Stock Futures Rise Ahead of Fed Decision

Meanwhile, retail sales fell for the first time in five months

Deputy Editor
Jun 15, 2022 at 9:09 AM
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Futures on the Dow Jones Industrial Average (DJIA) are up 189 points ahead of the open, following the blue-chip index's fifth-straight triple-digit loss, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures move higher as well. Wall Street is anxiously awaiting the conclusion of the Fed's two-day meeting and interest rate decision, where an aggressive rate hike is widely expected following last week's inflation data. In the meantime, retail sales fell 0.3% in May, missing expectations of a 0.1% increase, and dropping for the first time in five months as high prices deter shoppers. 

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

  • Marathon stock could move back toward recent highs. 
  • What to expect from the newest Fed update
  • Plus, 2 stocks moving on analyst notes; ZEN rises amid settlement talks. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 941,139 call contracts traded on Tuesday, and 777,331 put contracts. The single-session equity put/call ratio fell to 0.83, and the 21-day moving average stayed at 0.63.
  2. Atlantic Equities downgraded Robinhood Markets Inc (NASDAQ:HOOD) to "underweight" from "neutral," citing the company's revenue trends. HOOD is down 2.4% premarket, and on track for a fresh record low.  
  3. Canaccord Genuity sees an attractive entry point for underperforming cloud stock Snowflake Inc (NYSE:SNOW), upgrading it to "buy" from "hold." However, J.P. Morgan Securities did slash its price target to $165 from $200 as well. SNOW is up 0.5% before the bell. 
  4. Zendesk Inc (NYSE:ZEN) is up 3.5% in electronic trading, after news that the equity is in settlement talks with activist investor Jana Partners. The paper proposed plenty of changes, including the removal of CEO Mikkel Svane. Looking to rebound from its recent slide, ZEN has shed 34.1% in just the last week. 
  5. The Federal Open Market Committee (FOMC) will release a statement alongside its projections today.

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Europe Eyes Monetary Policy Meeting

Asian markets were mixed on Wednesday, with the Hong Kong Hang Seng leading the gainers with a 1.1% pop, while the Shanghai Composite added 0.5%, as mainland Chinese stocks continue their rebound. Meanwhile, the Nikkei in Japan dropped 1.1% and the South Korean Kospi shed 1.8%, weighed down by a nearly 4% overnight drop by the S&P 500 in the U.S.

Over in Europe, stocks are attempting a bounce as investors monitor news that the European Central Bank (ECB) plans to hold an emergency monetary policy meeting today, amid a surge in bond yields for governments throughout the euro zone. At last check, the London FTSE and German DAX have added 1.3%, and the French CAC is 1.1% higher.

 

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