Stock Futures Flat Despite Upbeat Jobless Claims

First-time unemployment claims hit another pandemic low last week

Digital Content Manager
Nov 4, 2021 at 9:09 AM
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Stock futures are relatively muted this morning, even after the Federal Reserve announced yesterday it will begin tapering its pandemic-induced bond-buying program this month. Dow Jones Industrial Average (DJI) futures are flat, while futures on both the S&P 500 (SPX) and Nasdaq-100 (NDX) are pointed slightly above breakeven. Boosting investor sentiment today is another round of upbeat jobless data, with first-time claims falling to another pandemic low of 269,000 for last week, as opposed to the 275,000 analysts anticipated.

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

  • Why these 2 ride-sharing stocks charged higher.
  • Abercrombie stock is bouncing off this key trendline.
  • Plus, Regeneron and Qualcomm's post-earnings reactions, and a revenue miss damaging this furniture stock.

Futures 1104

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.2 million call contracts traded on Wednesday, compared to 895,868 put contracts. The single-session equity put/call ratio rose to 0.39, and the 21-day moving average stayed at 0.48.
  2. The shares of Regeneron Pharmaceuticals Inc (NASDAQ:REGN) are up 2.4% ahead of the open, after the drugmaker posted better-than-expected third-quarter earnings and revenue. The company attributed the results to sales of its Covid-19 antibody cocktail, as well as other treatments. Year-to-date, REGN is up 35%.
  3. Qualcomm, Inc. (NASDAQ:QCOM) is up 10.1% in electronic trading, after the chipmaker reported a fiscal fourth-quarter earnings and revenue beat. The semiconductor name also predicted strong growth going forward, thanks to higher demand for 5G. Year-over-year, Qualcomm stock sports a 10.4% lead.
  4. Wayfair Inc (NYSE:W) is sliding before the bell, last seen down 3.3%. While the e-tailer posted surprise third-quarter profits, revenue missed Wall Street's estimates. The company also warned it could be a few quarters before its growth returns to normal, as it is transitioning to spending more on brick-and-mortar stores. Wayfair stock has added 19.1% in 2021.
  5. An international trade deficit update and unit labor costs data are due out today.

OV Buzz Chart Nov 4

Asian, European Markets Respond to Fed Decision

Asian markets are responding positively to the Fed’s decision to begin bond tapering later this month. Japan’s Nikkei led the charge with a 0.9% rise, while Hong Kong’s Hang Seng and China’s Shanghai Composite each added 0.8%. South Korea’s Kospi gained 0.3% to round out the region.

Stocks in Europe are also moving higher in lockstep with announcement stateside, as well as news that the Bank of England (BOE) decided to hold interest rates steady. In addition, a plethora of earnings reports rolled in from big names like BMW, Credit Suisse, and Deutsche Post, which further boosted markets across the pond. However, gains were kept in check after data showed that euro zone business growth hit its lowest level in six months in October, spurred on by supply chain issues and Covid-related logistical problems. Plus, IHS Markit’s Flash Composite purchasing managers’ index (PMI) fell to 54.2 from 56.2. At last check, the DAX in Germany is up 0.5%, France’s CAC 40 has added 0.3%, and London’s FTSE 100 is 0.1% higher.

 

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