Jobless claims and the Philly Manufacturing Index are also out
Stock futures are sharply lower this morning, as Wall Street digests the Federal Reserve's latest interest rate hike, as well as today's economic data. Retail sales for November were weaker than expected, with retail and food services sales falling 0.6%, versus estimates of a 0.3% decline. In turn, Dow Jones Industrial Average (DJIA) are looking to open 370 points lower.
What's more, jobless claims fell once again, and are now down 20,000 from the Labor Department's reading last week. And while the Philadelphia Manufacturing Index rose slightly, it is still negative to signal contraction.
Continue reading for more on today's market, including:
- The next two weeks could be big for McDonald's stock.
- Put traders eye Procter & Gamble stock despite hot streak.
- Plus, why Novavax stock is sinking; Elon Musk sells more Tesla stock; and SNAP downgraded.

5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and more than 1.6 million put contracts exchanged on Wednesday. The single-session equity put/call ratio rose to 1.33 and the 21-day moving average rose to 0.74.
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Drug maker
Novavax Inc (NASDAQ:NVAX) is down 17% before the bell, after announcing concurrent offerings of $125 million of common stock, in addition to $125 million of convertible debt. Over the last 12 months,
NVAX has shed nearly 90%.
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Now down 55.5% year-over-year,
Tesla Inc (NASDAQ:TSLA) carries a 2.6% premarket loss, after a U.S. Securities and Exchange Commission (SEC) filing showed CEO Elon Musk sold another $3.6 billion worth of shares of the
electric vehicle (EV) giant.
- Snap Inc (NYSE:SNAP) received a downgrade to "hold" from "buy" at Jefferies, sending the shares 2.7% lower ahead of the open. The brokerage cited the social media company's competition, as well a worsening macroeconomic environment. Year-to-date, SNAP is off 79.7%.
- The Empire state manufacturing index, industrial production index, capacity utilization rate, and business inventories are all due out today.

Monetary Updates Drag European Stocks Lower
Markets in Asia closed lower, as investors looked to yesterday’s Fed inflation news out of the U.S. China’s Shanghai Composite fell 0.3%, after a disappointing retail sales and industrial production data release. Hong Kong’s Hang Seng and South Korea’s Kospi both shed 1.6%, while in Japan, the Nikkei backpedaled 0.4%.
Over in Europe, stocks are also struggling following its own round of monetary updates out of the Bank of England (BoE), European Central Bank (ECB), as well as the Swiss National Bank (SNB). The ECB hiked rates by a slim 0.5% to 2%, while the SNB and BoE each hiked rates by 50 basis points. At last check, London’s FTSE 100 is down 0.6%, and France’s CAC 40 and Germany’s DAX have each lost 1.7%.