The unemployment rate moved lower again
U.S. stock futures are pointing to a positive start to the trading day following the release of the September jobs report. Nonfarm payrolls for the month rose by 136,000 -- 9,000 fewer than expected, though the unemployment rate fell to 3.5%, the lowest in almost 50 years. This caps off a week of mostly disappointing economic data that has reignited calls for the Fed to cut rates later this month. Aside from this, the Dow Jones Industrial Average (DJI) could get a boost from a strong pre-market move from Apple (AAPL), though the Dow and its index peers are likely set to end the week deep in the red.
Continue reading for more on today's market, including:
- How these bears nailed an options trade in under three days.
- The options market moved in during TD Ameritrade's nearly 30% slide.
- Why Microsoft could bounce back fast from its event pullback.
- Plus, this morning's Apple buzz; Keytruda would take down Humira; and Domino's Pizza gets a bull note.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 847,645 call contracts traded on Thursday, compared to 656,572 put contracts. The single-session equity put/call ratio was 0.77, while the 21-day moving average edged up to 0.66.
- Apple Inc. (NASDAQ:AAPL) is set for a strong open this morning thanks to a Nikkei report that said the company raised its iPhone 11 production by roughly 10%. On Monday, analysts at J.P. Morgan Securities predicted higher iPhone volume, and the 2% pre-market rise for AAPL shares would have them testing their 52-week high.
- Analytics company GlobalData this morning projected that Merck & Co., Inc.'s (NYSE:MRK) cancer drug Keytruda will begin outselling AbbVie Inc's (NYSE:ABBV) Humira -- the world's best-selling drug -- by 2023. Keytruda has been a breakthrough for Merck, fueling last quarter's earnings beat.
- On the analyst front, Domino's Pizza, Inc. (NYSE:DPZ) just received a bull note from Wedbush, which began coverage with an "outperform" rating and $280 price target. DPZ shares have struggled in recent months, and were last seen at $243.35.
- International trade data will also come out today, and Atlanta Fed President Raphael Bostic will speak. Next week the focus will be on trade talks between the U.S. and China.
Asian Stocks Slip with Focus on Hong Kong
It was a mostly lower finish in Asia today, with Hong Kong stocks dropping the most after the city's leader Carrie Lam announced a face mask ban would go into effect tomorrow, Oct. 5. Specifically, the Hang Seng surrendered 1.1%, to close back below the key 26,000 level. Elsewhere in the region, South Korea's Kospi gave back 0.6%, while Japan's Nikkei muscled to a 0.3% win in the wake of Thursday's sharp drop. Chinese markets remained closed for holiday.
European markets are up modestly at midday, with traders keeping a cautious eye on U.S. jobs data. Gains in the energy sector are helping keep the benchmarks above breakeven, with oil major BP shares higher on news the company's CEO Bob Dudley is stepping down. At last check, London's FTSE 100 is up 0.3%, the French CAC is 0.2% higher, and the German DAX is flirting with a 0.03% lead.