Stock Futures Little Changed After Selloff

Will the Fed need more rate hikes to bring down inflation?

Deputy Editor
Dec 6, 2022 at 9:11 AM
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The ISM services index reading for November is still igniting fears on Wall Street that the Federal Reserve may need to hike interest rates for longer than previously thought. Yesterday's fallout is having a minimal impact this morning, though, with futures on the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) all sitting just above fair market value.

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

  • Schaeffer's Senior V.P. of Research Todd Salamone breaks down why the stock market outlook is improving.
  • Record highs in sight for this beverage stock.
  • Plus, unpacking Signet Jewelers quarterly report; and 2 heavy-hitter stocks nabbed upgrades.

Futures Chart December 062022

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 965,707 put contracts traded on Monday. The single-session equity put/call ratio rose to 0.66, while the 21-day moving average stayed at 0.72.
  2. Signet Jewelers Ltd. (NYSE:SIG) announced a third-quarter earnings and revenue beat today, and saw decline in same-store sales that was in line with estimates. Signet Jewelers stock is 7.5% higher in premarket trading, though it remains down 33.6% in 2022.
  3. Morgan Stanley double-upgraded JPMorgan Chase & Co (NYSE:JPM) to "overweight" from "underweight," helping the shares to a 1.1% lead before the open. The brokerage cited a host of factors, including growing market share for its Consumer & Community Bank. Year-to-date, JPM is down 17%.
  4. A bull note also rolled in for General Electric Company (NYSE:GE), which earned an upgrade to "outperform" from "perform" at Oppenheimer. The analyst set a price target of $104 per share, after noting optimism regarding GE's aviation and power operations. General Electric stock is 1.5% higher ahead of the open, though it is just over 10% lower this year.
  5. Today will be relatively quiet, with only trade deficit data on tap.

buzzdec6

Fed Fears Weigh on Asian Stocks; European Investors React to Economic Data

Markets were mostly lower on Tuesday, amid Fed fears in the U.S. Investors also kept an eye on easing Covid test requirements in Beijing. In response, the Nikkei in Japan rose 0.2%, the Hong Kong Hang Seng shed 0.4%, the Shanghai Composite in China inched 0.02% higher, and the South Korean Kospi shed 1.1%.

European markets also fell, as recession concerns crop back up and global sentiment remains muted. In the U.K., traders are digesting slowing construction data, with the S&P Global/CIPS U.K. construction purchasing managers’ index (PMI) dropping to a three-month low of 50.4. Meanwhile, industrial orders in Germany topped estimates for October, rising 0.8%. At last check, the German DAX and French CAC 40 are both trading down 0.3%, and the London FTSE 100 is off 0.4%.

 

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