Stock Futures Inch Lower Following Tuesday's Impressive Gains

Investors are eyeing the U.S. GDP revision

Deputy Editor
Dec 22, 2021 at 9:18 AM
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Stock futures are inching lower this morning, following yesterday's impressive rally. Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) futures are down 50 and 37 points, respectively, while futures on the S&P 500 Index (SPX) sink modestly into the red. The U.S. gross domestic product (GDP) revision showed the economy expanding at a 2.3% pace in the third quarter -- up from 2.1%. Meanwhile, investors are looking ahead to consumer confidence data.

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

  • Rocket Companies stock rebounded from a record low.  
  • CEO Alexej Pikovsky discusses the future of the cannabis sector.  
  • Plus, CarMax posts strong earnings; Caterpillar stock receives an upgrade, and BB brushes off a revenue beat.  

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts traded on Tuesday, and 845,158 put contracts. The single-session equity put/call ratio rose to 0.49, and the 21-day moving average stayed at 0.49.
  2. CarMax Inc (NYSE:KMX) is up 3.7% pre-market, after the auto retailer's strong third-quarter report and profit estimates. This fiscal year, the company is planning on opening 10 new locations. Year-to-date, KMX is up 45%. 
  3. Bernstein upgraded blue-chip construction equipment name Caterpillar Inc (NYSE:CAT) to "outperform" from "market perform," with a price-target hike to $240 from $200. The firm noted continued supply chain issues, but expects CAT to be the "biggest beneficiary of an easing monetary policy in China," and benefit from lower steel costs. Before the bell, the stock is up 1.6%. 
  4. Blackberry Ltd (NYSE:BB) is down 2.7% in electronic trading, after posting higher-than-anticipated third-quarter revenue, and losses of seven cents per share, which was in line with analyst estimates. In response, Truist Securities cut its price target by 50 cents to $8.50. 
  5. Today will bring existing home sales data and the consumer confidence index.  
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New Omicron Restrictions Continue

Asian markets were higher on Wednesday, with the exception of China’s Shanghai Composite, which dropped 0.07% amid news that Singapore’s health ministry is pausing ticket sales to the country starting Thursday. Other indexes brushed off the news and rose alongside tech shares in the region, with Japan’s Nikkei adding 0.2%, the Hong Kong Hang Seng rising 0.6%, and the South Korean Kospi tacking on 0.3%.

In Europe, markets are slightly higher, as omicron concerns weigh on yesterday’s rally. Germany is the latest to impose more restrictions, saying these will be introduced before New Year’s Eve. Meanwhile, in the U.K. gross domestic product (GDP) data rose 1.1% for the third quarter, coming in slightly lower than expected. At last glance, the French CAC 40 is up 0.09%, while the German DAX and London FTSE 100 are both 0.07% higher.

 

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