Stock Futures Start Final Week of September on a Sour Note

The S&P 500 is headed for its worst month since December

Deputy Editor
Sep 25, 2023 at 9:16 AM
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The stock market looks ready to extend last week's losses, with futures on all three major indexes pointed lower ahead of the open. As we head into the last week of September, the S&P 500 (SPX) is on track for its worst month since December. Today, investors are monitoring rising bond yields, while media stocks rise as Hollywood writers and studios reach a tentative deal to end the multi-month strike. 

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

  • Oil and analyst notes stole the show last week.
  • Wayfair stock a short squeeze candidate. 
  • Plus, some more analysts notes to track today; and NIO slides potential fundraise. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.1 million call and 996,764 put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.85 and the 21-day moving average rose to 0.67.
  2. Nike Inc (NYSE:NKE) is down 1.6% premarket, after Jefferies downgraded the blue-chip retail stock to "hold" from "buy," with a price-target cut to $100 from $140. J.P. Morgan Securities also threw in a bear note, trimming its price target to $136 from $142. Should this drop hold, NKE will be headed for its 14th loss in the last 15 days. Since the start of the year, the equity is down 22.4%. 
  3. AstraZeneca PLC (NASDAQ:AZN) is up 1.5% before the bell, after Jefferies upgraded the drug stock to "buy" from "hold," while J.P. Morgan Securities raised its price target as well. This bull note comes after Friday's news that the company's breast cancer drug met its main goal in a late-stage study.  AZN is heading into today with a 20.4% year-over-year gain. 
  4. Nio Inc (NYSE:NIO) is down 5.9% in electronic trading, after a report that the company is considering raising $3 billion from investors. The electric vehicle stock is down 12.5% in 2023. 
  5. See what economic data is scheduled this week

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Stocks Lower Overseas as Well

Stocks in Asia were mostly lower, as investors awaited regional inflation data. Japan’s Nikkei was the lone gainer, adding 0.9% on the back of health and retail stocks. Hong Kong’s Hang Seng and China’s Shanghai Composite lost 1.8% and 0.5%, respectively, after shares of real estate firm Evergrande fell 20% following a delayed debt restructuring meeting. Lastly, South Korea’s Kospi fell 0.5%.

European markets are also lower this afternoon, with traders speculating on higher-for-longer interest rates. London’s FTSE 100, France’s CAC 40, and Germany’s DAX were all last seen down 0.9%.

 

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