Stock Futures Churn After Inflation-Fueled Selloff

The Dow is brushing off a disappointing earnings report from Walt Disney

Digital Content Manager
Nov 11, 2021 at 9:02 AM
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Stock futures are inching higher this morning, after dismal inflation data and rising bond yields fueled yesterday's selloff.Futures on the Dow Jones Industrial Average (DJI) are pointed slightly above breakeven, despite a disappointing earnings and revenue miss from Walt Disney's (DIS) quarterly report. Meanwhile, futures on the S&P 500 (SPX) and Nasdaq-100 (NDX) are eyeing solid gains, after both logged their worst day since Oct. 4 in the previous session.

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

  • Sony stock looks poised to topple its latest record.
  • How a trimmed holiday forecast buried this e-tailer.
  • Plus, why Beyond Meat is sinking; Elon Musk sells Tesla shares; and Affirm expands FAANG partnership.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2 million call contracts traded on Wednesday, compared to 1 million put contracts. The single-session equity put/call ratio rose to 0.48, and the 21-day moving average stayed at 0.47.
  2. The shares of Beyond Meat Inc (NASDAQ:BYND) are sinking ahead of the open,  last seen down 19.3%. Today's drop comes after the faux meat concern reported worse-than-expected third-quarter losses and a revenue miss. In the last nine months, BYND has shed 44.9%.
  3. Tesla Inc (NASDAQ:TSLA) stock is up 2.5% in electronic trading, after CEO Elon Musk sold $5 billion worth of his shares in the electric vehicle giant. Year-over-year, TSLA is up a whopping 160.2% heading into today.
  4. Affirm Holdings Inc (NASDAQ:AFRM) is up 25.4%, after expanding a partnership with Amazon.com (AMZN). Plus, the company reported a fiscal first-quarter revenue beat, which is helping it brush off quarterly losses. AFRM has added 168% over the past six months.
  5. Today marks Veteran's Day, with no economic data on tap. 

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Asian Markets Move Higher on Evergrande Update

Stocks in Asia were mostly higher on Thursday, even after a hotter-than-expected inflation reading was released in the U.S. Chinese stocks were propelled higher following news that debt-ridden property developer Evergrande Group made several coupon payments to bondholders, while other real estate stocks in the country also climbed following reports of property market’s easing in Shenyang. In response, China’s Shanghai Composite rose 1.2%, and the Hong Kong Hang Seng finished 1% higher. Elsewhere, the Nikkei in Japan added 0.6%, while South Korea’s Kospi shed 0.2%.

European markets, meanwhile, are marginally higher following the inflation reading stateside. Investors in the region are also digesting more earnings, as well as a gross domestic product (GDP) reading in the U.K., which showed growth of 0.6% in September. At last check, the London FTSE 100 is 0.4% higher, Germany’s DAX has added 0.07%, and France’s CAC 40 is 0.02% higher.

Trader: Sell These 8 Stocks in 2021

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