Stock Futures on the Rise Amid Jobless Claims, GDP Data

All three benchmarks snapped three-day losing streaks yesterday

Deputy Editor
Aug 25, 2022 at 9:13 AM
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Stock futures are on the rise this morning, looking to extend yesterday's gains, after the major benchmarks snapped three-day losing streaks. The Jackson Hole economic symposium begins today, with Federal Reserve Chairman Jerome Powell scheduled to release a statement tomorrow. In the meantime, investors are digesting unemployment data, with initial weekly jobless claims for last week falling by 2,000 to 243,000, as well as data showing gross domestic product (GDP) fell 0.6% in the second quarter.

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

  • Why options traders blasted Peloton stock.
  • Tech stock gears up for next week's quarterly report.  
  • Plus, ANF takes a dive; ELY changing its name; and NVDA hit with bear notes. 

Futures August25

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.13 million call contracts traded on Wednesday, and 709,637 put contracts. The single-session equity put/call ratio fell to 0.63, and the 21-day moving average remained at 0.67.
  2. Abercrombie & Fitch Co (NYSE:ANF) is down 12.1% before the bell, after the retailer reported disappointing second-quarter results and lowered its full-year sales forecast amid inflation. On the charts, the $23 level has capped two of ANF's recent rallies. Year-to-date, the equity is down 46.5%. 
  3. Callaway Golf Co (NYSE:ELY) is generating some buzz this morning, after news that the company plans to change its name to Topgolf Callaway Brands, effective around Sep. 6. The stock has pulled back from its earlier premarket gains, now down 0.04%. Quarter-to-date, ELY is up 12.8%, though it remains down 20.9% year-over-year. 
  4. Nvidia Corporation (NASDAQ:NVDA) is down 2.4% in electronic trading, after the semiconductor name missed top- and bottom-line estimates for its second quarter. The company also released a hesitant forecast, citing weak demand for its gaming business. No fewer than 11 analysts cut their price targets in response. Year-to-date, the equity is down 41.4%. 
  5. Today will bring real gross domestic income data and revised real final sales to domestic purchasers numbers.

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Asian Markets Tack on Solid Gains

Asian markets jumped on Thursday, with the Hong Kong Hang Seng leading the way with a 3.6% jump, after the index was paused earlier in the session due to a typhoon warning. Meanwhile, the Shanghai Composite in China rose 1%, following news that the government is planning on expanding its policy package for growth and recovery, while the South Korean Kospi tacked on 1.2% after the Bank of Korea (BoK) hiked its interest rate to 2.50%. Rounding out the region, Japan’s Nikkei saw a 0.6% jump following comments from Bank of Japan (BoJ) member Toyoaki Nakamura that the central bank needs to maintain its easy monetary policy.

In Europe, stocks are continuing to struggle for direction, and were last seen sporting quiet gains ahead of Chairman Jerome Powell’s speech at the Jackson Hole symposium in the U.S. Meanwhile, investors are keeping an eye on Germany’s Ifo Institute Business Climate Index, which dropped to 88.5 points in August from July’s 88.7-point reading. The country did see an unexpected rise in gross domestic product (GDP) growth for its second quarter, which was revised up to 1.7% year-over-year. In response, the German DAX is 0.4% higher, while the London FTSE 100 has tacked on 0.2%, and the French CAC 40 has risen 0.09%.

 

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