Stock Futures Falter Following Stellar Month

Crude prices are falling amid demand concerns

Deputy Editor
Aug 1, 2022 at 9:20 AM
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Stock futures are moving lower today, following the major benchmarks' best month since 2020. Dow Jones Industrial Average (DJIA) futures are down 111 points, while futures on the Nasdaq-100 (NDX) and S&P 500 Index (SPX) are eyeing a drop as well, as investors prepare for a busy week of earnings reports.

The 10-year Treasury yield is moving higher this morning. Meanwhile, oil prices are falling as manufacturing data from China weighs on the demand outlook, ahead of this week's Organization of the Petroleum Exporting Countries Plus (OPEC+) meeting.

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

Futures August1

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts and over 1 million put contracts traded on Friday. The single-session equity put/call ratio fell to 0.61, and the 21-day moving average stayed at 0.68.
  2. The shares of Boeing Co (NYSE:BA) are up 3.6% in the premarket, after news that the company has temporarily avoided a strike, with defense workers set to vote on a new proposed labor agreement on Wednesday. What's more, the Federal Aviation Administration (FAA) has approved revised inspection protocols that will allow the company to go back to delivering its 787 Dreamliner. Year-to-date, the equity is down 20.9%. 
  3. Electric vehicle maker Nio (NYSE:NIO) is up 1.4% before the bell, after the China-based company announced it will open its first overseas plant in Hungary. NIO has been struggling with pressure at the $24 level for most of 2022, and is down 37.7% year-to-date. 
  4. Valvoline Inc (NYSE:VVV) is up 3.1% in electronic trading, after the company said it sold its global products business to Saudi Aramco for $2.65 billion in cash. Should these gains hold, VVV will be on track for its fourth-straight daily win. but remains down 13.6% in 2022.
  5. The final S&P U.S. manufacturing purchasing managers' index (PMI), the Institute for Supply Management (ISM) manufacturing index, as well as construction spending data are on tap today.


Stocks Higher in Asia, Europe

Asian markets are higher to start August, after China posted Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) reading of 50.4 for July, which showed slight growth in factory activity. What’s more, the country’s official PMI reading came in at 49 for the month of July – lower than June’s reading and economists’ 50.4 forecast. In response, Hong Kong’s Hang Seng and China’s Shanghai Composite added 0.05% and 0.2%, respectively. Meanwhile, Japan’s Nikkei ended 0.7% higher, and South Korea’s Kospi tacked on 0.03%.

Stocks in Europe also boast a cautious lead to begin the month. The major bourses in the region posted gains in July, logging their best month November 2020, and investors are focused on forging forward as more earnings reports pour in. At last glance, London’s FTSE 100 and Germany’s DAX were both 0.5% higher, while France’s CAC 40 boasted a 0.4% lead.


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