The Dow is up 166 points before the bell
Stock futures are set to rebound from yesterday's tech-induced selloff, brushing off the recently ever-present concerns regarding inflation and slowing economic growth. Futures on the Dow Jones Industrial Average (DJI) were last seen up 166 points, while the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are in the black as well. Meanwhile, investors are eyeing rising Treasury yields and news that the U.S. trade deficit widened to a record 4.2% in August. Treasury Secretary Janet Yellen also warned Congress to address the U.S. debt ceiling by Oct. 18, or the economy could suffer.
Continue reading for more on today's market, including:
- This tech stock could soon stage a bounce.
- Pharma stock soars to record highs after trial results.
- Plus, electric truck maker receives a downgrade; NAPA jumps after earnings; and OCGN wheeling and dealing.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts traded on Monday, compared to 860,308 put contracts. The single-session equity put/call ratio rose to 0.59, and the 21-day moving average stayed at 0.50.
- Morgan Stanley downgraded electric truck maker Lordstown Motors Corp (NASDAQ:RIDE) to "underweight" from "equal weight," slashing its price target to just $2. The firm mentioned the company's recent sale of its Ohio plant. At last glance, RIDE was falling 6.8% in premarket trading, and looking to extend yesterday's 10.8% drop.
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Duckhorn Portfolio Inc (NYSE:NAPA) is up 5.4% before the bell, after the company's upbeat fiscal fourth-quarter report. The winery name posted profits of 8 cents per share, which is higher than analysts' anticipated one cent per share, as well as better-than-expected revenue. No fewer than four analysts have lifted their price targets this morning, including Citigroup to $28.
- Jumping higher before the bell, Ocugen Inc (NASDAQ:OCGN) is up 7.9% at last check, after the biotech name announced deals with multiple companies in regards to its Covid-19 vaccine candidate and its treatment for dry age-related macular degeneration. Coming into today, OCGN is up 268.9% year-to-date.
- Today will bring the Markit services purchasing managers' index (PMI) and ISM services index.
European Economic Data Rolls In
Asian stocks settled mixed on Tuesday. While Hong Kong’s Hang Seng made a slight comeback from yesterday’s dismal trading, adding 0.3%, the Japanese Nikkei lost 2.2%, and earlier in the session briefly slid into correction territory. The South Korean Kospi, meanwhile, shed 1.9%. While China’s Shanghai Composite was still closed for holiday, investors are eyeing trade tensions between the U.S. and China, with talks concerning tariffs planned between the two countries.
Markets in Europe are on the rise, lead by the French CAC 40, which is currently sporting a 0.9% pop. The London FTSE 100 and German DAX are up 0.7% and 0.5%, respectively. The major bourses are brushing off rising bond yields over in the U.S., as a number of key economic indicators roll in. Specifically, the final IHS Markit composite purchasing managers’ index (PMI) from across the euro zone, which showed a monthly drop to 56.2 for September, though this reading still represents expansion. Elsewhere, France saw its industrial output climb 1% in August, coming in much higher than estimates.