Stock Futures Cling to Gains Despite Hot Inflation Data

The PPI rose 0.4% in September

Digital Content Manager
Oct 12, 2022 at 9:23 AM
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Stocks futures rose ahead of this morning's producer price index (PPI), but gave back some of those early gains, after wholesale prices jumped a higher-than-expected 0.4% in September. Futures on the Dow Jones Industrial Average (DJI) are eyeing a modest pop, while Nasdaq-100 (NDX) and S&P 500 (SPX) futures are holding onto some of their gains in an attempt to snap their respective five-day losing streaks.

Investors are weighing concerns that the hotter-than-expected inflation reading could encourage the Federal Reserve to pursue even more drastic measures. They are also waiting for the Fed's September meeting minutes, which will be released later today.  

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

  • The ETF to watch during times of market uncertainty. 
  • Another analyst turns bullish on this struggling stock
  • Plus, LYFT gets an upgrade; PEP pops after earnings; and INTC reportedly planning layoffs.

futures oct 12

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 958,982 million call contracts and  735,153 put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.77, while the 21-day moving average stayed at 0.68.
  2. Ride share stocks have kept analysts busy, and now Gordon Haskett is chiming in. The analyst lifted its rating on Lyft Inc (NASDAQ:LYFT) to "buy" from "hold," noting the stock sports an attractive valuation right now with improving driver supply, which should boost the company's earnings results. Lyft stock is up 3% before the bell, as it tries to chip away at yesterday's 12% drop, sparked by the Labor Department's proposal that could classify drivers an employees instead of contractors. 
  3. PepsiCo, Inc. (NASDAQ:PEP) is on the rise, up 2.3% ahead of the open, following the soda giant's third-quarter earnings report. The company beat expectations on its top and bottom lines and lifted its guidance as well. PEP's year-to-date deficit is relatively slim compared to most of the market at just 6.4%. 
  4. Intel Corporation (NASDAQ:INTC) is reportedly planning on laying off thousands of employees from its roughly 113,700-employee workforce to deal with the sluggish PC market. INTC is slightly higher in premarket trading, last seen up 0.2%, though it has lost a dismal 53.1% in the last 12 months. 
  5. Today's economic calendar will feature the PPI's final demand reading for September, along with the Federal Open Market Committee's (FOMC) latest minutes.

OV Buzz Chart Oct 12

Global Markets Mixed Ahead of U.S. Inflation Data

As markets in Asia await stateside inflation data, South Korea’s Kospi closed Wednesday 0.5% higher after the country’s central bank hiked interest rates in October. While the decision was in line with expectations, the bank followed up by saying it may allow a wider rate differential with the U.S. Federal Reserve. Elsewhere, China’s Shanghai Composite added 1.5% and Hong Kong’s Hang Seng fell 0.8%, after data showed banks in China extended new loans more than analysts anticipated. Lastly, Japan’s Nikkei shed a paltry 0.02%, after the yen weakened to a 24-year high.

European stocks are also mixed today. London’s FTSE was last seen 0.1% lower, after the Bank of England’s (BoE) decision to end its emergency bond-buying program sent bond yields soaring. Privately, however, the BoE looks like its willing to extend said bond-buying program, per a report from the Financial Times. France’s CAC 40 and Germany’s DAX, meanwhile, sport 0.2% and 0.3% leads, respectively, at last glance.   

 

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