Stock futures stagnate after strong week of earnings

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The main landmarks are flat in front of the open

Futures contracts on the Dow Jones Industrial Average (DJI) are just below breakeven this morning, despite a strong week of corporate earnings. S&P 500 Index (SPX) futures are also flat, after the index yesterday scored a seventh consecutive daily win and a close recording, while Nasdaq-100 (NDX) futures are lower after Intel (INTC) and social media exit. Elsewhere, oil futures are rebounding higher, with West Texas Intermediate crude on track for a 2% weekly rise.

Read on to learn more about the current market, including:

  • A video from Senior Market Strategist Matthew Timpane presenting at Benzinga conference on the cannabis capital.
  • Analysts speak out on PayPal’s potential Pinterest acquisition.
  • Plus, Snap is collapsing over privacy changes; URBN receives an upgrade; and MAT eliminates supply chain disruptions.

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5 things you need to know today

  1. The Cboe Options Exchange (CBOE) saw more than 1.8 million purchase contracts traded on Thursday, up from 815,466 sales contracts. The single-session put / call ratio fell to 0.44 and the 21-day moving average remained at 0.48.
  2. Snap Inc (NYSE: SNAP) is in pre-market freefall, down 20.6%, after Snapchat’s parent warned it would be affected by Apple’s privacy changes (AAPL) on iOS devices. To follow, as many as 11 analysts lowered their price targets, comments from several companies expecting revenues to slow for the next two to three quarters. Additionally, Snap reported a mixed report in the third quarter, with lower than expected revenue and pace of earnings.


  3. Upgraded citigroup Urban Outfitters Inc (NASDAQ: URBN) to “buy”, from “neutral”, with a reduction of the target price from $ 44 to $ 40. The hedging analyst sees a favorable risk / reward profile for URBN after its recent collapse. Over the past six months, equity has lost about 18%. Before the bell, the title is up 2%.


  4. Mattel Inc (NASDAQ: MAT) is up 7.9% in e-commerce, after the company reported better-than-expected earnings and revenue in the third quarter. Additionally, the toy giant has said supply chain disruptions will not affect its strong holiday season ahead.

  5. For today, keep an eye on the Markit manufacturing purchasing managers index (PMI) and the PMI of Markit services.

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Evergrande Group Update Moves Asian Markets

Asian markets were mixed on Friday, as investors considered another update from the China Evergrande group, which said it would pay interest on a bond that was due on September 23 before the grace period expired. this Saturday. Hong Kong’s Hang Seng rose 0.4%, while Japan’s Nikkei added 0.3% and China’s Shanghai Composite fell 0.3%. Meanwhile, the South Korean Kospi fell 0.04%, despite the rise of index member Samsung SDI following the announcement of a joint venture the company plans to form with automaker Stellantis. .

Evergrande’s encouraging update gives sentiment a boost in Europe, with major stock markets rising at noon. Traders are also digesting the initial reading of the Eurozone Flash Composite Purchasing Managers’ Index (PMI) for October, which fell to a six-month low of 54.3. UK investors, meanwhile, looked at an unexpected rise in the composite reading to 56.8 from 54.9, while retail sales were down 0.2% mo. ‘an increase of 0.5%. At last glance, London’s FTSE 100 is up 0.6%, the French CAC 40 is up 1% and the German DAX is up 0.9%.


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