Stock Futures Poised to Resume Selloff After Jobless Data

Jobs data could help determine the Fed's next interest rate decision

Digital Content Manager
Oct 5, 2023 at 9:11 AM
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Wall Street looks ready to resume its selloff after the latest batch of jobless data, which came in at 207,000 for last week. The number was in line with expectations and didn't point to the labor market weakness investors had hoped to see when considering interest rates. With bond yields back on the rise, futures on the Dow Jones Industrial Average (DJIA) are down nearly triple digits, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are firmly lower as well.

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

  • 25 stocks investors should avoid in October.
  • Unpacking Cal-Maine Foods' earnings results.
  • Plus, oil prices weigh on CVX; Clorox stock downgraded; and why this EV stock is tumbling.

Futures 1005 2 

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. Sinking oil prices are putting pressure on names within the sector. Chevron Corporation (NYSE:CVX) is down 1.4% ahead of the open, looking to add to a 9.2% deficit for 2023.
  3. Raymond James downgraded Clorox Co (NYSE:CLX) stock to "market perform" from "outperform" this morning, after the company provided a lackluster outlook for its fiscal first quarter. Clorox noted a cyber attack negated improvements to pricing and supply chain. CLX is down 4.4% before the bell and down 6.1% so far this year.
  4. Rivian Automotive Inc (NASDAQ:RIVN) stock is off 9.4% in premarket trading, after the electric vehicle (EV) concern's guidance for the third quarter came short of expectations. Plus, the company is selling $1.5 billion in convertible bonds. RIVN still sports a 28.5% year-to-date lead, however, with support lingering below at the $20 level. 
  5. A trade deficit update is on tap today.

OV Buzz Chart Oct 5

European Markets Edge Higher

Asian markets finished the day quietly Thursday, eyeing falling stateside bond yields. Japan’s Nikkei led the gainers with a 1.8% pop, while Hong Kong’s Hang Seng dipped 0.1%, and the South Korean Kospi moved fractionally lower. China’s Shanghai Composite remained closed for holiday. 

European markets, meanwhile, are on the rise. London’s FTSE 100 is up 0.6% at last glance, while the French CAC 40 and German DAX were both last seen 0.2% higher. 



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