Stock Futures Flat, Head for Losing Week

The Nasdaq in particular suffered a steep slide this week

Deputy Editor
Sep 8, 2023 at 9:20 AM
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Stock futures are flat to begin Friday's session, including the Nasdaq-100 Index (NDX), which yesterday saw it's peer the Nasdaq Composite (IXIC) suffer a fourth-straight daily loss. All three major indexes are pacing for steep weekly drops, while investors speculate on this month's potential interest rate decision by the Federal Reserve. A handful of earnings reports are also making noise this morning. 

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

  • Banking giantboasts attractive entry point for bulls. 
  • VMware stock may move back toward record highs
  • Plus, DOCU rises after earnings; FSLR upgraded; and RH falls on forecast. 

Futures Sep8

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.4 million call and more than 1.1 million put contracts exchanged on Thursday. The single-session equity put/call ratio fell to 0.81 and the 21-day moving average remained at 0.65.
  2. DocuSign Inc (NASDAQ:DOCU) is up 0.8% premarket, after the company's better-than-expected second-quarter earnings results and full-year forecast. Two analysts chimed in with price-target cuts, however, while Morgan Stanley lifted its to $51 from $49. Heading into today, DocuSign stock is down 5.9% since the start of the year. 
  3. Deutsche Bank upgraded First Solar Inc (NASDAQ:FSLR) to "buy" from "hold," and raised its price target to $330, after the company's upbeat growth message during investor day. J.P. Morgan Securities threw in a bull note in the form of a price-target hike as well. FSLR is up 2.8% before the bell, and posting a 20.5% year-to-date lead. 
  4. RH (NYSE:RH) is down 7.8% in electronic trading, after the company's disappointing third-quarter guidance. A handful of analysts chimed in with price-target adjustments after the news. Since January, the stock is up 37.9%. 
  5. See what economic data is scheduled for the rest of the week. 

buzzsept8

European Bourses Continue Slide

Stocks in Asia finished the week lower, though Hong Kong’s Hang Seng was closed for the entire session after the area saw its heaviest rainfall in 140 years. Japan’s Nikkei led the losses, shedding 1.2% after second-quarter gross domestic product (GDP) came in at a lower-than-expected 4.8% quarter on quarter. Rounding out the region, China’s Shanghai Composite shed 0.2%, while South Korea’s Kospi came in just under breakeven.

European markets are pacing for their eighth-straight day of losses. Led by a 0.5% drop from the German DAX, the country’s inflation eased to 6.4% in August but the economy is still expected to contract more than previously anticipated. Finally, France’s CAC 40 and London’s FTSE 100 fell 0.2% and 0.1%, respectively.

 

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