All three benchmarks are lower before the open
Stock futures are lower today, heading for a cold open just one session after the major benchmarks managed a fantastic rebound. Wall Street is digesting the latest batch of jobless claims data, which showed initial claims last week falling by 6,000 to 222,000 against economists' estimates of 235,000, marking their lowest level since May. Continuing jobless claims also fell for the week ending Aug. 20.
Continue reading for more on today's market, including:
- Schaeffer's Senior Quantitative Analyst Rocky White breaks down what to expect as quadruple witching week approaches.
- Home furnishing stock boosted by pre-earnings bull note.
- Plus, GameStop increases cryptosphere presence; solar concern gets double-upgraded; and AEO plummets after earnings.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.29 million call contracts traded on Wednesday, and 965,267 put contracts. The single-session equity put/call ratio jumped to to 0.75, while the 21-day moving average fell to 0.66.
- GameStop Corp. (NYSE:GME) was last seen 7.5% higher before the opening bell, looking to cut into its 35.2% year-to-date losses. The video game retailer's shares are getting a boost despite the company's losses of 35 cents per shares for the second quarter as well as lower-than-expected revenue. Instead, GameStop is getting a lift from a deal with FTX that could help boost the company's presence in the cryptocurrency space.
- First Solar, Inc. (NASDAQ:FSLR) sports a 3.7% premarket lead at last check, after Goldman Sachs double-upgraded the shares to "buy." The company noted the immediate benefits the solar concern could see following the Inflation Reduction Act. In 2022, FSLR already stands nearly 55% higher.
- A number of bear notes have been issued for American Eagle Outfitters Inc (NYSE:AEO) following the company's lower-than-expected second-quarter earnings results, which included earnings of 4 cents per share -- missing analysts' estimates by 9 cents. The equity is off by 13.3% at last glance, and adding to its 54.2% year-to-date deficit.
- Quarterly services and consumer credit data are slated for release today.
European Markets React to ECB Interest Rate Hike
Asian markets were mixed on Thursday on the heels of strong stateside overnight gains. Investors also braced for U.S. Federal Reserve Chairman Jerome Powell’s speech later today. Leading the gainers was Japan’s Nikkei, which added 2.3%, while South Korea’s Kospi rose 0.3%. Elsewhere, Hong Kong’s Hang Seng shed 1%, and China’s Shanghai Composite lost 0.3%.
European markets are struggling, after the European Central Bank (ECB) hiked interest rates by 75 basis points and announced plans to raise rates even higher going forward. The move could slow down the region’s growth, as officials seek to tamper down surging inflation amid a cost of living crisis. Plus, U.K. Prime Minister Liz Truss unveiled a stimulus package to cap energy bills. At last glance, the German DAX is 0.9% lower, France’s CAC 40 is down 0.2%, and London’s FTSE 100 is slightly below breakeven with a 0.04% loss.