Stock Futures Lower as China's GDP Weighs

Bitcoin (BTC) is nearing record highs

Assistant 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. 

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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).

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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.

Trader: Sell These 8 Stocks in 2021

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