Stock Futures Rise Slightly After Inflation Reading

The S&P 500 yesterday closed at an annual low

Deputy Editor
Sep 30, 2022 at 9:16 AM
facebook X logo linkedin


Stock futures are cautiously higher on Friday, despite hotter-than-expected August inflation data. Specifically, the Personal Consumption Expenditures (PCE) price index rose 0.3% in August, and 6.4% year-over-year, while the core PCE price index gained 0.6% for the month and 5% for the year. Meanwhile, consumer spending rose 0.4% last month.

This data follows the S&P 500 Index's (SPX) lowest close of 2022 at the conclusion of yesterday's session, while today also marks the last day of the month and the third quarter. Not only are the major benchmarks pacing for their sixth weekly loss in seven, they're heading for substantial monthly and quarterly losses as well. 

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

  • Read these tips for bears in a bleak market.
  • Is this struggling software stock worth buying?
  • Plus, Nike slumps on increased inventory; pharmaceutical stock pops after ALS drug approval; and unpacking VOYA's bull note.

Futures Chart September 302022

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.06 million call contracts and 976,191 put contracts traded on Thursday. The single-session equity put/call ratio rose to 0.91, while the 21-day moving average stayed at 0.68.
  2. Nike Inc (NYSE:NKE) was last seen 11.2% lower premarket, and furthering its 42.8% year-to-date losses. Despite reporting better-than-expected earnings and revenue for the fiscal first-quarter, the blue-chip apparel maker's inventories increased by 44%, leading the company to say it would offer more discounts around the holiday season. No less than 15 analysts cut their price targets in response.
  3. A new ALS drug from Amylyx Pharmaceuticals Inc (NASDAQ:AMLX) that slows the disease's progression and extends survival just received U.S. Food and Drug Administration (FDA) approval -- the first such drug to gain such approval in five years. As a result, AMLX was last seen 7.7% higher ahead of the bell, and looking to add to a nearly 135% six-month gain.
  4. Piper Sandler upgraded financial services concern Voya Financial Inc (NYSE:VOYA) to "overweight" from "neutral," and raised its price target by $5 to $70. The broker cited factors such as attractive valuation and a product portfolio that stands to benefit from inflation. VOYA is slightly higher before the open, up 1.2% at last glance, as it looks to overtake its slim 8.1% year-to-date deficit.
  5. The Chicago Purchasing Managers' Index (PMI) and consumer sentiment data are due out later today. 

OV Buzz Sept 30

European Markets Seek Relief from Selloff

Asian markets mostly fell Friday, as investors monitor the rocky economic landscape. China’s Shanghai Composite saw a 0.6% loss, brushing off news that the country’s factory data rose to 50.1 unexpectedly in September, topping expectations. Meanwhile, the yuan saw some strength after the People’s Bank of China asked state banks to support the currency. Elsewhere in the region, the Hong Kong Hang Seng added 0.3%, the South Korean Kospi shed 0.7%, the Nikkei in Japan lost 1.8%, even after the country’s industrial production saw a larger-than-expected rise in August. A jump in August retail sales in Japan was also reported.

European stocks, on the other hand, are seeing a slight rise as markets search for relief amid the global selloff. Euro zone inflation numbers climbed to a new record high of 10% for September, topping expectations. The U.K. economy saw a 0.2% expansion in the second quarter, while the British pound is still in recovery mode, hitting one-week highs after Monday’s record low. In response, the London FTSE 100 is 0.07% higher, the French CAC 40 is up 0.6%, and the German DAX has added 0.4%.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI