Stock Futures Move Higher as Investors Unpack Inflation Data

The producer price index jumped 10.8% year-over-year in May

Deputy Editor
Jun 14, 2022 at 9:11 AM
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Stock futures are on the rise this morning, following yesterday's massive selloff. Dow Jones Industrial Average (DJIA) futures are up 170 points after suffering an 876-point drop on Monday, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures rise as well. This morning's data showed the producer price index (PPI) increasing 10.8% year-over-year in May -- slightly smaller than anticipated, though remaining near its March record high of 11.5% -- and adding 0.8% for the month. The 10-year Treasury yield pulled back a bit after the results.   

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

  • Senior V.P. of Research Todd Salamone observes risk management after Friday's selloff. 
  • Options traders have been targeting Alibaba stock
  • Plus, Bitcoin prices send COIN lower, FDA releases PFE update; and TSLA falls despite upgrade. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts traded on Monday, and over 1 million put contracts. The single-session equity put/call ratio fell to 0.84, and the 21-day moving average rose to 0.63.
  2. Oracle Corp (NYSE:ORCL) is up 11.5% premarket, after the software company's better-than-expected fiscal fourth-quarter results. The stock is receiving mixed analyst notes, however, with four analysts cutting their price targets, while two turned in price-target hikes. 
  3. Coinbase Global Inc (NASDAQ:COIN) is extending its losses after the crypto landslide, having just received a downgrade from J.P. Morgan Securities to "neutral" from "overweight." COIN is down 6.2% before the bell, and already down 79.4% year-to-date heading into today. 
  4. BofA Securities downgraded Best Buy Co Inc (NYSE:BBY) to "neutral" from "buy," citing increased uncertainty about the company's 2023 earnings. BBY is down 1.8% in electronic trading. 
  5. Today will bring the National Federation of Independent Business (NFIB) small-business index.

buzzjune14

Global Markets Keep an Eye on Monetary Policy

Asian markets were mixed on Tuesday, as investors grapple with the possibility of the Federal Reserve hiking interest rates by 75 basis points in the U.S. The Shanghai Composite in China saw a comfortable 1% win and the Hong Kong Hang Seng struggled for direction before settling flat. Meanwhile, the South Korean Kospi shed 0.5%, and the Nikkei in Japan took a 1.3% haircut.

In Europe, stocks are sinking yet again, dragged even lower by inflation fears and uncertainty surrounding central banks and their monetary policy. At last glace, the French CAC 40 is 1.1% lower, while the German DAX and London FTSE 100 are both down 0.7%.

 

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