All three benchmarks are lower before the bell
Stock futures are pointed lower this morning, following the major benchmarks' three-day win streaks. Dow Jones Industrial Average (DJI) futures are off 137 points, while futures on the S&P 500 (SPX) and Nasdaq-100 (NDX) sit comfortably in the red as well. Investors are unpacking surprising jobless claims data this morning, with initial weekly claims for last week coming in at 184,000 -- the lowest level since 1969 -- amid the labor shortage. Following the data, bond yields are moving lower this morning.
Continue reading for more on today's market, including:
- A look at AVGO ahead of today's earnings report.
- Behind CSCO's rebound from its recent lows.
- Plus, retailer enjoying a post-earnings surge; clothing rental name suffers after quarterly report; and FUBO's fresh coverage.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts traded on Wednesday, compared to 689,316 put contracts. The single-session equity put/call ratio rose to 0.45, and the 21-day moving average stayed at 0.48.
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RH (NYSE:RH), formerly known as Restoration Hardware, is surging ahead of the bell, up 8.9% at last glance. The company reported better-than-expected third-quarter results and raised its full-year forecast. However, though Wedbush raised its price objective to $650 from $600, Jefferies and Citigroup slashed their price targets to $634 and $766, respectively.
- Rent the Runway Inc (NASDAQ:RENT) is down 11.7% in electronic trading, after the e-commerce platform reported much wider-than-expected third-quarter loss, as well as disappointing subscriber numbers. RENT has landed on the Short Sale Restricted (SSR) list, and the newly publicly traded stock is looking to open at record lows.
- J.P. Morgan Securities initiated coverage on FuboTV Inc (NYSE:FUBO) with an "overweight" rating and price target of $28, citing the streaming name's sports-centered offerings as its standout factor. FUBO is up 3.3% in pre-market trading.
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Asian Markets Closed Mostly Higher
Markets in Asia continued to rally into Thursday, with the exception of Japan’s Nikkei, which sunk 0.5%, amid lingering uneasiness over the Covid-19 omicron variant. Elsewhere in the region, China’s Shanghai Composite jumped 1%, the South Korean Kospi added 0.9%, and the Hong Kong Hang Seng rose 1.1%, the lattermost strengthened by Chinese tech companies listed on the index.
This uncertainty has crossed over into European markets, which are catching their breath midday. The German DAX and the French CAC 40 are 0.3% lower, while the London FTSE 100 has lost 0.4%.