Stock Futures Lower as Investors Unpack Rate Hike News

Weekly jobless claims data came in better than expected

Deputy Editor
Mar 17, 2022 at 9:10 AM
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Wall Street's two-day rally appears to have lost its steam. Futures on the Dow Jones Industrial Average (DJIA) are down triple digits this morning, while Nasdaq-100 (NDX) and S&P 500 Index (SPX) futures are pointed lower as well. Investors are still unpacking updates from the Federal Reserve, after the central bank yesterday announced an interest rate hike of 25 basis points for the first time since 2018. Meanwhile, initial weekly jobless claims came in at 214,000 for last week, which is lower than the 220,000 anticipated by analysts. 

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

  • Schaeffer's Playbook of the Week on the impact Fed meetings
  • FedEx stock brushed off Covid-19 concerns ahead of earnings. 
  • Plus, DG shares upbeat forecast; Berkshire Hathaway targets OXY, and WRBY sumps after revenue miss. 

futures March17

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.4 million call contracts traded on Wednesday, and 803,124 put contracts. The single-session equity put/call ratio fell to 0.56, and the 21-day moving average stayed at 0.57.
  2. Dollar General Corp (NYSE:DG) is up 1.9% premarket, after the discount retailer announced fourth-quarter earnings of $2.57 per share -- in line with estimates -- alongside lower-than-expected revenue and a positive forecast. The company expects more people will turn to discount stores amid higher prices for household items. Coming into today, DG was down 9.9% year-to-date. 
  3. Occidental Petroleum Corp (NYSE:OXY) is up 4.3% in electronic trading, after news that Warren Buffet's Berkshire Hathaway purchased another 18.1 million shares of the stock, bringing its shares to 136.4 million, or a 14.6% stake. Year-to-date, OXY is up an impressive 82.8% amid oil's recent breakout
  4. Warby Parker Inc (NYSE:WRBY) is down 16.3% before the bell, after the company's dismal 2022 forecast following its fourth-quarter revenue miss. Year-to-date, the equity is down 42.4%. 
  5. Today will bring data on building permits and housing starts, the Philadelphia Fed manufacturing survey, the industrial production index, and an update on the capacity utilization rate.

OV Buzz Chart March 17 

Global Markets Weigh Bank Decisions

Asian markets were higher on Thursday, as investors digested the U.S. Federal Reserve’s aggressive interest rate plan for the remainder of the year. Tech stocks continued to enjoy tailwinds, as officials looked to cooperate on U.S.-listed Chinese stocks. In turn, Hong Kong’s Hang Seng rose 7%, extending its rebound and walking back steep losses from earlier this week. Elsewhere, Japan’s Nikkei added 3.5%, while China’s Shanghai Composite and South Korea’s Kospi settled 1.4% and 1.3% higher, respectively.

Meanwhile, European markets are mixed, after the Bank of England (BoE) announced its third-straight rate hike as inflation concerns swirl amid the Russia-Ukraine war. Investors are also weighing the stateside rate hike, news that U.S. President Joe Biden sent more weapons to Ukraine, and corporate earnings from Audi and Deliveroo. At last check, London’s FTSE 100 is 0.5% higher, France’s CAC 40 is slightly above breakeven with a 0.05% gain, and the German DAX is down 0.6%.

 

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