Dow Futures Bounce Over 400 Points Amid Cooling Inflation

The CPI for July rose 8.5% year-over-year

Deputy Editor
Aug 10, 2022 at 9:24 AM
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Stock futures are on the rise today, as Wall Street unpacks highly anticipated U.S. inflation data. The consumer price index (CPI) rose 8.5% year-over-year in July, which was cooler than the 8.7% analysts anticipated, and down from June's 41-year high of 9.1%. Meanwhile, the core CPI rose 0.3% for July, down from last month's 0.5% pop. Dow Jones Industrial Average (DJIA) futures surged after the report, up 432 points at last glance. Futures on the Nasdaq-100 (NDX) added triple digits as well, while S&P 500 Index (SPX) futures sit firmly in the black.

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

  • Diving into the recent spike in cash holdings.
  • Why call traders blasted struggling 3D Systems stock. 
  • Plus, TTD surging on strong revenue; TWTR jumps on Tesla buzz; and RBLX plummets after quarterly miss. 

Futures August10

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.16 million call contracts traded on Tuesday, and 817,149 put contracts. The single-session equity put/call ratio rose to 0.70, and the 21-day moving average stayed at 0.68.
  2. Trade Desk Inc (NASDAQ:TTD) is up 20.2% premarket, after the company posted a second-quarter revenue win, and a strong current-quarter forecast. No fewer than seven analysts lifted their price targets in response. Should these gains hold, TTD will jump to its highest level since April. 
  3. Twitter Inc (NYSE:TWTR) is up 3.8% before the bell, after news that Elon Musk sold $7 billion in Tesla (TSLA) shares over the past few days, leading to speculation about whether or not courts could force Musk to use the funds to follow through with buying the social media giant. Plus, Wedbush lifted TWTR's price target to $50 from $30. Year-over-year, the stock remains down 36.1%.
  4. Roblox Corp (NYSE:RBLX) is down 8.3% in electronic trading, after wider-than-expected second-quarter losses of 30 cents per share, and lower-than-expected revenue. The security is also brushing off a price-target hike at Morgan Stanley to $32 from $25. Year-to-date, RBLX is down 54.1%.
  5. Today will bring revised wholesale inventories and a federal budget update.

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Global Markets Eyeing Slew of Inflation Data

Asian markets are sliding on Wednesday, with the Hong Kong Hang Seng leading the pack with an almost 2% drop, while China’s Shanghai Composite shed 0.5%, the South Korean Kospi dropped 0.9%, and the Japanese Nikkei lost 0.7%. Weighing on sentiment is a key inflation reading out of China. The country’s consumer prices for July rose 2.7% year-over-year, which was slightly lower than expected but marked the reading’s biggest rise since July 2020.

In Europe, markets are mixed as traders look ahead to July’s consumer price index in the U.S., which will be due out at 1:30 p.m. London time. Meanwhile, Germany’s final consumer price inflation for July saw a 7.5% rise from last year, and a 0.9% monthly pop, as expected. At last glance, the German DAX is up 0.2%, the French CAC 40 is down 0.08%, and the London FTSE 100 has risen 0.1%.

 

 

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