Dow, S&P 500 Futures Muted on Jobs, Manufacturing Data

The Philadelphia manufacturing index stayed in contraction territory

Digital Content Manager
Oct 19, 2023 at 9:25 AM
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Investors have a slew of economic data to unpack this morning. Jobless claims hit a nine-month low of 198,000 last week -- far below analysts' estimates -- as the labor market remained tight. Plus, the Philadelphia manufacturing gauge stayed in contraction territory for October. Treasury yields are surging in response, with the 10-year rate rising to 4.98%. Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) futures are muted, and Nasdaq-100 Index (NDX) futures are modestly above breakeven.

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

  • Travel stock could stage impressive bounce.
  • Bulls should consider Dell Technologies stock.
  • Plus, Netflix's growing subscribers; Tesla's disappointing results; and airline stock rises despite higher fuel prices.

Futures 1019

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 805,647 puts traded on Thursday. The single-session equity put/call ratio fell to 0.68 and the 21-day moving average stayed at 0.68.
  2. Netflix Inc (NASDAQ:NFLX) stock is up 14.3% premarket, after the company shared better-than-expected third-quarter earnings results. The streaming name saw subscriptions rise more than analysts anticipated due to its password-sharing crackdown. NFLX is up 17.4% this year.
  3. Electric vehicle (EV) maker Tesla Inc (NASDAQ:TSLA) is down 7% ahead of the open, after missing on top- and bottom-line expectations for the third quarter. CEO Elon Musk expressed concern over higher interest rates and Cybertruck production. In 2023, TSLA has added 97% so far. 
  4. American Airlines Group Inc (NASDAQ:AAL) reported a third-quarter revenue miss and cut its annual profit forecast amid higher fuel prices and a new labor agreement for pilots. AAL is still up 2.2% before the bell due to a profit win and holiday bookings, but still carries a 10.7% year-to-date lead.
  5. Existing home sales and several other leading economic indicators are due out today

OV Buzz Chart Oct 19

European, Asian Markets Sharply Lower

Asian markets moved sharply lower today. Hong Kong’s Hang Seng fell 2.5%, as electric vehicle (EV) stocks slid following Tesla's (TSLA) quarterly results. Japan’s Nikkei and the South Korean Kospi both dropped 1.9%, respectively, after Japan recorded a higher-than-expected trade surplus of 62.4 billion yen ($416.6 million) for last month, and the Bank of Korea kept interest rates at 3.5% for a sixth consecutive time. And finally, China’s Shanghai Composite shed 1.7%.

Stocks in Europe are lower as well, as investors eye disappointing earnings from French carmaker Renault (RNO) as well as inflation data. Euro zone inflation came in at an annual 4.3% for September, below the previous month’s 5.2% increase, while U.K.’s September inflation reading came in at a slightly higher-than-expected 6.7% -- unchanged from August. London’s FTSE 100 is down 1% at last look, while the French CAC 40 is off 0.6%, and the German DAX falls 0.2%.

 

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