Stock futures weakened Thursday, as investors awaited a heavy dose of early economic news. Oil prices and bond yields were little changed after surges on Wednesday. China-based stocks remained under pressure as market slides in Shanghai and Hong Kong continued. Cisco Systems ran out front on the Dow Jones Industrial Average today, after upgrading its revenue outlook.
X
Nasdaq 100 futures faded 0.3% as China-based stocks, along with Tesla (TSLA) and ASML Holding (ASML), weighed at the bottom of the index. S&P 500 futures were down 0.2% and Dow Jones futures traded 0.1% below fair value on the stock market today, following the S&P 500’s bullish rebound from the 50-day line on Wednesday.
Great Western Bank (GWB) punched 10% higher to lead the S&P 500. Billings, Mt.-based First Interstate BancSystem (FIBK) agreed to acquire the Sioux Falls, S.D., outfit in a $2 billion stock deal. First Interstate shares were flat.
Car rental leader Avis Budget (CAR) jumped 2%, on the heels of an upgrade from Bank Of America.
Doximity (DOCS) led the IBD 50, rising 1% as it looks to take back a piece of Wednesday’s 7% slide. In IPO action, cybersecurity play IronNet (IRNT) spiked 51% in premarket action, as the stock trends high on the WallStreetBets Reddit thread. Blank check new issue TMC Metals (TMD) rocketed 48% higher.
A heavy slug of early data rolls out at 8:30 a.m. ET, with the Philly Fed Survey, and August retail sales data from the Commerce department due out alongside the Labor Department’s weekly unemployment claims report.
Stocks trading near buy points early Thursday included Progyny (PGNY), ZoomInfo Technoligies (ZI), Deckers Outdoor (DECK) and Snap (SNAP). All are IBD 50 stocks.
Dow Jones Today: Cisco Revises Guidance
Cisco Systems (CSCO) rallied to the head of the Dow Jones today, up 1.5% in premarket trade. The company, at an investors’ day event on Wednesday, projected annual revenue growth of 5% to 7% over the next four years, up from a five-year average gain of 1%. Credit Suisse upgraded the stock to outperform from neutral, hoisting the stock’s price target to 74 from 56.
Cisco Systems stock has made little progress since a breakout in July, ending Wednesday up less than 4% from the 55.45 buy point after a bearish reversal.
Walt Disney (DIS) and Apple (AAPL) fell to the bottom of the Dow, trading about 0.3% lower each.
Vital Signs: Oil, Bond Yields, Bitcoin
Oil prices paused, after West Texas Intermediate futures surged more than 3% Wednesday to $72.61 a barrel — the highest settle since July. The gain left WTI up 4.2% so far this week, and up almost 17% from a late-August low.
The Energy Information Administration on Wednesday reported a heavy drawdown in stored supplies of crude oil and fuel. And the Bureau of Safety and Environmental Enforcement reported that 30% of oil and natural production remained shut in two weeks after Hurricane Ida. OPEC on Monday cranked its oil demand forecast for next year higher by 900,000 barrels a…
Read More: Dow Jones Today, Futures Fade Ahead Of Weekly Jobs Data; Cisco