Futures linked to the Dow Jones Industrial Average shed 28 points, constituting a 0.08% decline. Simultaneously, S&P 500 and Nasdaq 100 single stock futures showed a marginal decrease of 0.12% and 0.14%, respectively.
Meanwhile, today, European markets show positive momentum, with London’s shares leading the way. The FTSE 100 futures have gained 0.68%, while France’s CAC 40 is up 0.35%, and Germany’s DAX has risen by 0.32%.
Liz Young’s Cautious Optimism on Single Stock Futures
As the Dow snaps a three-day slump, Liz Young, Head of Investment Strategy at SoFi, remains watchful. She remarks, “Obviously, we’re getting a little reprieve today, but I think it’s just that: It’s a brief reprieve.”
The retreat in Treasury yields aids stock performance, with the 10-year Treasury note rate easing from its 2007 highs. ADP’s report of private job growth at 89,000 for September, far below Dow Jones’ estimate, offers the assurance of labour market stability.
Energy Bulls Remain Bullish Despite Short-term Stagnation
The recent pause in oil price hikes doesn’t deter long-term energy optimists. Global investments in oil exploration are projected to increase by 5.00% yearly, reaching approximately $21 billion. The International Energy Agency foresees record demand for 2023, hitting 102.2 million barrels per day.
September PMI data on managed futures from S&P Global shows Hong Kong’s private sector contracting for the third straight month. The Purchasing Manager’s Index fell from 49.8 in August to 49.6, partially due to Typhoon Saola’s impact.
Borrowers Trim Expenses as Student Loan Payments Resume
With federal student loan payments back in play, borrowers are trimming budgets. A KeyBanc survey reveals nearly 7 in 10 anticipate reduced spending. The top categories for cuts are clothing, restaurants, and travel.
West Texas Intermediate crude hot futures experienced its worst daily performance since September 23, 2022, falling 5.61% to $84.22 a barrel on Wednesday. Energy sector leaders Devon Energy, Marathon Oil, and Schlumberger also witnessed significant declines.
Clorox Sees A Slide Post-Market on Weak Fiscal Q1 Forecast
Clorox shares took a nearly 2.8% hit post-bell, mirroring the company’s lower-than-expected fiscal first-quarter guidance. The consumer goods giant anticipates an adjusted loss ranging from 40 to zero cents per share, differing starkly from the FactSet-polled estimate of $1.29 per share earnings. An August cybersecurity attack disrupted operations, resulting in this unexpected adjusted loss projection, which also led to a revised outlook for a decrease in gross margin from last year, contrary to the previous forecast of an increase.
Wednesday Night Sees Lower Weekend Futures Opening
Futures for major averages displayed a lower opening on Wednesday night. S&P 500-linked futures and Nasdaq 100 futures each slipped by 0.2%, mirroring a similar 0.2% slip for single stock futures tied to the Dow Jones Industrial Average.