Stock Futures Quiet as Investors Reassess Growth Outlook

September is historically a period of seasonal weakness

Deputy Editor
Sep 8, 2021 at 9:22 AM
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Stock futures are flat this morning, as Wall Street weighs the economic growth outlook with the Delta variant, amid a year of outsized gains from major benchmarks. September has historically proven to be one of the weakest months for the markets, leaving investors to brace for volatile trading. Futures on the Dow Jones Industrial Average (DJI) are pointing around 56 points lower, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are hovering closer toward breakeven.

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

Futures Chart September 8

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts traded on Tuesday, compared to 791,544 put contracts. The single-session equity put/call ratio rose to 0.43 and the 21-day moving average stayed at 0.52.
  2. Coinbase Global Inc (NASDAQ:COIN) just disclosed that it received a Wells notice from the U.S. Securities and Exchange Commission (SEC). The SEC plans to sue the cryptocurrency exchange and service firm over its product, Coinbase Lend, an interest-earning product that Coinbase intended to launch in the coming weeks. COIN is down 3% in electronic trading, cutting into the 20.9% lead the shares accumulated over the last three months.
  3. Electric vehicle maker Tesla Inc (NASDAQ:TSLA) is up 1.1% ahead of the open, after data revealed the company's sales surged in China last month. For August, Tesla sold 12,885 cars manufactured in China, up sharply from July's 8,621. Tesla stock boasts an 80% year-to-date rise, while pacing for a four month win streak.
  4. The shares of PayPal Holdings Inc (NASDAQ:PYPL) were up 1.4% before the open, following news that the digital payments platform has plans to acquire Paidy, a Japanese buy-now-pay-later company. The deal is reportedly worth $2.7 billion. PayPal stock is up 25% going into today.
  5. Today, job openings data are due out. In addition, the Federal Reserve will release its latest beige book report.


European Investors Await Tomorrow's ECB Meeting

Markets in Asia were a mixed bag today. Japan’s Nikkei tacked on 0.9%, after the country’s economy reported 1.9% annualized growth last quarter, surpassing the 1.3% estimate. On the other end of the spectrum, South Korea’s Kospi gave back 0.8%, while Hong Kong’s Hang Seng and China’s Shanghai Composite fell 0.1% and 0.04%, respectively.

Over in Europe, stocks are pointed lower ahead of the European Central Bank (ECB) meeting tomorrow. At last check, London’s FTSE 100 and the French CAC 40 are 0.5% lower, and the German DAX is off by 1%, the latter weighed down by Siemens Energy.


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