Inflation Data, Fed Update Boost Stock Futures

All three major benchmarks staged a massive rally yesterday

Deputy Editor
Dec 1, 2022 at 9:25 AM
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Stock futures are higher this morning, as Wall Street continues to digest Federal Reserve Chair Jerome Powell's latest comments signaling smaller rate hikes on the horizon. In turn, Dow Jones Industrial Average (DJI) futures are eyeing a 36-point pop, while S&P 500 (SPX) and Nasdaq-100 (NDX) futures are also just above breakeven.

On the economic data front, the Core Personal Consumption Expenditures (PCE) Index rose 0.2% for October, just short of the anticipated 0.3% rise. Plus, initial jobless claims fell 16,000 last week -- more than estimates of 5,000.

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

Futures Chart December 12022

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 1.9 million put contracts traded on Wednesday. The single-session equity put/call ratio rose to 1.27, while the 21-day moving average rose to 0.72.
  2. Snowflake Inc (NYSE:SNOW) is 1.9% lower ahead of the session's opening bell, after its third-quarter earnings and revenue wins were offset by a cautious product revenue guidance. Year-over-year, SNOW remains down 58%.
  3. Data showing online sales fell more than 10% in November is pressuring Costco Wholesale Corporation (NASDAQ:COST), which previously saw e-commerce sales explode during the pandemic. Down  2.8% before the open, COST is 5% lower in 2022.
  4. The shares of Okta Inc (NASDAQ:OKTA) are surging in the premarket, last seen up 16.8% after the software concern shared an upbeat revenue outlook for its full fiscal year. Year-to-date, OKTA is still 76.2% lower.
  5. A deluge of inflation data is on tap, and investors will also pore over the final S&P U.S. manufacturing PMI, the ISM manufacturing index, as well as real disposable income, real consumer and construction spending, and motor vehicle sales.

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Global Optimism Boosts International Markets

Asian markets rose on the back of upbeat global sentiment, as investors took cues from the Fed-fueled rally in the U.S. The Nikkei in Japan added 0.9%, while the Yen rose to its strongest level in over three months. Meanwhile, the Hong Kong Hang Seng added 0.8%, the Shanghai Composite in China added 0.5%, and the South Korean Kospi tacked on 0.3%.

European markets are also on the rise as optimism around the globe grows. Euro zone inflation eased slightly to 10%, giving traders hope that the European Central Bank (ECB) might begin to slow its aggressive rate hikes as well. At last glance, the London FTSE 100 was up 0.2%, weighed slightly by a darkening outlook for the S&P Global/CIPS manufacturing purchasing managers’ index (PMI), even as activity decline slowed in November. Elsewhere, the German DAX is 0.9% higher, and the French CAC 40 has added 0.3%.

 

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