The Fed's update is still weighing on the market
Stock futures are looking to extend yesterday's losses, as investors grapple with the major update from the Federal Reserve. Dow Jones Industrial Average (DJI) futures are down nearly triple digits ahead of the open, while S&P 500 Index (SPX) and Nasdaq-100 (NDX) futures linger firmly in the red. Worse-than-expected weekly jobs data isn't helping, with initial claims for last week coming in at 412,000 compared to the anticipated 360,000. Meanwhile, the Philadelphia manufacturing index inched lower in June.
Continue reading for more on today's market, including:

5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts traded on Wednesday, and 928,859 put contracts. The single-session equity put/call ratio rose to 0.55 and the 21-day moving average stayed at 0.47.
- Tenet Healthcare Corporation (NYSE:THC) is up 3% before the bell, after news that the healthcare company is selling five hospitals to Steward Health Care for around $1.1 billion. On the charts, the stock is still trading near its early-June seven-year highs.
- RBC Capital initiated coverage on Jack in the Box Inc (NASDAQ:JACK) with an "outperform" rating. The firm called the restaurant stock's valuation attractive, and sees upcoming growth. JACK is up 0.8% ahead of the open.
- Honest Company Inc (NASDAQ:HNST) is down 6.5% in electronic trading, after the sustainable product maker reported wider-than-expected first-quarter losses per share. Nevertheless, J.P. Morgan Securities chimed in with a bull noted after the report, with a price-target hike to $19 from $18.
- Today will also feature leading economic indicators.

European Stocks Struggle with Inflation Fears
The central bank’s latest update is being felt globally, leaving markets in Asia to mixed settlements on Thursday. News of two rate hikes coming as soon as 2023 shook traders in Japan, sending the Nikkei down 0.9%, while the South Korean Kospi took a 0.4% haircut. China’s Shanghai Composite brushed off the update, adding 0.4%, while the Hang Seng in Hong Kong rose 0.4%, as investors from the region eyed a trading pause for Hong Kong-listed shares of Next Digital following the arrest of the company’s editor-and-chief, and its CEO.
Markets in Europe are limping along today, with most of the bourses struggling for direction near their respective breakeven levels. Besides the Fed decision over in the U.S., investors are also digesting the Eurozone's 0.3% month-over-month rise in inflation for May. This number rose 2% in the last year, coming in above the European Central Bank’s expectations. At last check, London's FTSE 100 is down 0.5%, the French CAC is marginally lower, and the German DAX is down 0.08%, pressured in part by a massive drop from CureVac following news that their Covid-19 vaccine failed to meet its goal.