Stock Futures Sour to Close Strong September

China-based stocks continue to shine

Laura McCandless

Deputy Editor

Sep 30, 2024 at 9:07 AM

Stock futures are slipping this morning, though all three major benchmarks are headed for quarterly gains at the close today. Though September is known as historically bearish, the indexes are headed for sizable monthly gains as well -- the S&P 500's (SPX) and Dow Jones Industrial Average's (DJI) fifth straight. Meanwhile, China-based stocks are still surging following the country's recent stimulus measures.

Continue reading for more on today's market, including:

A closer look at several record highs on Wall Street last week.
Best week ever for two China-based ETFs.
Plus, NIO jumps on funding; DIS upgraded; and STLA falls after forecast cut.

5 Things You Need to Know Today

The Cboe Options Exchange (CBOE) saw over 1.8 million call contracts and 982,679 put contracts exchanged on Friday. The single-session equity put/call ratio rose to 0.53 and the 21-day moving average remained at 0.65.
Nio Inc - ADR (NYSE:NIO) stock is up 14.3% premarket, after the electric vehicle (EV) maker received a $2 billion investment from its parent company and state-backed investors. Coming into today, Nio stock was down 28.1% year to date.
Walt Disney Co (NYSE:DIS) stock is up 0.9% before the bell, after Seaport Research upgraded the blue-chip to to "buy" from "neutral," citing its improved macroeconomic outlook. DIS sports a 6.3% lead in 2024.
Shares of Stellantis NV (NYSE:STLA) are down 13.4% before the bell, after the automaker lowered its full-year forecast, noting a “global industry backdrop.” Since the start of the year, STLA is down 31.1%.
What's coming up this week on Wall Street.

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China Inflation data in Focus

Major indexes in Asia settled on both sides of the aisle today amid fresh economic data. Several readings out of China were in focus, with the country’s purchasing managers’ index (PMI) for September coming in at a better-than-expected 49.8, and the Caixin PMI posting a lower-than-expected manufacturing reading of 49.3 for the month. Japan’s Nikkei shed 4.8% as real estate stocks plunged and investors digested a beat in retail sales for August, while South Korea’s Kospi dropped 2.1%. Industrial production for the former fell 4.9% year on year last month. Hong Kong’s Hang Seng added 2.4% and China’s Shanghai Composite surged an impressive 8.1%.

European markets are moving lower with auto stocks, as traders also take in Chinese economic data. At last check, London’s FTSE 100 is off 0.6%, France’s CAC 40 is down 1.7%, and Germany’s DAX has lost 0.7%.

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