Stock Futures Muted Amid Producer Price, Retail Sales Data

The producer price index (PPI) showed the highest 12-month increase ever recorded

Assistant Editor
Jun 15, 2021 at 9:28 AM
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Stocks are flat ahead of the bell today. Dow Jones Industrial Average (DJI) and Nasdaq-100 (NDX) futures are both just below breakeven, while S&P 500  (SPX) futures are clinging to positive territory, looking to build on yesterday's record close. Meanwhile, investors are unpacking a wealth of economic data this morning, including retail sales, which fell a worse-than-expected 1.3%. The producer price index (PPI) showed the highest 12-month increase ever recorded, rising 6.6% in May, and posted a 0.8% monthly rise. Looking ahead, all eyes will be on the Federal Reserve's two-day meeting. 

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

  • Outperforming Yeti stock could continue climbing. 
  • Checking in on NUE amid its bearish options surge
  • Plus, SAGE plummets after drug trial; Analyst sees upside for XOM; and VRM looks to snap win streak. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.2 million call contracts traded on Monday, and 811,038 put contracts. The single-session equity put/call ratio fell to 0.36 and the 21-day moving average dropped to 0.47.
  2. The shares of Sage Therapeutics Inc (NASDAQ:SAGE) are down 12.2% before the open. The company's depression drug, Zuranolone, which it's creating with Biogen (BIIB), met its late-stage goal. However, several concerns have been raised about the clinical significance of the drug. Year-to-date, SAGE has shed 15%.
  3. Exxon Mobil Corp (NASDAQ:XOM) stock is up 1% in electronic trading, after Credit Suisse raised its price target to $72 from $69. Bank of America also reiterated its "buy" rating on the stock, amid the company's cost-cutting measures and a rebound in oil prices. Over the past 12 months, Exxon Mobil stock has tacked on 31%.
  4. The shares of Vroom Inc (NASDAQ:VRM) are down 6.2% pre-market, after the auto e-commerce platform announced plans to offer $500 million in convertible senior notes due in 2026. If these losses hold, VRM is firmly on track to snap a three-day win streak. VRM has struggled to maintain any momentum in 2021, but remains just above its year-over-year breakeven mark.
  5. Today will feature the Empire state manufacturing index, industrial production data, business inventories, and the NAHB home builders' index. 

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European, Asian Markets Digest U.S. Data

Stocks in Asia were mixed, with the Shanghai Composite in China and the Hong Kong Hang Seng reopening to losses on Tuesday, dropping 0.9% and 0.7% respectively, after a multi-day hiatus. Investors overseas eyed record closes for multiple major indexes in the U.S., injecting some optimism into markets. The Japanese Nikkei added 1%, and the South Korean Kospi rose 0.2%.

Over in Europe, markets are headed higher, while traders look ahead toward the U.S. Federal Reserve two-day meeting, which is due out later today. The French CAC 40 is sporting a 0.5% lead, the German DAX is up 0.6%, and the London FTSE is registering a 0.5% gain.

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