After jobless claims topped estimates, investors await September's payrolls report due out tomorrow
Wall Street's rough October start could get worse, with futures tied to all three major indexes lower after today's jobs report. According to the Labor Department, initial filings for unemployment benefits came in at 225,000, higher than the 220,000 consensus estimate. Investors are now looking ahead to September's payrolls report that is due tomorrow.
Escalating tensions in the Middle East are also weighing on investor optimism. Israel's Prime Minister Benjamin Netanyahu vowed to retaliate against Iran after the latter's missile attack. Oil prices are now up roughly 4.6% this week.
Continue reading for more on today's market, including:
- 3 oil stocks to watch amid escalations in the Middle East.
- Cheap seats: 2 stocks under $20 to keep on your radar.
- Plus, Levi's foggy revenue forecast; EVGO upgraded; and HIMS cools off.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 728,722 put contracts exchanged on Wednesday. The single-session equity put/call ratio rose to 0.56 and the 21-day moving average remained at 0.64.
- Levi Strauss & Co (NYSE:LEVI) stock is 12.2% lower premarket, after the denim maker cut its full-year revenue guidance, reported fiscal third-quarter revenue below Wall Street's estimates, and is contemplating selling its Dockers unit. Should these pre-market losses hold, LEVI could cut its year-to-date lead nearly in half.
- EVgo Inc (NASDAQ:EVGO) sports a 14.5% lead before the opening bell, after JPMorgan upgraded the electric vehicle (EV) charging stock to "overweight," citing the company's utilization rate and its owner-operator model. EVGO is track to add to its 9.8% year-to-date gain.
- Hims & Hers Health Inc (NYSE:HIMS) stock is in trouble, after the U.S. Food and Drug Administration (FDA) announced Eli Lilly (LLY) resolved its GLP-1 treatment shortage. Hims & Hers Health took advantage of the shortage and developed compound versions of the weight-loss drugs. Down 9.2% before the open, HIMS is set to cut into its massive 112.9% year-to-date lead.
- What's coming up this week on Wall Street.
Japan's Prime Minister Says Another Rate Hike is Unlikely
Hong Kong’s Hang Seng finally cooled off today, shedding 1.5% to snap a six-day winning streak as property and tech stocks took a breather. Japan’s Nikkei tacked on 2%, as the yen strengthened against the dollar and new Prime Minister Shigeru Ishiba told press that another rate hike was not likely in the current economic conditions. South Korea’s Kospi and China remained close for holiday.
Over in Europe, auto stocks are weighing on the region, after Reuters reported that the European Union (EU) is considering tariffs of up to 45% on Chinese electric vehicles (EV). At last check, London’s FTSE 100 is 0.2% higher, while the French CAC 40 and German DAX are off by 0.7% and 0.5%, respectively.