Stock Futures Cautiously Higher Ahead of Busy Week

The Fed must decide between a 50- or 75-basis point rate hike this week

Digital Content Manager
Dec 12, 2022 at 9:04 AM
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Stock futures are pointed higher this morning, looking to jumpstart a data-heavy week that will also bring a pivotal interest rate decision. Futures on the Dow Jones Industrial Average (DJIA) are 69 points higher this morning, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also firmly in the black.

Though a 50 basis-point rate hike is largely anticipated per CME's FedWatch tool, investors will also be looking to comments from Federal Reserve Chairman Jerome Powell for clues about the central bank's future moves at the conclusion of the Fed's two-day meeting on Wednesday.

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

  • Options on this auto stock are affordable right now.
  • Last week's headlines point towards dull December trading.
  • Plus, Horizon Therapeutics acquired; analyst downgrades ACN; and grill maker to go private.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and more than 1.7 million put contracts exchanged on Friday. The single-session equity put/call ratio rose to 0.95 and the 21-day moving average stayed at 0.73.
  2. Horizon Therapeutics PLC (NASDAQ:HZNP) is up 15.2% in premarket trading, after revealing Amgen (AMGN) will acquire it for $116.50 per share in an all-cash deal valued at $27.8 billion. Quarter-to-date, HZNP is up 57.2%.
  3. Piper Sandler downgraded Accenture Plc (NYSE:ACN) to “underweight” from “neutral," with the analyst in question noting cautious tech spending in 2023 will likely hurt the company. So far in 2022, ACN has already shed more than 30%, and shares are down 1.7% before the bell.
  4. Weber Inc (NYSE:WEBR) is up 22% ahead of the open, after news that BDT Capital Partners will take the grill maker private for $8.05 per share, or $2.32 billion. Year-to-date, WEBR remains down 49.7%.
  5. Today brings the New York Fed one- and five-year inflation expectations, as well as a federal budget comparison.

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European Stocks Edge Lower Ahead of Policy Decisions

Asian markets dropped as investors held their breath ahead of a key Fed decision and inflation data due out in the U.S. this week. Meanwhile, reports are out speculating that China could reopen the border with Hong Kong ahead of the Lunar New Year. In response, the Hong Kong Hang Sang shed 2.2%, China’s Shanghai Composite lost 0.9%, the South Korean Kospi dropped 0.7%, and the Nikkei in Japan took a 0.2% haircut.

In Europe, stocks are also lower ahead of several key monetary policy decisions, including ones from the Bank of England (BoE), and the European Central Bank (ECB). Meanwhile, the U.K. economy saw a slight 0.5% month-over-month rise in October, just topping expectations. At last check, the French CAC 40, the London FTSE 100, and the German DAX were all down 0.3%.  

 

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