Stock Futures Pointed Lower as Target Drags Retail Sector

U.S. import prices saw their smallest annualized rise since February 2021

Digital Content Manager
Nov 16, 2022 at 9:15 AM
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Stock futures are volatile this morning, as investors react to Target's (TGT) holiday warning and unpack retail sales for October. While retail sales rose 1.3% last month, U.S. import prices saw their smallest annualized rise since February 2021. After teetering between gains and losses, Dow Jones Industrial Average (DJI) futures now sit solidly lower. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also eyeing losses, following a massive rally for the tech-heavy index in the previous session.

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

  • Airline stock could soon slip below support.
  • How stocks perform during Thanksgiving week.
  • Plus, more on TGT's warning; why Etsy stock is slipping; and Lowe's earnings beat.

Futures 11165 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts and 1 million put contracts traded on Tuesday. The single-session equity put/call ratio fell to 0.58, while the 21-day moving average stayed at 0.69.
  2. Target Corporation (NYSE:TGT) is sinking ahead of the open, last seen down 14.9%, after the retailer reported a third-quarter earnings miss. The company said it expects sales to drop this holiday season, and halved its current-quarter operating margin forecast, adding it will pursue a cost-cutting plan that could save up to $3 billion annually. In the last 12 months, TGT has shed 32.3%.
  3. Evercore placed Etsy Inc (NASDAQ:ETSY) on its “Tactical Underperform” list this morning, though it kept its "outperform" rating. The brokerage firm expects purchase frequency to drop over the next three months, adding consumers could shift toward more affordable items. ETSY is down 3.5% in the premarket, and 42.8% year-to-date.
  4. The shares of Lowe's Companies Inc (NYSE:LOW) are up 1.8% before the bell, after the home improvement name reported better-than-expected third-quarter earnings and revenue, and beat comparable store sales estimates. LOW is still down 19.2% in 2022, however.
  5. The NAHB home builders' index is due out today. In addition, industrial productions, capacity utilization rate, and business inventories are all on tap.

OV Buzz Chart Nov 16

European Markets Dip as Russia Tensions Rise

Markets in Asia finished mostly lower on Wednesday, with the exception of Japan’s Nikkei, which reversed earlier losses to post a 0.1% gain thanks to a big win from SoftBank. Hong Kong’s Hang Seng and China’s Shanghai Composite both slipped 0.5%, while the South Korean Kospi dropped 0.1%. Investors are eyeing the second day of the G-20 Summit in Bali, Indonesia. U.S. Treasury Secretary Janet Yellen and governor of the People’s Bank of China, Yi Gang, met outside the summit to discuss “globa macroeconomic and financial challenges, including economic prospects” of the two countries, per a tweet by Yellen.

European markets are lower midday, amid news that while a wave of missile strikes hit Ukraine, a Russian-made missile killed two people in NATO Polish territory in an “isolated incident” that is under investigation. Moscow and Vladimir Putin are denying responsibility. London’s FTSE is down 0.2% at last glance, while the French CAC 40 is off 0.6%, and the German DAX is down 1%. 

 

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