Stock Futures Take a Breather, Jobless Claims Fall

Jobless claims for last week came in lower than expected

Assistant Editor
Oct 21, 2021 at 9:20 AM
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Dow Jones Industrial Average (DJI) futures are firmly in the red ahead of the bell, unable to build off yesterday's record high, while S&P 500 (SPX) and Nasdaq-100 (NDX) futures move lower as well. Initial jobless claims for last week came in at 290,000, well below analyst estimates of 300,000, as the labor shortage continues. Investors are eyeing the Philadelphia Fed manufacturing index as well, which dropped to a lower-than-expected 23.8 in October from 30.7 in September -- but still considered a solid growth number. 

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

  • Valero Energy stock received a pre-earnings bull note. 
  • The retail stock on its longest winning streak since February.
  • Plus, CROX surges after earnings; CNI's new stakeholder; and T boosted by HBO. 

futures 1021

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts traded on Wednesday, compared to 788,344 put contracts. The single-session equity put/call ratio rose to 0.42, and the 21-day moving average dropped to 0.48.
  2. Crocs, Inc (NASDAQ:CROX) stock is up 10.9% ahead of the bell, after the retailer announced third-quarter earnings and revenue both topped analyst forecasts. The company also lifted its full-year guidance. CROX is up 117% heading into today. 
  3. Canadian National Railway (NYSE:CNI) is receiving attention in electronic trading, after the Wall Street Journal reported that Elliott Management has taken a “substantial” stake in the rail operator. At last check, CNI was up 0.5%, looking to build on its 19% year-to-date lead.
  4. AT&T Inc (NYSE:T) is up 1.3% pre-market, after the telecommunications giant's top-line beat for the third quarter, with revenue boosted on high demand for internet services demand as well as HBO. Year-to-date, T is down 9.9% coming into today.
  5. For today, keep an eye on the Markit manufacturing purchasing managers' index (PMI) and the Markit services PMI.

OV Buzz Chart Oct 21

Stocks Mostly Lower in Europe, Asia

Asian markets were mostly lower on Thursday, with the exception of China’s Shanghai Composite, which added 0.2%. Investors were keeping an eye on China Evergrande Group’s return to trading, following a more than two-week long pause, with Hong Kong-listed shares shedding over 12%. The drop weighed heavily on the Hong Kong Hang Seng, which lost 0.5% for the day, while the Nikkei in Japan saw a 1.9% plummet, and the South Korean Kospi took a 0.2% haircut.

European markets are in the red at midday, as investors monitor the negative price action China Evergrande Group is suffering in Asia, as well as another batch of corporate earnings. Major names including Hermes and L'Oréal reported. At last check, the French CAC 40 is 0.4% lower, the German DAX is off 0.05%, and the London FTSE 100 is down 0.5%.

Trader: Sell These 8 Stocks in 2021

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