Stock Futures Mixed After S&P 500 Hits Bear Market Low

The 10-year Treasury yield is pulling back from 14-year highs

Deputy Editor
Sep 28, 2022 at 9:10 AM
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Stock futures are struggling to stage another rally on Wednesday morning, one session after the S&P 500 (SPX) reversed course to hit a new bear market low. Futures on the Dow Jones Industrial Average (DJI), meanwhile, are set to open comfortably above fair market value as the 10-year U.S. Treasury yield pulls back from an earlier break above 4%, or its highest level since 2008. In other news, Apple (AAPL) shares are falling ahead of the open, after the tech giant announced it is ditching plans to increase new iPhone production after demand fell well below expectations.

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

  • Schaeffer's Senior Quantitative Analyst Rocky White breaks down what to expect with the Dow below 30,000.
  • Flashing bull signal says this rideshare stock is set to bounce.
  • Plus, Walt Disney prepares for Hurricane Ian; Lyft freezes hiring; and analysts hit BlackBerry with post-earnings bear notes.

Futures Chart September 282022

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 873,406 call contracts and 679,832 put contracts traded on Tuesday. The single-session equity put/call ratio fell to 0.78, while the 21-day moving average rose to 0.68.
  2. Walt Disney Co (NYSE:DIS) is marginally higher before the open, as the entertainment staple begins to shutter its Florida theme parks and related properties in response to the approach of Hurricane Ian -- now a Category 4 storm. Year-to-date, DIS is down 38.1%.
  3. LYFT Inc (NASDAQ:LYFT) is freezing hiring through the end of the year, a move that comes after the ride-hailing company's promise to slow hiring "dramatically." In response, LYFT was last seen 3.5% lower premarket, and looking to add to its 74.7% year-over-year deficit.
  4. At least four analysts cut their price targets on BlackBerry Ltd (NYSE:BB), after the communications software concern turned in fiscal second-quarter financial results. While BlackBerry showed smaller-than-expected losses and a revenue beat for the quarter, the firm's cybersecurity revenue took a dive. So far, BB has shed 2.6% ahead of the open, and sits nearly 41% lower in 2022.  
  5. The Goods Trade balance is due out today, along with retail inventories ex auto and pending home sales data. 

OV Buzz Chart Sept 28

Bank of England Responds to Plummeting Pound

The rise in equities was short-lived for Asian markets, which plummeted on Wednesday after the Chinese yuan dropped to its lowest level since 2008. Hong Kong’s Hang Seng led the losses with a 3.4% drop, while the South Korean Kospi was not far behind, shedding 2.5%. The Shanghai Composite in China dropped 1.6%, and the Nikkei in Japan took a 1.5% haircut after the Bank of Japan (BoJ) said consumer inflation with continue to spike this year but will start to drop by 2023.

The major European bourses are following suit as the global market selloff resumes. The French CAC 40 and German DAX were both down 1.5% at last glance, while the London FTSE 100 has dropped 1%. The Bank of England (BoE) is responding to the pound’s recent drop to record lows by delaying scheduled bond sales as it begins to temporarily purchase long-dated bonds.

 

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