Stock Futures Look to Buck This Week's Selloff

Weekly jobless claims ticked slightly higher

Deputy Editor
Dec 8, 2022 at 9:12 AM
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Futures on Wall Street are pointed higher this morning, as the major benchmarks look to recover from a recent losing streak. Investors are also weighing today's weekly jobless claims data, which showed first-time unemployment's claims ticked slightly higher last week but fell in-line with estimates. Continuing claims, meanwhile, rose to their highest level since Feb. 5. At last glance, Dow Jones Industrial Average (DJIA) futures sport a 187-point lead, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) sit just above fair market value.

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

  • Schaeffer's Senior Quantitative Analyst Rocky White breaks down falling oil prices and rising energy stocks.
  • Read this before Costco reports earnings tonight.
  • Plus, GameStop's post-earnings moves; Unilever ponders multi-billion dollar sale; and what's driving Cano Health stock lower. 

Futures Chart December 082022

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 1.4 million put contracts traded on Wednesday. The single-session equity put/call ratio and 21-day moving average rose to rose to 1.46 and 0.73, respectively.
  2. Wedbush cut its price target on GameStop Corp. (NYSE:GME) to $5.30 from $6, after the video game retailer reported wider-than-expected losses of 31 cents per share on revenue that also missed estimates. GameStop's CEO said necessary investments have been completed and the company will be sensible in future spending. GME is 0.2% lower ahead of the open, and 40% lower in 2022.
  3. According to a Bloomberg report, Unilever plc (NYSE:UL) is considering a potential $3.1 billion sale of some of its U.S. ice cream brands including Klondike and Breyers. Down 0.4% before the bell, Unilever stock is 15.9% higher this quarter.
  4. In another Bloomberg piece, it was reported that Daniel Loeb's Third Point sold its remaining stake in healthcare provider Cano Health Inc (NYSE:CANO). The investment adviser cited concerns surrounding Cano Health's liquidity. CANO is plunging in premarket trading, down 14% at last glance, adding to its 81.4% year-over-year deficit.
  5. There's no more pertinent economic data on tap today.


Hong Kong Shakes Off Sour Regional Sentiment

Asian markets tumbled amid recession fears, with the exception of the Hong Kong Hang Seng, which rose 3.4%, amid reports that the city is mulling over further easing of Covid-19 restrictions. Elsewhere, the Shanghai Composite dropped 0.07%, the South Korean Kospi shed 0.5%, and the Nikkei in Japan lost 0.04%, even after the latter most saw its economy contract by a smaller-than-expected 0.8% for the third quarter. The country’s gross domestic product (GDP) data also topped estimates.

In Europe, markets are also sliding amid anxieties over the state of the global economy. The French CAC 40 was last seen down 0.03%, the German DAX is 0.1% lower, and the London FTSE 100 has shed 0.02% so far today.



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