Stock Futures Pivot Lower After Yesterday's Rally

Weekly jobless claims rose less than expected

Deputy Editor
Dec 22, 2022 at 9:29 AM
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Jobless claims data isn't doing enough to keep stock futures afloat this morning, despite yesterday's consumer confidence tailwinds. Initial claims rose by 2,000 to 216,000 in the past week -- a smaller reading than economists' estimates of 222,000. At last check, futures on the Dow Jones Industrial Average (DJIA) are sporting a triple-digit loss, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are below fair market value as well, as recession fears reemerge.

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

  • Why these 2 stocks made outsized moves.
  • PENN Entertainment stock looks poised to drop.
  • Plus, CarMax stock shifts lower after earnings; Under Armour's new CEO; and Tyson Foods plans consolidation.

Futures Chart December 222022

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and more than 2 million put contracts exchanged on Wednesday. The single-session equity put/call ratio and the 21-day moving average both rose to 2.03 and 0.76, respectively.
  2. CarMax, Inc (NYSE:KMS) is 13.9% lower in the premarket, while looking to add to a 54.4% year-to-date deficit, on the heels of its third-quarter earnings report. The used car retailer's profits and revenue missed expectations, as comparable used-vehicle sales fell more than anticipated as well.
  3. Under Armour Inc (NYSE:UAA) named long-time Mariott (MAR) executive Stephanie Linnartz as its new CEO. Linnartz will take over the role on Feb. 27 after more than two decades with the hotel name. Ahead of the open, UAA is down 0.7%, but the apparel stock already carries a 53.3% year-to-date loss.
  4. Tyson Foods, Inc. (NYSE:TSN) is fractionally lower before the bell, as the company looks to combine corporate offices in Arkansas. According to a Wall Street Journal report, the consolidation could result in the loss of hundreds of employees next year. In addition, offices in Illinois and South Dakota are set to close. In 2022, TSN is down 30.3%.
  5. Gross domestic product (GDP) data, the Chicago Fed national activity index, and leading economic indicators are due out today.


U.S. Consumer Confidence Boosts Asian Markets

Markets in Asia rose today, gathering strength from yesterday’s consumer confidence data stateside. Hong Kong’s Hang Seng paced the region with a 2.7% gain, with property and tech stocks particularly strong. Japan’s Nikkei added 0.5% as the yen continued to strengthen against the U.S. dollar. South Korea’s Kospi gained 1.2%, after their annualized November producer price index fell to its lowest level in 19 years. China’s Shanghai Composite bucked the trend with a 0.5% loss.  

Over in Europe, stocks are a midday mixed bag. Economic growth for the third quarter came in at a worse-than-expected rate in the U.K., yet the London FTSE 100 is up 0.4% at last check. Rounding out the region, the French CAC 40 is off by 0.1%, while the German DAX nurses a 0.4% deficit.


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