Stock Futures Sharply Lower on Hawkish Fed Comments

Treasury yields are surging as Big Tech tumbles

Digital Content Manager
Nov 17, 2022 at 9:14 AM
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Recession fears are creeping back in this morning, after St. Louis Federal Reserve President James Bullard noted interest rate hikes have so far had "only limited effects" on inflation, suggesting the central bank will maintain its hawkish stance. Dow Jones Industrial Average (DJI) futures are 363 points lower, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also eyeing sharp drops. Meanwhile, the 2-year Treasury Yield surged to 4.42% as Big Tech tumbled.

Wall Street is also sifting through the latest batch of economic data, with initial jobless claims for last week dipping for the first time in a month, and U.S. housing starts falling 4.2% in October.

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

  • These 2 stocks drew analyst scrutiny yesterday.
  • How Target and Lowe's shook up the retail sector.
  • Plus, cruise stock double downgraded; NVDA brushes off bull notes; and Kohl's pulls financial outlook.

FUtures 1117

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 962,361 call contracts and more than 1.4 million put contracts traded on Wednesday. The single-session equity put/call ratio rose to 1.46, while the 21-day moving average jumped to 0.70.
  2. Credit Suisse earlier today double downgraded Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) to "underperform" from "outperform," noting valuation as well as several other factors. NCLH is sinking ahead of the open, last seen down 6.5%, and is down 25.6% year-over-year.
  3. Chipmaker Nvidia Corporation (NASDAQ: NVDA) is down 0.7% before the bell, after the company posted a third-quarter earnings miss and issued a disappointing sales forecast as demand softens. The company did post a quarterly revenue win, however, which resulted in at least nine price-target hikes as analysts predict a rebound. Quarter-to-date, NVDA is still up 31.1%.
  4. Kohl's Corporation (NYSE:KSS) pulled its financial outlook earlier, noting the departure of CEO Michelle Gass and macroeconomic headwinds. In turn, KSS is off 3.4% in premarket trading, as it looks to add to its more than 48% year-over-year deficit.
  5. Building permits and the Philadelphia Federal Reserve's manufacturing index are due out today.

OV Buzz Chart Nov 17

European Markets Slide on Extended Russia Fallout

Markets in Asia slipped today. The South Korean Kospi led the losses with a 1.4% drop, while the Hong Kong Hang Seng followed behind with a 1.2% drop, as Chinese tech stocks crumbled following news that Tencent is cutting its over $20 billion stake in Meituan. Japan’s trade deficit came in at a wider-than-expected reading of $15.5 billion, and the country’s Nikkei shed 0.4%, while China’s Shanghai Composite fell 0.2%.

European markets are lower midday, as investors continue to keep an eye on the fallout from Russia’s missile hitting Polish territory and killing two citizens. London’s FTSE 100 is down 0.7%, after Finance Minister Jeremy Hunt announced that the country is in a recession, and that “difficult decisions” would be made in regard to inflation. Meanwhile, the French CAC 40 is off 1.1%, while the German DAX is 0.5% lower.

 

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