All three benchmarks are on the rise before the bell
Stock futures are on the rise this morning, looking to bounce after the major indexes logged a third consecutive day of losses following New York Fed President John Williams' hawkish comments. Per revised ADP employment data, the U.S. added 132,000 jobs in August -- below analysts' estimates of 300,000, and down from the 268,000 jobs added in July. In other news, Cleveland Fed President Loretta Mester said she doesn't see the central bank lowering rates before 2023.
Continue reading for more on today's market, including:
- Senior Quantitative Analyst Rocky White dives into bearish-leaning large speculators.
- 25 worst S&P 500 stocks to own in September.
- Plus, DBI rises after earnings; EXPR falls alongside forecast; and SNAP slips as executives jump ship.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.05 million call contracts traded on Tuesday, and 847,979 put contracts. The single-session equity put/call ratio rose to 0.80 and the 21-day moving average stayed at 0.67.
- Designer Brands Inc (NYSE:DBI) is up 3.3% premarket, after the company's better-than-expected second-quarter results and raised full-year outlook. CEO Roger Rawlins noted this back-to-school season has been good for sales. The equity is up 16.1% year-to-date.
- Conversely, Express Inc (NYSE:EXPR) is down 4.2% before the bell, after the retailer saw a second-quarter revenue miss and lowered its full-year guidance. EXPR is down 37.7% in 2022, and dangerously close to penny stock territory.
- Snap Inc (NYSE:SNAP) is down 9.2% in electronic trading, after news that two of the social media giant's executives left for Netflix (NFLX). Citigroup downgraded the stock to "neutral" from "buy," and slashed its price target to $10 from $16. Another two firms also lowered their price objects, with SNAP now down 86.6% year-over-year.
- Atlanta Fed President Raphael Bostic will also speak today. The Chicago manufacturing purchasing managers' index (PMI) is on tap, too.
Asian Markets Eye Key Economic Data
Asian markets saw another mixed day of trading as investors sifted through China’s factory activity data. The country’s official manufacturing Purchasing Managers’ Index (PMI) came in at 49.4 for August, just topping expectations, while its non-manufacturing PMI came in at 52.6. Meanwhile, news came in that several major Chinese cities are once again tightening Covid-19 restrictions in the area. In response, China’s Shanghai Composite fell 0.8%, the Hong Kong Hang Seng rose 0.03%, the Japanese Nikkei dropped 0.4%, and the South Korean Kospi tacked on 0.9%.
In Europe, stocks are slipping as fears of rate hikes shake global markets. At last check, the London FTSE 100 is 1.2% lower, the French CAC 40 has dropped 0.7%, and the German DAX is off 0.3%.