Stock Futures Flat After Solid Week of Earnings

The S&P 500 is fresh off a seventh-straight daily win and record close

Assistant Editor
Oct 22, 2021 at 9:21 AM
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Futures on the Dow Jones Industrial Average (DJI) are just below breakeven this morning, despite a solid week of corporate earnings. S&P 500 Index (SPX) futures are flat as well, after the index yesterday marked a seventh-straight daily win and a record close, while Nasdaq-100 (NDX) futures are lower after Intel (INTC) and social media stocks pulled back. Elsewhere, oil futures are bouncing higher, with West Texas Intermediate crude on track for a 2% weekly rise. 

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

  • A video of Senior Market Strategist Matthew Timpane presenting at the Benzinga Cannabis Capital Conference.
  • Analysts chime in on PayPal's potential Pinterest acquisition
  • Plus, Snap plummets on privacy changes; URBN receives an upgrade; and MAT brushes off supply chain disruptions. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts traded on Thursday, compared to 815,466 put contracts. The single-session equity put/call ratio rose to 0.44, and the 21-day moving average stayed at 0.48.
  2. Snap Inc (NYSE:SNAP) is plummeting pre-market, down 20.6%, after the Snapchat parent warned that it will take a hit from Apple's (AAPL) privacy changes on iOS devices. To follow, no fewer than 11 analysts have lowered their price targets, with comments from several firms expecting slowed revenue for the next two to three quarters. Plus, Snap announced a mixed third-quarter report, with lower-than-expected revenue alongside an earnings beat. 
  3. Citigroup upgraded Urban Outfitters Inc (NASDAQ:URBN) to "buy," from "neutral," with a price-target cut to $40 from $44. The analyst in coverage sees a favorable risk/reward profile for URBN after its recent slump. In the past six months, the equity has shed roughly 18%. Before the bell, the stock is up 2%. 
  4. Mattel Inc (NASDAQ:MAT) is up 7.9% in electronic trading, after the company reported better-than-expected third-quarter earnings and revenue. Plus, the toy giant stated that supply chain disruptions will not affect its strong upcoming holiday season. 
  5. For today, keep an eye on the Markit manufacturing purchasing managers' index (PMI) and the Markit services PMI.

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Evergrande Group Update Moves Asian Markets

Asian markets settled mixed on Friday, as investors eyed another update from China Evergrande Group, which said it will pay the interest on a bond that was due on Sept. 23 before the grace period runs out this Saturday. The Hong Kong Hang Seng added 0.4%, while the Nikkei in Japan added 0.3%, and the Shanghai Composite in China dropped 0.3%. Meanwhile, the South Korean Kospi fell 0.04%, despite index member Samsung SDI’s surge on news on a joint venture the company plans on making with auto manufacturer Stellantis.

Evergrande’s encouraging update is giving sentiment in Europe a boost, with the major bourses higher at midday. Traders are also digesting the euro zone’s initial flash composite purchasing managers’ index (PMI) reading for October, which fell to a six-month low of 54.3. Investors in the U.K., meanwhile, pored over an unexpected climb in the composite reading to 56.8 from 54.9, while retail sales suffered a month-on-month drop of 0.2% against expectations for a 0.5% rise. At last glance, the London FTSE 100 is up 0.6%, the French CAC 40 is 1% higher, and the German DAX has added 0.9%.

Trader: Sell These 8 Stocks in 2021

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