Retail sales grew nearly 10% last month
Stock futures are surging this morning as a slew of positive earnings reports roll in, and investors digest another round of upbeat economic data. Futures on the Dow Jones Industrial Average (DJI) are pointed up roughly 160 points, primed to hit even more fresh highs out of the gate, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also pointed notably higher.
A massive 9.8% jump in retail for March is putting wind at the market's back today, deftly beating the Dow Jones estimate of 6.1%. A report from the Labor Department also showed that first-time unemployment filings dropped to their lowest level in over a year, coming in much lower than expected. Another round of bank earnings are also propping up stocks, with Citigroup (C) and Bank of America (BAC) both leaving the earnings confessional with quarterly reports that blew analysts forecasts out of the water.
Continue reading for more on today's market, including:
- Why YETI could be perfectly poised for a big breakout.
- The analyst expecting a full recovery from JetBlue stock.
- Plus, 2 chip stocks getting bull notes from Raymond James and AEO issues upbeat Q1 outlook.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw roughly 1.8 million call contracts traded on Wednesday, and 780,519 put contracts. The single-session equity put/call ratio fell to 0.43 and the 21-day moving average stayed at 0.46.
- NVIDIA Corporation (NASDAQ:NVDA) is up 2.2% in premarket trading after Raymond James upped its rating on the chip stock to "strong buy" from "outperform," noting that the equity is well positioned from a short- and long-term viewpoint.
- Advanced Micro Devices, Inc. (NASDAQ:AMD) also got a bull note from Raymond James. The analyst initiated coverage on AMD with an "outperform" rating, sending the stock up 1.9% before the bell.
- American Eagle Outfitters Inc (NASDAQ:AEO) is up 4.6% in premarket trading after the company forecast first-quarter earnings that are expected to top $1 billion, matching its pre-pandemic growth. The company also expects its projected operated income to double compared to the same period.
- The market will be flooded with economic data today. Among the most relevant indicators are the most recent round of weekly jobless claims, the Empire State Manufacturing Index, and the Philadelphia Fed Manufacturing Index. Also on tap is retail sales, industrial production, capacity utilization and business inventories data. Plus, the National Association of Home Builders (NAHB) index will come out.
Asian Markets Struggle for Direction Amid Global Covid Spike
Asian markets were mixed on Thursday, struggling for direction amid a rise in global Covid-19 cases. Among the winners, the Kospi in South Korea had the best day with a 0.4% win, while Japan's Nikkei followed with a 0.07% gain. Elsewhere, Hong Kong's Hang Seng fell 0.4%, while China's Shanghai Composite dropped 0.5%.
In Europe, stocks are higher midday, as investors monitor a slew of corporate earnings as well as inflation data. The German DAX is up 0.2%, after Germany's consumer price index (CPI) came in at 0.5% for last month month and 1.7% year-over-year. Meanwhile, the French CAC 40 is up 0.4%, with France's CPI coming in at 0.7% for March. Not to be forgotten, London's FTSE 100 is having the best day with a 0.6% pop.