Stock Futures Flat as Fourth Quarter Gets Underway

Inflation pressures are still mounting

Deputy Editor
Oct 4, 2021 at 9:10 AM
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Stock futures are struggling for direction to kick off the first full week of October, but have bounced off their lows from earlier in the morning. Despite earlier trading down triple digits, futures on the Dow Jones Industrial Average (DJI) were last seen up 13 points, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are marginally lower. Concerns regarding inflation and slowing economic growth are still prevalent, as investors speculate on the broader market's upcoming performance in the fourth quarter.

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

  • What made Zoom Video stock climb on Friday. 
  • Our cannabis stock update highlights 6 hot pot stocks.
  • Plus, TSLA's exceeds vehicle delivery expectations; airline stock staying hot; and the blue-chip name downgraded. 

Futures 1004

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts traded on Friday, compared to 931,131 put contracts. The single-session equity put/call ratio fell to 0.56, and the 21-day moving average stayed at 0.50.
  2. Electric vehicle giant Tesla Inc (NASDAQ:TSLA) announced that it delivered 241,300 vehicles in the third quarter, which is higher than the 220,900 anticipated by analysts, and a 73% increase from a year ago. The company also produced 237,823 cars during this time. At last check TLSA was up 2.6% in pre-market trading.
  3. Barclays upgraded Southwest Airlines Co (NYSE:LUV) to "overweight" from "equal weight," with a price target of $75. The firm "sees bluer skies ahead for airlines," and praised low-cost, low-fare carriers like this one. LUV is up 5.7% in electronic trading, and looking to trade at its highest level since June. 
  4. 3M Co (NYSE:MMM) is down 1.5% before the bell this morning, after J.P. Morgan Securities downgraded the blue-chip stock to "neutral" from "overweight," citing a lack of "fundamental direction." This drop has MMM looking to fall below its year-to-date breakeven.
  5. Kicking off the week will be factory orders.

OV Buzz Chart Oct 4

Evergrande Group Continues to Weigh Asian Markets

The markets that remained open in Asia plummeted on Monday, after trading was halted on both China’s Evergrande Group and Evergrande Property Services, as anxieties surrounding the embattled real estate developer continued to churn. The company has now missed two bond interest payments in recent weeks, with another payment due to Jumbo Fortune Enterprises today. Meanwhile, sector peer Hopson suspended the trading of its stock ahead of a “major transaction,” in which it struck a deal to acquire the shares of another unnamed company. As a result, the Hong Kong Hang Seng lost 2.2%, and the Nikkei in Japan dropped 1.1%. The Shanghai Composite in China, and the South Korean Kospi are closed for holiday.

European markets aren’t faring much better, with trading mostly muted at the halfway point as investors warily eye the Evergrande situation and fret over inflation and interest rates, which plagued markets globally for most of September. The major bourses are also monitoring a meeting between Euro zone finance ministers to discuss recovery plans and fiscal policy for the European Union (EU). At last glance, the London FTSE 100 is 0.06% lower, the French CAC 40 has shed 0.2%, and the German DAX has taken a 0.3% haircut.

 

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