Stock Futures Lower as Bank Sector Weighs

The import price index rose for the first time in six months

Deputy Editor
Jan 13, 2023 at 9:20 AM
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Dow Jones Industrial Average (DJIA) futures are down more than 281 points, while futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are firmly in the red as well. Should these losses hold, the Nasdaq would snap its best win streak since July. Bank stocks are weighing on the market this morning, with J.P. Morgan Chase (JPM) announcing that a "mild recession" is now a "central case." Meanwhile, December's import price index rose 0.4%, compared to analysts' anticipated 0.8% drop, marking its first increase in six months. Despite today's negative start, all three indexes are eyeing notable weekly wins.

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

  • Layers of technical support in place for Dollar General stock. 
  • Crypto stocks boosted after Bitcoin reclaimed key level. 
  • Plus, CRM downgraded; LOGI extends slide; and WFC falls on costs. 

Futures Jan13

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 943,177 put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.65 and the 21-day moving average stayed at 0.80.
  2. Salesforce Inc (NYSE:CRM) is down 2.1% premarket, after Atlantic Equities downgraded the shares to "neutral" from "overweight." The stock's 100-day moving average has put pressure on the shares since August, and more recently, the $150 level has moved in as a ceiling. Year-over-year, the equity is down 37.1%. 
  3. Logitech International SA (NASDAQ:LOGI) is extending yesterday's plummet, down 4.9% in electronic trading, after Deutsche Bank downgraded the stock to "hold" from buy." Both UBS and BofA Global Research chimed in with price-target cuts as well. Year-to-date, LOGI is already down 12.2% heading into today. 
  4. The shares of Wells Fargo & Co (NYSE:WFC) are down 3.9% before the bell as investors retreat, following the release of shrinking profits. Year-over-year, WFC is down 24.1%. 
  5. Today will bring the University of Michigan consumer sentiment index, and the UMich one- and five-year consumer inflation expectations.

buzzjan13

European Markets Eye GDP Data

Stocks in Asia were mostly higher to close out the week, after the stateside CPI encouraged overseas investors. China’s Shanghai Composite and Hong Kong’s Hang Seng both added 1%, after China’s exports and imports fell less than expected last month. South Korea’s Kospi tacked on 0.9%, after the Bank of Korea raised interest rates by 25 basis points. Japan’s Nikkei bucked the broader market, falling 1.3% after index heavy hitter Fast Retailing plunged, in the wake of a 40% wage hike for its workers.

European markets are mostly higher this afternoon following the release regional economic data. Germany’s gross domestic product (GDP) rose 1.9% for the full year 2022, and settled higher than in 2019 ; however, the DAX was last seen trading fractionally lower. London’s FTSE 100, meanwhile, is 0.2% higher at last glance, after U.K. GDP grew 0.1% in November, beating out economists’ estimates of a 0.2% contraction. Rounding out the region, France’s CAC 40 sports a marginal lead.

 

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