Stock Futures Slip, Jobless Claims Hit Five-Month High

The 10-year Treasury yield remains above 3%, too

Deputy Editor
Jun 9, 2022 at 9:21 AM
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Stock futures are drifting lower before the bell, with all three major benchmarks reversing early-morning gains, as investors anxiously await tomorrow's consumer price index (CPI) reading. Rising bond yields aren't helping sentiment, as the 10-year Treasury yield holds above 3% after reclaiming that level yesterday. Meanwhile, weekly initial jobless claims climbed by 27,000 to 229,000 for last week, the highest level since January. 

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

Futures June9

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts traded on Wednesday, and 680,014 put contracts. The single-session equity put/call ratio fell to 0.57, and the 21-day moving average stayed at 0.62.
  2. Signet Jewelers Ltd (NYSE:SIG) is up 9.3% premarket, after the accessory retailer's strong first-quarter results and upbeat full-year forecast. Looking to extend a bounce off its May 24 one-year low of $48.30, the stock remains down 28.5% year-to-date heading into today. 
  3. Novavax Inc (NASDAQ:NVAX) is poised to give back yesterday's gains, down 5.2% in electronic trading this morning. It was announced that the U.S. Food and Drug Administration's (FDA) decision on approval of the company's Covid-19 vaccine could be delayed. Year-over-year, NVAX is down 74.8%. 
  4. UBS upgraded Tesla Inc (NASDAQ:TSLA) to "buy" from "neutral," noting the stock's attractive entry point after its recent slide. Coming into today, Tesla stock is down 33.8% year-to-date. 
  5. Today will bring real household net worth and real domestic nonfinancial debt.

OV Buzz June 9

China's Covid Lockdowns Overshadow Upbeat Export Data

Asian markets mostly fell on Thursday, with the exception of the Nikkei in Japan, which tacked on a paltry 0.04%. Sentiment was disrupted by a fresh round of Covid-related lockdowns in portions of Shanghai. This news cast a shadow over China’s latest export data, showing a 16.9% year-over-year jump in May, much higher than the anticipated 8% rise polled by Reuters. In response, the Shanghai Composite fell 0.8%, Hong Kong’s Hang Seng dropped 0.7%, and the South Korean Kospi inched 0.03% lower.

European stocks are lower as well, after the European Central Bank (ECB) confirmed more interest rate hikes would be on the way. The ECB’s Governing Council announced plans to raise interest rates by 25 basis points during its July meeting, with even more hikes planned for September. Additionally, the central bank lifted its inflation forecast and lowered its growth outlook. As a result, the London FTSE 100 is 0.7% lower at last check, the German DAX has fallen 0.9%, and the French CAC 40 has shed 0.6%. 

 

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