Dow Futures Poised For Big Bounce Back

The Federal Reserve's two-day policy meeting begins today

Sep 21, 2021 at 9:07 AM
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Stock futures are on the mend this morning, following yesterday's massive selloff that saw the major benchmarks log their worst day since May. Overseas markets stabilized in the wake of a liquidity crisis at China's Evergrande, helping boost global sentiment today. Meanwhile, oil prices and the 10-year Treasury yield are also on the rebound, ahead of the Federal Reserve's two-day policy meeting that kicks off later today. 

At last check, futures on the Dow Jones Industrial Average (DJI) were up around 270 points, while S&P 500 Index (SPX)and Nasdaq-100 Index (NDX) futures were also firmly in the black.

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

  • Schaeffer's Senior Market Strategist Matthew Timpane discusses how investors should handle fall volatility
  • Kroger stock set to soar as earnings loom.
  • Plus, Uber's revised financial outlook; Johnson & Johnson's booster shot update; and Apple wades into mental health.

Futures Chart September 21

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts traded on Monday, compared to 977,766 put contracts. The single-session equity put/call ratio fell to 0.54, and the 21-day moving average stayed at 0.51.
  2. The shares of Uber Technology Inc (NYSE:UBER) are up 4.9% ahead of the open, after the ride-sharing staple revised its financial outlook for the third quarter. Uber now expects to report between $22.8 billion and $23.2 billion, compared to its previous forecast between $22 billion to $24 billion. Year-to-date, UBER is down 22%.
  3. Pharmaceutical blue-chip Johnson & Johnson (NYSE:JNJ) is up 0.7% in electronic trading. The drugmaker announced its Covid-19 booster shot is 94% effective when administered two months after the first dose and increases antibody levels four to six times higher versus a single shot. Johnson & Johnson stock has added 9.8% year-over-year.
  4. According to the Wall Street Journal, Apple Inc (NASDAQ:AAPL) is developing iPhone features to help identify depression and cognitive decline. The technology would work via sensor data. Year-over-year, Apple stock boasts a 33.8% lead.
  5. Building permits and housing starts data is slated for release today.

OV Buzz Chart Sept 21

Overseas Markets Bounce Back From Evergrande Scare

Trading in Asia was mixed on Tuesday, though China’s Shanghai Composite and South Korea’s Kospi remained closed for a holiday. Hong Kong’s Hang Seng bounced back from its Monday slump to add 0.5%, thanks to a 2.97% climb in the Hang Seng Properties index. Investors also eyed comments from China Evergrande Group’s chairman, assuring the company will honor its commitments to investors, financial institutions, partners, and property buyers. Elsewhere, Japan’s Nikkei shed 2.2% after returning from a holiday, dragged lower by Softbank Group’s nearly 5% dip.

Meanwhile, European markets are higher, as investors attempt to brush off Evergrande’s woes and turn their focus to the U.S. Federal Reserve’s two-day meeting. Airline and travel stocks are among today’s best performers, after the U.S. announced on Monday it will soon ease travel restrictions for travelers coming from the United Kingdom and Europe. Plus, basic resources and oil and gas stocks are surging as investors fear natural gas shortages in the area. At last check, the German DAX is 1.5% higher, France’s CAC 40 is up 1.4%, and London’s FTSE 100 sports a 1.2% lead.

 

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