Stock Futures Lower as Oil Hits Multi-Year Highs

U.S. West Texas Intermediate (WTI) crude surged to its highest level in seven years

Deputy Editor
Oct 11, 2021 at 9:06 AM
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Wall Street is eyeing a sour start to the week, with futures on the Nasdaq-100 (NDX) down more than 80 points, while the Dow Jones Industrial Average (DJI) and S&P 500 (SPX) are modestly lower as well. Energy stocks are jumping higher, however, as oil prices hit multi-year highs. November-dated crude jumped 2.4% to above $82 -- its highest level since 2014 -- while Brent crude rose to its highest since 2018. As the week continues, investors will be unpacking plenty of quarterly earnings from major banks, though Goldman Sachs (GS) has already kicked things off by lowering its 2022 growth outlook to 4% from 4.4%.

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

  • A look at Carr stock's recent earnings history
  • Why this struggling retail name could be an interesting play.  
  • Plus, airliner dips after rocky weekend; SBUX receives an upgrade; and CLF enters scrap metal business. 

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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 880,088 put contracts. The single-session equity put/call ratio rose to 0.55, and the 21-day moving average stayed at 0.50.
  2. Southwest Airlines Co (NYSE:LUV) is down 2.9% pre-market, after the airline cancelled at least 30% of its flights on Sunday -- its second-straight day of heavy cancellations and a much greater number than other airlines. Fresh off its first week of losses in four, the equity is up 15.7% year-to-date coming into today. 
  3. Deutsche Bank upgraded Starbucks Corporation (NASDAQ:SBUX) to "buy" from "hold," with a $127 price target. The analyst in coverage sees the stock as an attractive long-term investment, and noted momentum in the U.S. as well as potential for growth in China. SBUX is up 1.4% before the bell this morning. 
  4. Cleveland-Cliffs Inc (NYSE:CLF) is up 2% in electronic trading, after news that the company is getting into the scrap metal business, acquiring Ferrous Processing and Trading for roughly $775 million. The deal will allow the company to buy back scrap metal directly from its clients. Year-over-year, CLF is up 167.2%.

  5. There is no economic data scheduled today.  

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Investors Eye European Central Bank

Asian markets closed mixed today, with Hong Kong’s Hang Seng leading the charge, settling up 2%, after Meituan surged 8.4%, on the heels of Chinese market regulators fining the company $527 million for its monopolistic practices. South Korea’s Kospi was closed for holiday, while China’s Shanghai Composite finished flat. Rounding out the region, Japan’s Nikkei added 1.6%.

Stocks in Europe are mixed in afternoon trading, as investors await a fresh round of U.S. bank earnings and the region’s travel sector takes a hit. The European Central Bank (ECB) is also in focus after leaders discussed ending pandemic-era fiscal support. In response, London’s FTSE 100 is up 0.2%, France’s CAC 40 has pulled back 0.5%, and Germany’s DAX has shed 0.7%.

 

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