FX.co ★ American Premarket for September 30: we are completing a month of instability and losses

US stock index futures rose slightly on Thursday, ending a month of instability and losses. The main gain today was observed in shares of technology companies, which jumped in the premarket after serious falls observed this week due to an excessively rapid increase in rates on 10-year treasury bonds. The yield on which also declined slightly at the beginning of today's trading. Futures for the Dow Jones Industrial Average rose by 153 points or 0.5%. S&P 500 futures rose 0.4% and Nasdaq 100 futures rose 0.5%.

The strengthening of the stock market occurred on Wednesday evening amid rumors that an agreement necessary for the continuation of the work of the US government seems to have been reached. Senate Majority Leader Chuck Schumer said late in the evening that a vote would be held on Thursday on temporary measures that would allow the government to continue its work until early December until the debt limit is finally agreed and raised. It should be understood that the deal has yet to pass through the House of Representatives, and there has not been a vote yet.

If you look at September as a whole, then, according to current indicators, the Dow index fell by 2.7%, the S&P 500 index fell by 3.6%, and the Nasdaq Composite index fell by 4.9%. September was not the best month for trading this year: several concerns about the real estate crisis in China, the crisis in the energy sector, a sharp rise in inflation in the United States, and a jump in the yield of 10-year securities as a result of statements by the Federal Reserve System, which last week signaled that it would soon begin to cancel incentives - all this did not affect investor sentiment in the best way. At the time of preparation of the material, the yield of 10-year Treasury bonds fell by three basis points to 1.52% on Thursday, while by the end of August, it was 1.30%.

According to experts, the month of October is famous for sharp sales. However, as a rule, this is the beginning of the best seasonal indicators for companies that will support the market with their reports.

Now let's quickly run through the premarket and see who pleased us today and who disappointed us. Wells Fargo noted that pullbacks should be expected, which is a normal reassessment of risk based on a higher cost of capital and greater market uncertainty. Against this background, the shares sank slightly.

Among the leaders of the fall, we can single out retailer CarMax, which did not meet estimates and showed an increase of 18 cents with a quarterly profit of $ 1.72 per share, although revenue exceeded analysts' forecasts. At the same time, used car sales increased by 6.2%, which is lower than economists' forecasts. CarMax shares fell 7.1% in premarket trading.

Now about those who showed growth – there are much more of them. Merck has finally announced that it has signed a deal to buy pharmaceutical manufacturer Acceleron Pharma for $180 per share - $11.5 billion. All week there were rumors about this deal, and finally, an agreement was reached.

Virgin Galactic shares soared 8.9% in the premarket after the FAA completed an investigation into the failed flight on July 11 and allowed the company to resume sales. The investigation found that the July flight deviated from the specified route and that Virgin did not report the deviation to the FAA as required.

As for pharmaceuticals, AstraZeneca securities traded quite volatile on the premarket after the news that the new COVID-19 vaccine showed 74% efficacy in clinical trials in the United States and 83.5% efficacy in people 65 years and older. The company plans to apply for approval in the US later this year.

As for the technical picture of the S&P500 index, while trading will be conducted above the level of 4,346, bulls can sleep peacefully. Despite the ongoing pressure on the market, there is hope for the recovery of the trading instrument to the resistance zone of 4.415 above this level. Going beyond this range will quickly return the index to a maximum of 4478. If the bears still fail the index due to another disagreement during the vote on the bill, which will allow them to forget about the problems with the national debt until December of this year, below 4,346, we can expect a fall in the area of 4,285 and 4,231.