Wall Street Headed for Losing Week Despite Premarket Gains

Bond yields and oil prices remain elevated today

Deputy Editor
Sep 22, 2023 at 9:02 AM
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Stock futures are on the rise today, though all three major indexes are still reeling from three-straight losses and heading for sharp weekly deficits. Futures on the Nasdaq Composite (IXIC) are up 98 points at last glance, while S&P 500 Index (SPX) and Dow Jones Industrial Average (DJIA) futures move modestly above fair value as well. Elsewhere, bond yields are holding near yesterday's multi-year highs, while oil prices are ready to resume their climb. 

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

  • How put traders doubled their money with Camping World stock.  
  • 3 new publicly traded stocks to watch. 
  • Plus, two biotech stocks making moves; and a bullish rating for Ralph Lauren. 

Futures Sep22

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.2 million call and more than 1 million put contracts exchanged on Thursday. The single-session equity put/call ratio rose to 0.88 and the 21-day moving average stayed at 0.66.
  2. AstraZeneca PLC (NASDAQ:AZN) stock is up 2.7% premarket, after the drugmaker's breast cancer treatment, Dato-DXd, met the main goal in a late-stage trial. Should these gains hold, AZN will move into positive territory for 2023. 
  3. Seagen Inc (NASDAQ:SGEN) stock is up 3.7% in electronic trading, after the biotech company's combination therapy for bladder cancer succeeded in a phase 3 trial. This pop will have SGEN nearing its Sept. 1 two-year highs. Since the start of the year, the equity is up 60.6%. 
  4. Raymond James initiated coverage on Ralph Lauren Corp (NYSE:RL) with an "outperform" rating and $135 price target. Heading into today, the stock is up 6.2% in 2023, and enjoying a 1.6% gain in electronic trading. 
  5. See what economic data is scheduled next week


Rate Decisions Impacting Overseas Markets

Asian markets were mixed on Friday, following the Bank of Japan’s (BoJ) decision to maintain interest rates at the current level of -0.1%, until the country sees continued inflation readings of 2% -- as opposed to August’s reading of 3.2%. Japan’s Nikkei settled 0.5% lower, while South Korea’s Kospi shed 0.3%. Elsewhere, Hong Kong’s Hang Seng and China’s Shanghai Composite added 2.3% and 1.6%, respectively.

European stocks are all over the place as well, as investors continue to unpack interest rate decisions from the U.S. Federal Reserve and the Bank of England (BoE), both of which did not rule out future hikes. Retail sales data for August and the U.K.’s purchasing managers’ index (PMI) reading for September are also in focus. London’s FTSE 100 was last seen 0.7% higher, the German DAX is flat, and France’s CAC 40 is sporting a 0.3% deficit.


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