Stock Futures Lower as China's GDP Weighs

Bitcoin (BTC) is nearing record highs

Deputy Editor
Oct 18, 2021 at 9:20 AM
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Futures on the Dow Jones Industrial Average (DJI) are down 178 points at last check, while S&P 500 (SPX) and Nasdaq-100 (NDX) futures are pointed lower as well, looking to pull back from last week's impressive gains. China's slimmer-than-expected third-quarter gross domestic product (GDP) reading, which showed a 4.9% rise, is weighing on sentiment today. Meanwhile, West Texas Intermediate Crude jumped above the $83 level, its highest since October 2014, and Bitcoin (BTC) is creeping toward its record highs. 

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

  • Everything you need to know about Altcoins.
  • Solar stock tries to reclaim its year-to-date breakeven. 
  • Plus, Behind ZG's drop, DIS receives a downgrade; and RVNC plummets on FDA news. 

Futures 1018

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.4 million call contracts traded on Friday, compared to 1.1 million put contracts. The single-session equity put/call ratio rose to 0.48, and the 21-day moving average stayed at 0.50.
  2. Zillow Group Inc Class A (NASDAQ: ZG) is down 7.6% in electronic trading, after yesterday's Bloomberg report stated that the company is taking a break from buying U.S. homes after its tech-powered house flipping exceeded operational capacity. Coming into today, the stock is down 30% year-to-date. 
  3. Barclays downgraded Walt Disney co (NYSE:DIS) to "equal weight" from "overweight," with a price-target cut to $175 from $210. The noted that growth in streaming service Disney+ has slowed this year, despite new franchise titles. DIS is down 1.9% before the bell, and recent overhead pressure at the $180 level has kept a lid on recent breakout attempts. 
  4. Revance Therapeutics Inc (NASDAQ:RVNC) is down 34.1% pre-market, plummeting after the U.S. Food & Drug Administration (FDA) declined to approve its injectable treatment for facial lines, which is seen as a possible Botox competitor. Coming into today, RVNC was already down 19% in the last week. 

  5. Today will bring industrial production data and data from the National Association of Home Builders index (NAHB).


Stocks Move Mostly Lower in Europe, Asia

Stocks in Asia were mostly lower, with the exception of the Hang Seng in Hong Kong, which added 0.3%. Meanwhile, the Shanghai Composite in China shed 0.1%, as investors in the region reacted to the country’s worse-than-expected third-quarter GDP reading, while industrial production numbers also fell short of expectations. Rounding out the region, the Japanese Nikkei dropped 0.2%, and the South Korean Kospi took a 0.3% haircut.

European markets have also turned lower as investors look ahead to this week’s slew of earnings reports. The French CAC 40 is 1% lower, the German DAX is off 0.7%, and the London FTSE 100 is down 0.4%. The latter's loss comes even as British e-commerce name THG surges on news that its founder Matthew Moulding will give up his “golden share” in the company.


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