Stock Futures Muted as Earnings Trickle in

The Nasdaq is looking to extend its five-day win streak

Assistant Editor
Oct 20, 2021 at 9:23 AM
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Stock futures are mixed this morning, as investors unpack a slew of corporate earnings, including reports from Netflix (NFLX) and United Airlines (UAL). Dow Jones Industrial Average (DJI) futures are modestly in the red, while the S&P 500 (SPX) lays flat before the bell, and Nasdaq-100 (NDX) futures inch higher -- looking to extend the index's five-day win streak. Meanwhile, Bitcoin (BTC) is trading above 64,000, and is very close to surpassing its record highs. 

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

  • Schaeffer's Senior Quantitative Analyst Rocky White examines what this sentiment indicator means for the S&P 500. 
  • Cleveland-Cliffs stock could soon jump to a multi-year high
  • Plus, WDFC drops on disappointing report; NVAX plummets on vaccine hold-up, and TGNA buzzing on potential buyout. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2 million call contracts traded on Tuesday, compared to 798,714 put contracts. The single-session equity put/call ratio fell to 0.40, and the 21-day moving average dropped to 0.49.
  2. WD-40 Company (NASDAQ:WDFC) is down 9.4% in electronic trading, after the company reported worse-than-expected fiscal fourth-quarter earnings and revenue. After the event, Jefferies cut its price target to $230 from $280. Heading into today, WDFC is down 13.7% year-to-date. 
  3. Biotech stock Novavax, Inc. (NASDAQ:NVAX) is plummeting pre-market, down 21%, after a Politico report that the company's Covid-19 vaccine is struggling to meet the U.S. Food and Drug Administration's (FDA) standards. If these losses hold, NVAX is eyeing its lowest level since May.
  4. Tegna Inc (NYSE:TGNA) is in the spotlight after a report that American businessman Byron Allen has gained additional support additional backing for his $23 per share offer for the broadcasting name. At last check, TGNA is up 1.7% before the bell, and the stock has recently found solid support at the $19.50 level.

  5. Today will bring the Philadelphia Fed manufacturing index, existing home sales, and leading economic indicators.

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Plenty of Market Movers in Asia

Asian markets were mixed on Wednesday, though another impressive day for Chinese tech shares sent the Hong Kong Hang Seng up 1.4%. Investors in the region eyed news that Alibaba’s founder Jack Ma was travelling to Europe after spending several months out of the public eye. Meanwhile, China’s Shanghai Composite dropped 0.2% after the country decided to keep the one-year loan prime rate (LPR) and the five-year LPR unchanged, confirming analysts’ expectations. News also broke that China’s Evergrande Group has paused its plans to sell a majority stake in its property services unit, which weighed on real estate firms in the country. Rounding out the region, the South Korean Kospi shed 0.5%, and the Nikkei in Japan tacked on 0.1%.

European markets are little changed at the midway mark, as investors digested a fresh slate of earnings reports from both U.S. names, and European names such as Nestle and Metro Bank. While most of these reports have been upbeat, supply chain concerns and inflation are keeping a lid on the major bourses today. At last check, the French CAC 40 is down 0.06%, the German DAX is off 0.02%, and the London FTSE 100 is 0.04% higher.

 

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