Stock Futures Rise as Bond Yields Pull Back from Highs

Much weaker-than-expected jobs data is pushing Treasury yields lower

Digital Content Manager
Oct 4, 2023 at 9:03 AM
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Stock futures are bouncing back following yesterday's selloff. The ADP employment report revealed only 89,000 private payrolls were added in September, compared to analysts' estimates of 160,000. The update has bond yields cooling from multi-year highs, though interest rate hike fears remain. At last check, futures on the Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) are all above fair value.

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

  • Behind WeWork stock's record lows.
  • Boeing stock bucked broader market slide.
  • Plus, AAPL downgraded; CALM slips after earnings; and Intel plans spinoff.

Futures 1004

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 2.3 million call contracts and 2.9 million put contracts exchanged on Tuesday. The single-session equity put/call ratio rose to 1.25 and the 21-day moving average stayed at 0.67.
  2. Apple Inc (NASDAQ:AAPL) stock is down 0.5% in premarket trading, following a downgrade from Keybanc to "sector weight" from "overweight." The firm pointed to the tech giant's high valuation and disappointing U.S. growth projections. AAPL is up 32.7% this year.
  3. Cal-Maine Foods Inc (NASDAQ:CALM) is sinking ahead of the open, down 11.7%. Worse-than-expected first-quarter profits, lackluster sales, and lower prices are all weighing on the shares. So far this year, CALM has already slipped more than 12%.
  4. Intel Corporation (NASDAQ:INTC) isup 2.5% before the open, after the Dow member revealed plans to operate its programmable chip unit as a standalone business, noting an initial public offering (IPO) should happen within the next few years. INTC is up 32.3% in the last 12 months.
  5. Factory orders and the Institute for Supply Management (ISM) services report are due out today.

OV Buzz Chart Oct 4 

European Markets Mixed on Inflation Data

Rising bond yields stateside weighed on Asian markets on Wednesday. The South Korean Kospi led the losses with a 2.4% drop, while Japan’s Nikkei fell 2.3%. Hong Kong’s Hang Seng shed 0.8% to mark its lowest level since November, while China’s Shanghai Composite remained closed for holiday.

European markets are mixed as the region dissects inflation data. Germany’s September final services purchasing managers’ index (PMI) came in at 50.3, while France’s came in at 44.4, and the Euro zone’s at 48.7. London’s FTSE 100 is down 0.1% Wednesday afternoon, while the French CAC 40 and German DAX rise 0.4% and 0.2%, respectively.



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