Stock Futures Muted as Investors Eye Inflation Data

The bond market is closed for the Columbus Day holiday

Digital Content Manager
Oct 10, 2022 at 9:07 AM
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Wall Street is bracing for a very busy week, and this morning's quiet trading may be the calm before the storm. Futures on the Dow Jones Industrial Average (DJI) are 14 points higher, while S&P 500 (SPX) and Nasdaq-100 (NDX) futures are headed for muted drops.

Investors have a lot to look forward to, for better or for worse, with the consumer price index (CPI) due out on Thursday. Meanwhile, a bevy of bank earnings will help kick off another earnings season, with reports coming from JPMorgan Chase (JPM) as well as Citigroup (C) later this week. In other news, the bond market is closed for the Columbus Day holiday.  

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

futures oct 10

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and  1.15 million put contracts traded on Friday. The single-session equity put/call ratio rose to 0.88, while the 21-day moving average rose to 0.68.
  2. Restaurant-based tech name Toast Inc (NYSE:TOST) received an upgrade to "buy" from "neutral" at Mizuho. The analyst noted profit and sales potential, sending the stock to a 4% lead ahead of the open. Year-to-date, the shares have shed over 51%. 
  3. Kraft Heinz Co (NASDAQ:KHC) also got an upgrade, after Goldman Sachs lifted its rating to "buy" from "neutral," calling the company a rare consumer staple stock that could net even higher margins. The packaged food stock is up 2.8% ahead of the open, chipping away at its 10.9% year-over-year deficit.
  4. Rivian Automotive Inc (NASDAQ:RIVN) is down 7.1% in premarket trading, following news the electric vehicle (EV) name recalled almost all its automobiles over a possible steering issue. RIVN has shed more than 67% in 2022 already. 
  5. There is no economic activity scheduled today. 


U.S. Export Regulations Weigh on Chinese Chip Stocks 

Chinese chip stocks fell today, following new export rules from the U.S. that are dragging down the major indexes in the region. Hong Kong’s Hang Seng and China’s Shanghai composite pulled back 3% and 1.7%, respectively, led by losses from SMIC – China’s biggest chipmaker. Meanwhile, Japan’s Nikkei lost 0.7%, while the Kospi in South Korea took a 0.2% haircut.

Concerns over economic growth and tightening monetary policy are weighing on the major bourses in Europe, leading to mixed trading to kick off the week. At last glance, London’s FTSE 100 was 0.2% lower, while the CAC 40 in France was marginally lower. The DAX in Germany, meanwhile, is 0.8% higher at last check. In other news, the war in Ukraine is escalating, with multiple explosions reported in Kyiv on Monday.  


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