Nike and FedEx reported quarterly results
Earnings reports from a couple of Wall Street's heavy hitters are pushing stock futures higher this morning. More specifically, both Nike (NKE) and FedEx (FDX) shared strong results, boosting confidence that the earnings season could be better than anticipated, despite fears of a potential recession. At last check, futures on the Dow Jones Industrial Average (DJIA) are pointed 348 points higher, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures also sit firmly above fair market value.
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5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 870,418 put contracts exchanged on Tuesday. The single-session equity put/call ratio and the 21-day moving average rose to 0.78 and 0.75, respectively.
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Nike Inc (NYSE:NKE) sports an 11.8% premarket lead, amid a round of post-earnings bull notes. The
athletic apparel maker -- which carries a roughly 38% year-to-date deficit -- reported fiscal second-quarter earnings and revenue that beat analysts' estimates, and hiked its revenue forecast. Nike's discounts over the quarter helped the results.
- Conversely, members of the brokerage bunch are slashing their price targets on FedEx Corporation (NYSE:FDX), even after the delivery name shared better-than-expected fiscal second-quarter earning . The company's revenue fell short of expectations, but investors seem encouraged by FedEx's pledge to continue cutting costs. Ahead of the open, FDX is 5.9% higher, and looking to cut into a 36.5% year-to-date deficit.
- Rite Aid Corp (NYSE:RAD) saw a smaller-than-anticipated loss for its third quarter and a revenue win. Retail business sales growth boosted the results, but the drugstore operator lowered its full-year guidance due to multiple headwinds. Before the open, RAD is 3.4% higher, but down 70% in 2022.
- The current account deficit is on tap today, as well as the consumer confidence index and existing home sales data.
Higher Global Investor Sentiment Boosts European Stocks
Asian markets settled mixed on Wednesday as investors continue to weigh the implications of the Bank of Japan’s (BoJ) modified yield curve tolerance. Japan’s Nikkei dropped once more, this time shedding 0.7%, while the Shanghai Composite in China and the South Korean Kospi each lost 0.2%. Meanwhile, the Hong Kong Hang Seng added 0.3%, amid news that Chief Executive John Lee will visit Beijing with comments on the city’s current economic situation.
An upward swing in global investor sentiment is strengthening European markets. Investors kept an eye on U.K. retail sales, which showed a year-over-year rise, though they’re expected to drop once more in 2023. At last glance the London FTSE 100 is 1% higher, the French CAC 40 has tacked on 1.2%, and the German DAX is up 0.9%.