Stock Futures Surge in Response to Cooling Inflation

Meanwhile, jobless claims for last week came in above estimates

Digital Content Manager
Nov 10, 2022 at 9:12 AM
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Stock futures are pointed sharply higher this morning, as investors cheer the consumer price index (CPI) report for October, which fell to a weaker-than-expected 7.7%. Treasury yields are tumbling in response, with traders interpreting the report as a sign that inflation has peaked.

Futures on the Dow Jones Industrial Average (DJI) are up 777 points, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are sitting comfortably in the black as well, brushing off yesterday's political gridlock. Plus, jobless claims for last week rose 5,000 to 225,000 -- more than Wall Street anticipated.

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

  • Why put traders piled on this luxury EV stock.
  • MasterCard stock is a favorite with options bears.
  • Plus, TPR brushes off earnings win; Bumble's dismal revenue outlook; and why Rivian Automotive stock is surging.

Futures 1110

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 1.2 million put contracts traded on Wednesday. The single-session equity put/call ratio fell to 0.96, while the 21-day moving average stayed at 0.69.
  2. Luxury fashion retailer Tapestry Inc (NYSE:TPR) reported better-than-expected fiscal first-quarter results today, but strength in the U.S. dollar and recent Covid-19 restrictions in China led the Kate Spade parent to cut its full-year forecast. TPR is down 3.9% ahead of the open, and carries a 23.1% year-to-date deficit.
  3. Bumble Inc (NASDAQ:BMBL) is down 14% in premarket trading, after the online dating name issued a disappointing current-quarter revenue outlook. The  dating company noted consumers are spending less due to high inflation, and the renewal rate of its subscription services is slowing down. In the last 12 months, BMBL has shed more than 58%.
  4. The shares of Rivian Automotive Inc (NASDAQ:RIVN) are up 8.3% before the bell, after the electric vehicle (EV) maker's smaller-than-expected third-quarter loss. The company is also brushing off supply chain issues, announcing it had maintained its production schedule. Year-to-date, RIVN is up 72.9%.
  5. Today also brings a year-over-year comparison of the federal budget.  

OV Buzz Chart Nov 10

Asian Markets Dip Amid U.S. Election Results

Markets in Asia slipped today, as global investors continued to track U.S. midterm election results. The Hong Kong Hang Seng led the losses with a 1.7% drop, while Japan’s Nikkei lost 1%, the South Korean Kospi fell 0.9%, and China’s Shanghai Composite shed 0.4%.

European markets are mixed midday. London’s FTSE 100 is up 0.1% at last glance, while the French CAC 40 is down 0.3%, and the German DAX rises 0.1%. 

 

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