Chip Sector Slide Pushes Nasdaq Futures Lower

Investors are eyeing Wednesday's consumer price index

Deputy Editor
Aug 9, 2022 at 9:21 AM
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Stock futures are seeing mostly muted price action this morning, with Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) futures struggling for direction. Nasdaq-100 (NDX) futures are down 82 points -- weakened by plummeting chip stocks after another revenue warning, this time from Micron Technology (MU). All eyes are on Wednesday's consumer price index (CPI), which may offer clues as to what's ahead for the Federal Reserve's rate hike program.

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

  • Blink Charging stock got a pre-earnings boost. 
  • This solar stock could soon stage a bounce
  • Plus, UPST plummets after earnings; GDRX flying higher; and NVAX drops as vaccine demand wanes. 

New futures August 9

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.51 million call contracts traded on Monday, and 853,624 put contracts. The single-session equity put/call ratio fell to 0.56, and the 21-day moving average stayed at 0.68.
  2. Upstart Holdings Inc (NASDAQ:UPST) is down 10% premarket, after the lending platform's second-quarter earnings miss and disappointing forecast. No fewer than three analysts lowered their price targets after the news. Year-to-date, the equity is down 78.7% heading into today. 
  3. The shares of GoodRx Holdings Inc (NASDAQ:GDRX) are up 25.6% in electronic trading, following an upbeat second-quarter earnings results. GoodRx reported 82% revenue growth during the quarter, pushing it to a top- and bottom-line beat. Today’s surge will help GDRX chip away at a more than 76% year-to-date deficit, and put it back atop recent pressure at the 80-day moving average for the first time in 2022.

  4. Shares of Novavax, Inc. (NASDAQ:NVAX) are tanking before the bell, last seen down 31.4%. The drugmaker posted a surprise quarterly loss and also slashed its full-year revenue outlook by 50%. The company said waning demand for Covid-19 vaccines was a main catalyst. In 2022, NVAX has already backpedaled 60%.

  5. Today will bring productivity, unit labor costs data, and the National Federation of Independent Business (NFIB) small-business index for July.

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Earnings in Focus Overseas

Asian markets saw mixed settlements on Tuesday. The Nikkei in Japan led the losers with a 0.9% pullback after SoftBank Group saw a nearly 7% post-earning drop, thanks to a 2.93 trillion Japanese yen, or $21.68 billion, loss during its June quarter. Meanwhile, the Hong Kong Hang Seng also fell, losing 0.2% on the day. The day’s winners were China’s Shanghai Composite and the South Korean Kospi, which added 0.3% and 0.4%, respectively.

Stocks in Europe are struggling at the midway mark as investors look ahead to Wednesday’s key inflation reading in the U.S., and what it might mean for the U.S. Federal Reserve’s next move. At last glance, the French CAC 40 is down 0.5%, and the German DAX has lost 1.2%. The London FTSE, meanwhile, was last seen flat, propped up slightly by a 1.6% rise in retail sales out of the U.K. in July.

 

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