Stock Futures Fight to Keep Momentum After Rally

Investors are unpacking the employment cost index

Digital Content Manager
Oct 31, 2023 at 9:25 AM
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Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) futures are muted this morning, as stocks wrestle to extend yesterday's rally.  Traders are unpacking the employment cost index, which rose a slightly higher-than-anticipated 1.1% for September, and could be a factor in the Federal Reserve's interest rate decision. All three benchmarks remain on track for steep monthly losses.

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

  • Is this trendline a turning point for SPX Bulls?
  • ON semiconductor stock saw an options surge.
  • Plus, PFE's first quarterly loss in years; demand fears ding TSLA; and energy prices weigh on BP.

Futures 1031

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 812,749 puts traded Monday. The single-session equity put/call ratio fell to 0.68 and the 21-day moving average stayed at 0.68.
  2. Pfizer Inc. (NYSE:PFE) stock is down 0.9% before the open, after the company announced its first quarterly miss since 2019. Earnings for the third quarter came in below analysts' expectations, as demand for its Covid-19 products waned and it faced $5.6 billion in charges related to other drugs. PFE is down 40.4% so far in 2023.
  3. Electric vehicle (EV) giant Tesla Inc (NASDAQ:TSLA) is down 1.1% premarket, following news that partner Panasonic slowed down battery cell production. The update sparked fears that demand for Tesla's vehicles is dwindling. TSLA still boasts a 60.2% lead for the year.
  4. BP plc (NYSE: BP) reported a third-quarter earnings and revenue miss, amid a big decline in energy prices. The oil and gas stock is down 3.9% ahead of the bell, but still sports a 6.2% year-to-date lead.
  5. The S&P Case-Shiller home price index and consumer confidence data are on tap today

OV Buzz Chart Oct 31

European Markets Rise on Falling Inflation

The Bank of Japan (BoJ) left its short-term lending rate unchanged, and made its yield curve control policy more flexible. Elsewhere, China’s manufacturing purchasing managers’ index (PMI) for October came in at 49.5 compared to estimates of 50.2 – in contraction territory. Japan’s Nikkei added 0.5% after the interest rate decision, while Hong Kong’s Hang Seng snapped a five-day win streak with a 1.7% loss, and China’s Shanghai Composite and the South Korean Kospi dropped 0.09% and 1.4%, respectively.

European markets are higher, after euro zone inflation fell to a two-year low of 2.9% in October. London’s FTSE 100 is up 0.5%, while the French CAC 40 rises 1.1%, and the German DAX tacks on 0.7%.

 

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