All three major indexes are lower as investors eye U.S. trade deficit data
A historically weak month for the market, September is certainly kicking off on a low note. Stock futures are looking to extend yesterday's sharp losses, with futures on the Nasdaq-100 Index (NDX) down triple digits, while S&P 500 Index (SPX) and Dow Jones Industrial Average (DJIA) futures sit firmly in the red as well.
Meanwhile, the U.S. trade deficit rose 7.8% to $78.8 billion in July, its highest level in over two years. Investors are now looking ahead to factory orders and job openings data, due out later this morning. Also notable -- oil futures are back on the rise after wiping out their 2024 gains yesterday.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.2 million call contracts and 950,830 put contracts exchanged on Tuesday. The single-session equity put/call ratio rose to 0.73 and the 21-day moving average stayed at 0.65.
-
Shares of
Dick's Sporting Goods Inc (NYSE:DKS) are down 1.3% premarket, despite
the retailer posting better-than-expected second-quarter results and raising its full-year forecast, though the latter still came in below estimates. Year to date, DKS is up 58%.
-
Dollar Tree Inc (NASDAQ:DLTR) stock is down 11.4% in electronic trading, after the
discount retailer missed its second-quarter sales estimates and slashed its full-year guidance. Should these losses hold, the shares will hit their lowest levels since March 2020. Since the start of the year, the equity is down 42.5%.
-
Lyft Inc (NASDAQ:LYFT) announced it will lay off roughly 1% of its employees as part of its bike and scooter restructuring plan. The
rideshare stock is down 0.8% before the bell, and sports a 24.3% year-to-date deficit.
-
Wall Street Triggers Global Selloff
Asian markets suffered another day of steep losses, with Nvidia (NVDA) suppliers Samsung Electronics and SK Hynix selling off amid overall weakness in the tech sector. Japan’s Nikkei plunged 4.2% and marked its worst day since the August selloff, as semiconductor names struggled. Hong Kong’s Hang Seng shed 1.1%, China’s Shanghai Composite fell 0.7%, and South Korea’s Kospi dropped a notable 3.2%.
Sentiment is no better across the pond, with all European indexes heading lower. A tech slump is also weighing on markets, combined with yesterday’s lackluster economic data out of the U.S. At last glance, London’s FTSE 100 is off 0.5%, France’s CAC 40 is 1.1% lower, and Germany’s DAX is down 0.9%.