After Dismal Jobs Data

August's jobs report revealed the worst jobs creation numbers since January

Assistant Editor
Sep 3, 2021 at 9:12 AM
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Stock futures are muted this morning, as investors unpack a disappointing jobs report. August non-farm payrolls increased by just 235,000, well below the 720,000 economists forecasted and amounting to the worst jobs creation since January. The unemployment rate, meanwhile, fell to 5.2%, which was in line with expectations. At last check, futures on the Dow Jones Industrial Average (DJI)S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) are all hovering near breakeven. Elsewhere, enigmatic cryptocurrency Bitcoin (BTC) has reclaimed the psychologically significant $50,000 level.

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

  • 10 commandments for options trading and fantasy football.
  • The big event that could push DocuSign stock to new highs.
  • Plus, NFLX's impressive win streak; DocuSign's earnings report; and FuboTV sports betting update.

FUtures Chart September 3

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2 million call contracts traded on Thursday, compared to 836,111 put contracts. The single-session equity put/call ratio fell to 0.42 and the 21-day moving average stayed at 0.52.
  2. Netflix Inc (NASDAQ:NFLX) just recorded its 14th win in 15 sessions, which culminated in a new all-time high yesterday. NFLX was last seen slightly higher, up 0.08% in electronic trading, as the security looks to extend it's best-ever two week stretch. Netflix stock now boasts an 8.8% year-to-date lead.
  3. The shares of DocuSign Inc (NASDAQ:DOCU) are 1.8% higher ahead of the open, after the e-signature vendor beat Wall Street's second-quarter earnings and revenue expectations. In response, the company raised its full-year guidance. Year-to-date, DocuSign stock sports a 32.5% rise.
  4. Sports streaming name FuboTV Inc (NYSE:FUBO) stock is popping, up 4.1% before the market's open, following news that Arizona regulators are allowing the company to offer mobile betting. This marks the second state to grant FuboTV such approval, with the other being Iowa. The positive price action only adds to FUBO's incredible 204% year-over-year lead.
  5. Today will also feature the final Markit services PMI, alongside the ISM services index.

OV Buzz Chart Sept 3

Japanese Markets Pop After Prime Minister Race Update

Markets in Asia were mixed today. Japan's Nikkei led the winners with a 2.1% pop, after Prime Minister Yoshihide Suga announced he will not be running in the upcoming election. China's Shanghai Composite dropped 0.4%, after the Caixin/Markit services Purchasing Managers’ Index (PMI) came in at 46.7 – a sharp contraction and its lowest reading since April 2020. Elsewhere, the South Korean Kospi tacked on 0.8%, and Hong Kong's Hang Seng fell 0.7%.

Meanwhile, European markets are struggling for direction, as investors look ahead to U.S. jobs data. The euro zone's final IHS Markit composite PMI came in at 59 from July's 60.2 – still well above the 50 level and remaining above that mark of contraction. The French CAC 40 is down 0.4% midday, while London's FTSE 100 and the German DAX are up 0.2% and 0.1%, respectively.

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