Stock Futures Inch Higher Ahead of Economic Data

Futures on all three major indexes are sitting above fair market value

Deputy Editor
Dec 28, 2022 at 9:12 AM
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Stock futures are marginally higher this morning, as investors eye the beginning of 2023. Several economic indicators are in focus today, including manufacturing data from the Richmond Federal Reserve, which may encourage the U.S. Federal Reserve to slow down its interest rate hikes. In response, Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) futures are all sitting just above fair market value.

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

  • Bulls should watch these 3 SPX support areas.
  • Pick up this Dow stock before the end of 2022.
  • Plus, AMC CEO to freeze salary; Southwest Airlines cancels more flights; and LYFT closes at all-time low.

Futures Chart December 282022

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 819,931 put contracts exchanged on Tuesday. The single-session equity put/call ratio rose to 0.82, and the 21-day moving average stayed at 0.77.
  2. AMC Entertainment Holdings Inc (NYSE:AMC) is up 0.7% in premarket trading, after CEO Adam Aron asked the company to freeze his salary, and requested the same of other executives. AMC is down 77.1% year-over-year.
  3. Southwest Airlines Co (NYSE:LUV) is still canceling flights, after severe winter storms in the U.S. over the past week disrupted the company's regular schedule, with thousands of flights canceled already. The security is down 1.5% before the bell, and 20.8% lower in 2022.
  4. For the first time since its initial public offering (IPO) in 2019, Lyft Inc (NASDAQ:LYFT) closed below $10 per share yesterday. Shares of the ride-sharing name are 0.6% lower ahead of the open, and down 77.6% year-over-year.
  5. Keep an eye out for today's pending home sales data.

Buzz Dec28

 Asian Stocks Mostly Dip, European Stocks Sluggish

Asian stocks were mostly lower today. The region’s only winner was Hong Kong’s Hang Seng, which added 1.6% after Chief Executive John Lee announced additional easing of Covid measures. China’s Shanghai Composite shed 0.3%, while South Korea’s Kospi lost 2.2%, the latter weighed down by a chip sector selloff. Japan’s Nikkei gave back 0.4%, after the Bank of Japan reiterated last week’s unexpected widening of the bond yield range.

Over in Europe, bourses are higher midday but sluggish ahead of the new year. At last check, London’s FTSE 100 is up 0.9%, the French CAC 40 is 0.2% higher, and the German DAX is up 0.1%.


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