Stock Futures Pointed Higher Ahead of Key Economic Data

Consumer sentiment data and a job openings report are on tap today

Digital Content Manager
Nov 12, 2021 at 8:59 AM
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Futures on the Dow Jones Industrial Average (DJI) are pointed higher this morning, after Johnson & Johnson (JNJ) said it will split into two different companies. Futures on both the S&P 500 (SPX) and Nasdaq-100 (NDX) are eyeing a pop as well, though all three major indexes are looking to snap five-week winning streaks, following the worst inflation update in 30 years. Investors are now looking ahead to consumer sentiment data and the September job openings report, which will be released later this morning.

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

  • Bumble stock sank after reporting a decline in users.
  • Why this streaming giant's rally could gain momentum.
  • Plus, more on Johnson & Johnson's split; a downgraded chipmaker; and why Warby Parker is sinking.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts traded on Thursday, compared to 822,939 put contracts. The single-session equity put/call ratio fell to 0.44, and the 21-day moving average stayed at 0.47.
  2. Johnson & Johnson (NYSE:JNJ) is up 2.7% ahead of the open, after it announced it will split into two different companies that will each oversee its pharmaceutical and consumer products businesses. Longer term, JNJ sports a 10.3% year-over-year lead.
  3. The shares of Nvidia Corporation (NASDAQ:NVDA) are down 1.2% in electronic trading, after the chipmaker received a downgrade at Wedbush to "neutral" from "outperform." However, the analyst also raised the stock's price target to $300 from $220. Year-over-year, NVDA boasts an impressive 126.5% lead.
  4. Warby Parker Inc (NYSE:WRBY) is down 9.4% before the bell, after the company posted worse-than-expected third-quarter losses. The company attributed the dismal results to direct listing costs, which cast a shadow on sales growth of 32%. The Wall Street newbie has shed 6.7% over the past week.
  5. Also on tap today is a preliminary five-year inflation expectations update.
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Asian Markets Settle Higher on Record-Breaking Singles Day

Asian markets closed out the week with a win on Friday, following overnight gains from their U.S. counterparts. South Korea’s Kospi led the charge, gaining 1.5%, followed by Japan’s Nikkei, which added 1.1%. Mainland stocks, the Hong Kong Hang Seng and China’s Shanghai Composite, finished 0.3% and 0.2% higher, respectively, after JD.com (JD) and Alibaba (BABA) set new sales record on Singles Day – an online shopping event. Stocks China, meanwhile, brushed off news that a top executive and multiple members resigned from Semiconductor Manufacturing International Corporation, which lost nearly 4% in response.

Stocks in Europe are still seeking guidance, muted as investors around the globe continue to monitor recent inflation readings and corporate earnings reports. Economists have hinted that they see euro zone inflation expectations continuing to miss the European Central Bank’s (ECB) 2% target in 2022, while ECB policymaker Gediminas Simkus said inflation would return to its target in 2023. At last check, London’s FTSE 100 is down 0.4%, France’s CAC 40 is 0.3% higher, and Germany’s DAX is up 0.2%.

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