Stock Futures Sharply Higher on Strong Retail Earnings

Stock futures are pointed higher this morning, as Wall Street unpacks a batch of strong retail earnings. Dow Jones Industrial Average (DJI) futures are eyeing a 236-point pop, as S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures also look to open with solid gains. For the week, all three major benchmarks are eyeing steep losses, however.

Investors are also weighing comments from Boston Federal Reserve President Susan Collins, who believes the central bank can bring down inflation without hurting the labor market. However, Collins maintained that restoring price stability is the imperative, and noted "there is more work to do."

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

• Beat-and-raise propped up Macy's stock.
• Why Kohl's stock drew bears post-earnings.
• Plus, Foot Locker raises full-year sales forecast; and 2 stocks collecting price-target hikes.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and more than 1 million put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.73, while the 21-day moving average stayed at 0.70.
2. Foot Locker, Inc. (NYSE:FL) stepped into the earnings confessional to report a third-quarter earnings and revenue beat, as well a rise in comparable store sales.  In addition, the company raised its full-year sales forecast. FL is up 12.7% in premarket trading, but year-over-year it maintains a more than 40% deficit.
3. The shares of Applied Materials, Inc. (NASDAQ:AMAT) are up 4.4% before the bell, thanks to the chipmaker's blowout fourth-quarter earnings and revenue. Plus, the company issued strong current-quarter outlook, and has already attracted no fewer than 14 price-target hikes. AMAT has added 27.5% this quarter, but is still down 33.6% year-to-date.
4. Apparel retailer Gap Inc (NYSE:GPS) announced better-than-expected third-quarter profits, sales, and revenue yesterday, in addition to a surprise return to profitability. The company has been working to streamline its brand portfolio and trim inventories. In turn, at least five firms have raised their price targets on GPS, with shares up 8.2% ahead of the open. Quarter-to-date, the security has added 54.8%.

5. Existing home sales data and leading economic indicators will close out the week.

Asian Markets Mostly Lower After Japan's CPI Reading

Markets in Asia finished mostly lower today, after Japan’s core consumer price index (CPI) for October rose 3.6% year-over-year – its fastest pace since February 1982. Japan’s Nikkei closed 0.1% lower, while Hong Kong’s Hang Seng and China’s Shanghai Composite dropped 0.3% and 0.6%, respectively. Today’s only winner, the South Korean Kospi, inched 0.06% higher.

Meanwhile, European markets are firmly higher midday, as investors keep an eye on stateside interest rate discourse and comments from St. Louis Fed President James Bullard over in the U.S. London’s FTSE 100 is up 0.9% at last glance, while the French CAC 40 rises 1.3%, and the German DAX tacks on 1.2%.