Stock Futures Pointed Higher Amid Flood of Economic Data

The Nasdaq is getting a boost from Tesla earnings

Deputy Editor
Jan 26, 2023 at 9:14 AM
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A host of U.S. economic data is due out today, with jobs data coming in at 186,000 -- its lowest level since April. Gross domestic product (GDP) expanded at a better-than-expected 2.9% annual rate for the fourth quarter, while durable goods orders rose 5.6% in December. Plus, the U.S. trade deficit widened to $90.3 billion last month from the previous month's $83 billion. 

Stock futures are on the rise, with futures on the Nasdaq-100 Index (NDX) up triple digits, as Tesla's (TSLA) earnings report gives the tech-heavy benchmark a boost. Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) futures are moving higher as well. 

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

  • Behind Shopify stock's options surge
  • The latest Schaeffer's Market Mashup features Seth Golden of the Finom Group.
  • Plus, LEVI surges after earnings; CVX announces buyback plan; and PFE suffers a downgrade.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 935,018 contracts traded on Wednesday. The single-session equity put/call ratio rose to 0.75 and the 21-day moving average stayed at 0.81.
  2. Levi Strauss & Co (NYSE:LEVI) is up 6.1% premarket, after the company's fourth-quarter results beat and strong forecast. BofA Global Research hiked its price target by $1 to $18 as well. Heading into today, the retailer is down 21.4% year-over-year. 
  3. Chevron Corp (NYSE:CVX) is down 1% before the bell, after the oil name reported a $75 billion stock buyback plan going into effect April 1st. The company also announced a dividend hike $1.51 from $1.42 per share. Year-over-year, the equity is up 35.1%. 
  4. UBS downgraded Pfizer Inc (NYSE:PFE) to "neutral" from "buy," with a price-target cut to $47 from $55, citing overzealous franchise estimates. PFE is down 1.8% in electronic trading, and already down 12% since the start of the year. 
  5. Today will bring the durable, and core capital goods orders, as well as the Chicago Fed national activity index and new home sales data.

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Plenty of Economic Data Out of Asia as Well

Asian markets were mixed today following the release of key economic data. Hong Kong’s Hang led the gainers, adding 2.4% with tech heavyweights leading the charge. In South Korea, fourth-quarter GDP experienced its first contraction in more than two years. Despite this, the Kospi tacked on 1.6%. Japan’s Nikkei fell 0.1%, after the Bank of Japan’s (BoJ) Summary of Opinions from last week’s meeting emphasized the need to keep its current monetary policy. The Shanghai Composite remains on holiday.

European stocks are higher this afternoon, with investors hopeful that a euro zone recession can be avoided. At last check, France’s CAC 40 is 0.8% higher and London’s FTSE 100 is up 0.3%. Germany’s DAX sports a fractional lead, despite improved business sentiment in the area.

 

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