Stock Futures Higher to Close Out Volatile Month

Weekly jobless claims were higher than anticipated

Sep 30, 2021 at 9:09 AM
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Stock futures are pacing for a higher open this morning, but are still on track to close out an extremely volatile September with steep monthly losses. The 10-year Treasury yield is continuing to take a breather, putting wind at the sails of tech stocks. Also boosting sentiment this morning is Senate Majority Leader Chuck Schumer's comments that the chamber reached a deal to avoid a government shutdown, with a vote to be scheduled today. Meanwhile, new weekly jobless claims data was reported this morning, showing first-time claims for unemployment totaling 362,000 for the week that ended Sept. 25, above estimates of 335,000.

In response, Dow Jones Industrial Average (DJI) futures were last seen up around 120 points, while futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures were also trading in the black.  

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

  • Why bullish traders are keeping an eye on CAG.
  • Square just announced a major partnership with TikTok.
  • Plus, CarMax's earnings miss; Fubotv's new partnership; and drugmaker updates vaccine efficacy.

Futures Chart September 305 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts traded on Wednesday, compared to 769,624 put contracts. The single-session equity put/call ratio fell to 0.51, and the 21-day moving average stayed at 0.50.
  2. CarMax, Inc (NYSE:KMX) stock is down 7.8% in electronic trading, after the auto retailer's quarterly earnings missed Wall Street's estimates by a wide margin. And while revenue beat forecasts, comparable pre-owned car sales rose by just 6.2% -- more than 7% below analysts' expectations. Year-to-date, CarMax stock is up 55%.
  3. Sport-centered streaming staple Fubotv Inc (NYSE:FUBO) announced its Fubo Gaming unit is partnering with Paysafe (PSFE). The new partnership will allow Fubo's customers to more easily access interactive waging. The shares were last seen up 1.6% before the bell, though FUBO is down 18.3% in 2021. 
  4. The shares of AstraZeneca plc (NASDAQ:AZN) are up 0.8% ahead of the open, following an efficacy rate update for the drugmaker's Covid-19 vaccine. The vaccine showed 74% efficacy in a U.S. clinical trial, and 83.5% for people 65 and older, leading the company to expect to file for approval in the U.S. later this year. Over the last six months, AstraZeneca stock has tacked on 20%.
  5. Today features a second-quarter real gross domestic product (GDP) report and the Chicago purchasing managers' index (PMI).

OV Buzz Chart September 30

Asian Markets Mixed as Economic, Political Data Roll In

Asian markets were mixed on Thursday, after China’s official manufacturing Purchasing Managers’ Index (PMI) came in at 49.6 for September. The reading showed a surprise contraction in Chinese factory activity, as the country struggles with recent power cuts. In addition, Hong Kong’s Hang Seng fell 0.4%, following reports that some China Evegrande Group bondholders did not receive a due coupon payment. Meanwhile, Japan’s Nikkei dropped 0.3%, as Fumio Kishida prepares to step in as prime minister after winning Wednesday’s election. Elsewhere, South Korea’s Kospi and China’s Shanghai Composite added 0.3% and 0.9%, respectively.

European markets are also mixed, as investors digest a slew of economic data. More specifically, the United Kingdom’s economy grew by a better-than-expected 5.5% for the second quarter, while consumer spending in France rose by 1% in August after a dismal July. Plus, the unemployment rate in the Euro zone fell again last month. At last check, London’s FTSE 100 is 0.2% higher, France’s CAC 40 is just below breakeven with a 0.02% loss, and the German DAX is down 0.3%.


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