Stock Futures Static as Shutdown Spoils Data

Stock futures are struggling for direction this morning, as the government shutdown drags on to its ninth day. Futures on the Dow Jones Industrial Average (DJI), Nasdaq-100 (NDX), and S&P 500 Index (SPX) are all hovering around breakeven at last check, with no economic data on tap to move markets.

Instead, investors will look to remarks Federal Reserve Chair Jerome Powell at a community bank conference, as well a positive post-earnings reaction from Delta Air Lines (DAL). Elsewhere, bond yields and gold prices are cooling off, with the former last seen at 4.13% and the latter still above $4,000/oz. 

• FedEx stock stalled by rare downgrade.
• 25 stocks to buy (and sell) in October, historically.
• Plus, Ferrari EV guidance reduced; Pepsi's top-line beat; and rare earths shine.

5 Things You Need to Know Today

1. The Cboe Options Exchange saw over 2.9 million call contracts and 1.4 million put contracts exchanged on Wednesday. The single-session equity put/call ratio stayed at 0.50, while the 21-day moving average remained at 0.58.
2. Ferrari N.V. (NASDAQ:RACE) stock is 12% lower ahead of the bell, after the automaker reduced its EV guidance from 40% to 20%. Should these premarket losses materialize, RACE will be testing its year-to-date breakeven level today.   
3. PepsiCo Inc (NASDAQ:PEP) stock is 0.5% higher before the open, after the beverage icon reported third-quarter earnings and revenue that exceeded analyst expectations. Pepsi stock is 8.6% lower heading into today, with a summer rally running out of steam at its 260-day moving average.
4. The shares of MP Materials Corp (NYSE:MP) are 4.4% higher in electronic trading, after BMO initiated coverage with a "market perform" rating and $76 price target. The analyst in coverage called the company the rare earth champion in the U.S. MP boasts a 352% year-to-date gain.
5. Fed minutes sure to offer important dot plot insight next week.

chart

SoftBank Powers Nikkei to New Heights

Asian markets finished mostly higher today, with SoftBank Group surging more than 11% on news it has agreed to purchase ABB’s robotic unit for $5.4 billion. Japan’s Nikkei tapped new record highs, eventually closing up 1.8%, while China’s Shanghai Composite rose 1.3% despite tightening exports. Hong Kong’s Hang Seng was the only loser, shedding 0.3% and brushing off a jump in Hang Seng Bank shares, after HSBC offered to take the company private for $37 billion. Markets in South Korea were closed for holiday.

Stocks in Europe are mixed at midday, with all eyes on Novo Nordisk’s (NVO) acquisition of U.S. biotech name Akero Therapeutics (AKRO), priced at $4.7 billion. Elsewhere, European banks slipped after HSBC’s billion-dollar bid. London’s FTSE 100 was last seen down  0.2%, while France’s CAC 40 is up 0.6%. Germany’s DAX is also 0.6% higher, brushing off an unexpected 0.5% monthly drop in exports for the region.