Stock Futures Move Lower as Covid Tensions Rise in China

Dow futures are eyeing a triple-digit drop

Digital Content Manager
Nov 28, 2022 at 9:08 AM
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Stock futures are pointed firmly lower this morning, as protests in China over its zero-Covid policy weigh on investor sentiment. The reinstated restrictions come amid surging infections, despite the country easing policies earlier this month, suggesting its economy would soon reopen. Dow Jones Industrial Average (DJI) futures are eyeing a 196-point drop, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also lower. This week's labor report and personal consumption data is also in focus, as November comes to a close.

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

  • Safety hazards lead to Tesla and Ford recalls.
  • Retail sector could have a strong holiday season.
  • Plus, beverage stock upgraded; why Biogen stock is moving lower; and Pinduoduo beats quarterly estimates.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 807,153 call contracts and 506,721 put contracts traded on Friday. The single-session equity put/call ratio fell to 0.63, while the 21-day moving average stayed at 0.71.
  2. J.P. Morgan Securities upgraded Anheuser-Busch Inbev SA (NYSE:BUD) to “overweight” from “underweight” earlier. The analyst in question cited the potential for strong earnings performance, as well as improvements to the beverage giant's balance sheet. BUD is up 4.2% ahead of the open, and has added 25.3% quarter-to-date.
  3. Biogen Inc (NYSE: DB) is down 3.8% in premarket trading  after said a woman participating in one of its drug trials died from a brain hemorrhage. Year-to-date, BIIB is up 27.2%.
  4. The shares of Pinduoduo Inc (NASDAQ: PDD) are up 14.5% before the open, after the China-based e-commerce name announced better-than-expected third-quarter earnings and revenue. The company attributed the strong results to more online shopping amid renewed Covid-19 restrictions in the region. So far in 2022, PDD has added 12.8%.
  5. No relevant economic data is due out today.

OV Buzz Chart Nov 28

Zero-Covid Policy Weighs on Asian Markets

Markets in Asia finished lower today amid protests in China regarding the country’s zero-Covid policy after an outbreak of cases caused tighter restrictions. Hong Kong’s Hang Seng closed 1.6% lower, Japan’s Nikkei shed 0.6%, the South Korean Kospi lost 1.2%, and China’s Shanghai Composite dropped 0.8%.

European markets are moving lower midday as well. The French CAC 40 is down 1%, while London’s FTSE 100 and the German DAX are off 0.5% and 0.9%, respectively.



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