Street Sentiment Remains Sour to Close Losing Week

The major benchmarks are all pacing for substantial weekly losses

Deputy Editor
Aug 18, 2023 at 9:25 AM
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Wall Street's woes are continuing, with futures tied to the Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) down triple digits. Both indexes are heading for four consecutive dips, the blue-chip index pacing for its worst weekly loss since March, while the latter is on track to turn in its longest weekly losing streak since December. Elsewhere, S&P 500 Index (SPX) futures are lower -- also for a fourth loss -- as the benchmark paces for a third-straight weekly bust.

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

  • Next week's flood of retail earnings.
  • Why CVS stock slumped yesterday.
  • Plus, Farfetch's earnings woes; HE's comeback attempt; and activist investors takes interest in restaurant parent.

Futures Chart August 182023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.6 million call and 1.5 million put contracts exchanged on Thursday. The single-session equity put/call ratio dropped to 0.97 and the 21-day moving average stayed at 0.65.
  2. Amid a myriad of bear notes, online fashion name Farfetch Ltd (NYSE:FTCH) is down more than 42% ahead of the open. The company reported revenue of $572 million in the second quarter, missing analysts' estimates of $649 million, issued a weak full-year revenue guidance, and cut its gross merchandise value outlook. Coming into today, FTCH sported a fractional year-to-date lead.
  3. Shares of energy concern Hawaiian Electric Industries, Inc. (NYSE:HE) are looking to rally back before the bell. The stock is up 17.7% this morning, following eight-straight days of losses amid the devastating fires in Maui. Year over year, HE is down 72.2%.
  4. Bloomin' Brands Inc (NASDAQ:BLMN) sports a 1.5% premarket drop, after The Wall Street Journal reported that activist investor Jeffrey Smith's Starboard Value now owns more than 5% in the Outback Steakhouse parent company. The equity is now on pace to mark a four-week losing streak, but remains up more than 24% in 2023.
  5. Look back at this week's most important economic data releases.

Buzz 0818 2

China's Real Estate Troubles Resurface

Stocks in Asia fell across the board, dinged by a double dose of headwinds. Japan’s Nikkei lost 0.6%, after core inflation fell from 3.1% to 3.3% in July and headline inflation stayed at 3.3%. The numbers promote the theory that the Bank of Japan (BoJ) will stand pat with interest rates. China’s Shanghai Composite gave back 1%, weighed down by real estate giant Evergrande’s filing of Chapter 15 bankruptcy in the U.S. Rounding out the region, Hong Kong’s Hang Seng fell 2.1%, and South Korea’s Kospi shed 0.6%, the latter officially entering bear market territory.

Over in Europe, bourses continue to trend lower, as the Evergrande filing rattles markets worldwide. At last check, London’s FTSE 100 and the German DAX are both off by 1%, while the French CAC 40 is down 1.1%.


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