Stock Futures Higher After Last Jobless Reading of 2022

Initial jobless claims totaled a higher-than-expected 225,000

Deputy Editor
Dec 29, 2022 at 9:10 AM
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With two days left of trading in 2022, stock futures are poised for a higher open. Investors are reacting to the final jobless claims reading of the year, which showed first-time filings for unemployment benefits totaling 225,000 last week, an increase of 9,000 that beat analysts' estimates of 223,000. Futures on the Dow Jones Industrial Average (DJIA) are up roughly 170 points, while S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) futures are also higher.

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

  • 25 stocks that could see a short squeeze.
  • Schaeffer's Market Mashup best 2022 moments.
  • Plus, unboxing Cal-Maine Foods' earnings; Lockheed Martin challenges contract award; and Apple closes at 18-month low.

Futures Chart December 292022

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and over 2.6 million put contracts traded on Wednesday. The single-session equity put/call ratio and the 21-day moving average surged to 2.4 and 0.79, respectively.
  2. Cal-Maine Foods Inc (NASDAQ:CALM) is down 4.6% in premarket trading, after the company announced fiscal second-quarter earnings that were lower than Wall Street's estimates. While an avian flue outbreak stifled the supply of eggs, the company managed to turn in record sales for the quarter. Year-to-date, CALM is down 68.1%.
  3. Lockheed Martin Corp (NYSE:LMT) is flat ahead of the session's open, after the defense company's Sikorsky unit challenged Textron's (TXT) U.S. Army helicopter contract. Sikorsky's president alleges the proposals for the $1.3 billion contract were not properly evaluated. Year-over-year, LMT is up 36.6%.
  4. After yesterday closing at a roughly 18-month low, Apple Inc (NASDAQ:AAPL) is 1.6% higher before the opening bell. On its way to snapping a three-year winning streak, Apple stock is down 29% year-to-date.
  5. There's no more pertinent economic data scheduled for release today.
     

OV Buzz Chart Dec 29

Overseas Markets Limping Into New Year

Asian markets finished lower today, with South Korea’s Kospi pacing the laggards with a 1.9% drop. Retail sales for South Korea fell 1.8% in November, marking a third-straight month of declines. Japan’s Nikkei shed 0.9%, while Hong Kong’s Hang Seng lost 0.8%. Rounding out the region, China’s Shanghai Composite gave back 0.4%.

Over in Europe, markets are sluggish with only two trading days left in the year. At last check, London’s FTSE 100 is off by 0.2% midday, while the French CAC 40 and German DAX are 0.2% and 0.3% higher, respectively.

 

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