Dow Futures Cautiously Higher Ahead of Debt Ceiling Vote

Gold prices are looking to snap their losing streak as well

Deputy Editor
Oct 12, 2021 at 9:17 AM
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Stock futures are inching higher this morning, as Wall Street looks to break out of its inflation-induced slump. Dow Jones Industrial Average (DJI) and Nasdaq-100 (NDX) futures are up 16 and 34 points, respectively, while S&P 500 (SPX) futures are marginally higher. Elsewhere, the House of Representatives is set to vote on the proposed short-term debt ceiling hike. Gold prices are looking to snap their three-day losing streak, while oil prices remain in focus, with November-dated crude futures aiming to hold above $80 per barrel.

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

  • Why now is a good time to hedge long positions, says Schaeffer's Senior V.P. of Research Todd Salamone. 
  • The electric vehicle stock consistently seeing high options volume.   
  • Plus, biopharma name drops Covid-19 vaccine efforts; MGM upgraded; and GSK attracts buyout attention. 

Futures Chart 1012

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts traded on Monday, compared to 758,841 put contracts. The single-session equity put/call ratio fell to 0.50, and the 21-day moving average stayed at 0.50.
  2. CureVac VC (NASDAQ:CVAC) stock is down 13.6% pre-market, after the biopharmaceutical company chose to stop the development of its most advanced Covid-19 vaccine, following the European Medicines Agency's decision not to fast-track the approval process. If these losses hold, CVAC will drop below the $40 level for the first time since it's first day of trading in August of 2020. 
  3. Credit Suisse upgraded casino stock MGM Resorts International (NYSE:MGM) to "outperform" from "neutral," with a price-target hike to $68 from $33. The firm noted that investors haven't taken the company's ongoing transformation into account, after a series of transactions. In electronic trading, MGM is up 2.2%, and nearing its September 13-year highs. 
  4. GlaxoSmithKline plc (NYSE:GSK) is up 2.8% ahead of the bell, after a report from Bloomberg that the company's $54 billion consumer products unit has caught the attention of several private-equity firms in regard to a potential buyout. These gains would have GSK rising back above its year-over-year breakeven. 

  5. Today will bring job openings and the National Federation of Independent Business' (NFIB) small-business index.

OV Buzz Chart Oct 12

Overseas Markets Drift Lower Amid Supply Chain Concerns

Asian markets were lower on Tuesday, as oil prices continued to surge beyond the psychologically significant $80 level. Tied for the bottom were South Korea’s Kospi and Hong Kong’s Hang Seng with a 1.4% drop, despite promises from China Evergrande New Energy Vehicle – which is linked to embattled property developer China Evergrande Group – to start producing electric vehicles in 2022. Elsewhere, China’s Shanghai Composite fell 1.3%, while Japan’s Nikkei shed 0.9%.

European markets are also lower, ahead of this week’s slew of earnings reports from major U.S. banks. Also weighing on sentiment are oil prices, the inflation outlook, bond yields, and supply chain issues. However, fresh data showed the United Kingdom added 207,000 jobs in September, bringing employers’ payrolls to all-time highs. Meanwhile, a new survey out of Germany revealed economic sentiment dropped for the fifth-straight month. At last check, France’s CAC 40 is 0.6% lower, London’s FTSE 100 is off  0.5%, and the German DAX is down 0.4%.

 

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