Stock Futures Eye Big Rebound to End Rough Week

Wholesale prices hit their highest level since 2010

Assistant Editor
Sep 10, 2021 at 9:02 AM
facebook twitter linkedin


Stock futures are looking to open Friday's session confidently higher, ready to finish a dismal week on a high note. Wall Street seems to be brushing off key inflation data this morning, which revealed wholesale prices surged by 8.3% -- their highest annual rate since 2010. Futures on the Dow Jones Industrial Average (DJI) are up around 171 points, while S&P 500 Index (SPX) futures are also in the black. Both indexes are looking to snap four straight days of losses. Meanwhile, futures on the Nasdaq-100 Index (NDX) are also considerably higher.

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

  • Everything you need to know about Ethereum.
  • Juniper Networks stock may be ready to rise again.
  • Plus, Affirm's revenue win; Wells Fargo brushes off regulator's fines; and PLAY rises after earnings.

Futures Chart September 10

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts traded on Wednesday, compared to 818,857 put contracts. The single-session equity put/call ratio rose to 0.47 and the 21-day moving average stayed at 0.51.
  2. Affirm Holdings Inc (NASDAQ:AFRM) stepped into the earnings confessional last night, and announced fiscal fourth-quarter revenue that easily beat Wall Street's forecasts. The "buy now, pay later" company saw active merchant figures more than quintuple as well, leading Affirm to issue a positive outlook. At last check, AFRM is up 22.1% in electronic trading.
  3. Bank stock Wells Fargo & Co (NYSE:WFC) is up 2.1% ahead of the open, brushing off a $250 million fine by regulators, who accuse the company of not making enough progress in resolving ongoing mortgage business issues. Said issues were first identified in 2018, and relate to "unsafe or unsound practices" surrounding its loan modification program. Year-to-date, Wells Fargo stock boasts a 47% lead.
  4. The shares of Dave & Buster's Entertainment Inc (NYSE:PLAY) are up 9.6% before the bell, after the company trounced analysts' earnings and revenue estimates in its second-quarter report. Dave & Buster's said its seeing signs of recovery in its business that should hold strong save for any setbacks from a Covid-related downturn. Heading into the session, Dave & Buster's stock boasted a 92.2% year-over-year gain.
  5. Today's economic data slate also features wholesale inventories data.

buzzsept10

Asian, European Markets on the Mend

Markets in Asia bounced back today, with video game stocks leading the charge. Hong Kong tech stocks Tencent and NetEase recovered from Thursday’s bear gaps, helping the Hang Seng to a 1.9% win. China’s Shanghai Composite added 0.3%. Rounding out the region, Japan’s Nikkei gained 1.3%, while South Korea’s Kospi finished 0.4% higher.

Meanwhile in Europe, stocks appear to be on the rebound as well, as global sentiment begins to recover from a rough week. Euro zone finance ministers will meet later today in Slovenia for informal talks. London’s FTSE 100 is up 0.3%, even after the U.K. economy only grew by 0.1% in July. The French CAC 40 is up 0.3%, while the German DAX sports a 0.4% lead amid soft inflation data for August.

Grab your FREE Eternal Contrarian report!


 




 
Special Offers from Schaeffer's Trading Partners