Dow Futures Down Triple Digits as Bond Yields, Dollar Surge

Investors are eyeing negotiations in Washington as well

Deputy Editor
Sep 26, 2023 at 9:10 AM
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Stock futures are indicating another lower open today, after all three major indexes snapped their four-day losing streaks to start the week. Futures on the Dow Jones Industrial Average (DJIA) are down triple digits, while Nasdaq Composite (IXIC) and S&P 500 (SPX) futures sit firmly lower as well. Investors are still eyeing surging U.S. Treasury yields, which just pushed the dollar to a 10-month high against several other major currencies, as well as spending bill negotiations in Washington, as lawmakers grapple with a potential government shutdown as early as Oct. 1.

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

  • Put buyer strength makes for an interesting SPX backdrop, per Schaeffer's Senior V.P. of Research Todd Salamone. 
  • Biotech stock could hit yet another record high
  • Plus, UNFI plummets after earnings; RIG's private offering, and BCS upgraded.  

Futures Sep26

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 887,567 call and 629,065 put contracts exchanged on Monday. The single-session equity put/call ratio fell to 0.71 and the 21-day moving average fell to 0.66.
  2. United Natural Foods Inc (NYSE:UNFI) is down 19.8% premarket, after the grocery wholesaler's disappointing fiscal fourth-quarter losses per share and weak guidance. Should these losses hold, UNFI will fall to a fresh 52-week low. Since the start of the year, the equity is down 51.1% coming into today. 
  3. Transocean Ltd (NYSE:RIG) stock is in the spotlight before the open, after news that the offshore drilling services provider is planning a private offering of $300 million of five-year bonds. RIG is down 0.6% in electronic trading, and up 83.8% since in 2023. 
  4. Barclays PLC (NYSE:BCS) is up 2.6% ahead of the bell this morning, after an upgrade from Morgan Stanley to "overweight" from "equal weight." The firm noted growth in BCS' credit card business and improved investment banking outlook. Should these gains hold, the equity will climb into positive territory for the year. 
  5. See what economic data is scheduled this week

buzzsept26

Kospi Marks 7 Straight Losses

Japan’s Nikkei shed 1.1%, reversing yesterday’s gains as benchmarks in the region extended their journey lower ahead of a host of inflation data. South Korea’s Kospi lost 1.3%, stretching its daily losing streak to seven, while the Hang Seng in Hong Kong dropped 1.5%, and China’s Shanghai Composite took a 0.4% haircut.

The major bourses in Europe are mostly lower this afternoon, as the region readies for its own batch of inflation data. Germany’s DAX and France’s CAC 40 are both 0.6% lower at last check, with traders eyeing the former’s 10-year bond yield after it hit a roughly 12-year high Monday. Rounding out the area, London’s FTSE 100 added 0.2%.

 

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