The major benchmarks are pointed higher ahead of the open
Stock futures are pointed higher this morning, with several bank stocks giving the market a boost after their quarterly profit beats. Dow Jones Industrial Average (DJI) futures are up 278 points at last glance, looking to climb back from this week's losses, while Nasdaq-100 (NDX) and S&P 500 Index (SPX) futures are comfortably in the black as well. Unemployment data is also boosting sentiment, with initial weekly jobless claims for last week coming in at a narrower-than-expected 293,000, and falling below 300,000 for the first time since the start of the pandemic. Also released was producer price index (PPI) data, which showed a 0.5% jump for September, its ninth-straight month higher.
Continue reading for more on today's market, including:
- Software name boosted after several new partnerships.
- Checking in on Omnicom stock ahead of next week's earnings report.
- Plus, WBA posts an upbeat report; SHOP creates new partnerships; and UPS receives an upgrade.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts traded on Wednesday, compared to 807,209 put contracts. The single-session equity put/call ratio rose to 0.48, and the 21-day moving average stayed at 0.50.
- Blue-chip stock Walgreens Boots Alliance Inc (NASDAQ:WBA) announced a better-than-expected fiscal fourth-quarter report, as its millions of administered Covid-19 vaccinations gave profits a boost, as well as the easing of restrictions in U.S. and U.K. WBA is up 1.5% before the bell.
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Shopify Inc (NYSE:SHOP) is up 1.5% pre-market, after news that the e-commerce name is partnering with Microsoft (MS) and other cloud providers to launch a Global Enterprise Resource Planning (ERP) Program. SHOP has had a volatile time on the charts this year, and is up 23.6% year-to-date.
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Stifel upgraded United Parcel Service, Inc (NYSE:UPS) to "buy" from "hold," with a price-target hike to $224 from $210, ahead of peak shipping season. The firm sees a rebound ahead of UPS, which has dipped 13% in the last three months. The stock is up 3% in electronic trading.
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There will be no more economic data today.
Asian Markets Unpack Economic Data
Asian markets were mostly higher, with the exception of the Shanghai Composite in China, which fell 0.1%. Investors in the region eyed China’s latest consumer price index (CPI) and producer price index (PPI) release, which showed the PPI rising 10.7% since last year, topping estimates, while the CPI also rose, though the number missed expectations. Elsewhere, Singapore’s central bank unexpectedly announced it would begin tightening its monetary policy today, noting that its economy saw 6.5% year-on-year growth in the third quarter of 2021. Rounding out the region, the Nikkei in Japan and the South Korean Kospi both added 1.5%, while the Hong Kong Hang Seng was closed for holiday.
European markets are on the rise as the major bourses survey the global inflationary landscape, including a hotter-than-expected consumer price reading out of the U.S. earlier this week. At last glance, the London FTSE 100 is 0.7% higher, the French CAC 40 is up roughly 1%, and the German DAX is up 0.9% so far.