Stock Futures Lower as Investors Eye Earnings, Economic Data

INTC is in the spotlight amid its post-earnings slide

Deputy Editor
Jan 27, 2023 at 9:22 AM
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Stock futures are moderately lower as the last full week of January comes to an end. Investors are unpacking plenty of earnings reports, with blue-chip stock Intel (INTC) staging a steep slide after the company's disappointing results. U.S. consumer spending fell for the second-straight month, dropping 0.2% in December, while the personal consumption expenditures (PCE) index rose 4.4% year-over-year -- solidifying that a slowdown in red-hot pricing may be coming. Despite today's lagging performance, all three indexes are eyeing weekly wins.

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

  • Rallying energy stock has room to run. 
  • Plenty of economic data due out as February kicks off. 
  • Plus, RL downgraded; CVX slides after earnings; and SI continues path lower.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 942,322 contracts traded on Thursday. The single-session equity put/call ratio fell to 0.68 and the 21-day moving average stayed at 0.81.
  2. BMO Capital Markets downgraded Ralph Lauren Corp (NYSE:RL) to "underperform" from "market perform," after the stock's recently rally on the charts. The shares are down 3.5% premarket. Year-to-date, RL is up 17.5%. 
  3. Chevron Corp (NYSE:CVX) is down 1.5% before the bell, after the oil name's mixed quarterly results. Asset writedowns and rising costs contributed to the company's lackluster report. Year-over-year, the equity is up 41.5%. 
  4. Crypto-adjacent stock Silvergate Capital Corp (NYSE:SI), which has been struggling alongside bankrupt FTX, since it held the crypto exchange's deposits, is down 9.3% in electronic trading. This negative price action comes after company suspended payments on its Series A preferred stock dividend. Year-over-year, SI is down 85.8%. 
  5. Today will bring pending home sales. Plus, the University of Michigan will release its consumer sentiment index, coupled with its one-year and five-year inflation expectations.

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Investors Eye Inflation Data out of Japan

Stocks in Asia closed the week higher, brushing off the latest inflation reading out of Japan. Tokyo’s core consumer price index (CPI) jumped 4.3% -- faster than expected and near its highest level since mid-1981. In South Korea, earnings are rolling in, helping the Kospi add 0.6% today. Rounding out the region, Hong Kong’s Hang Seng added 0.5% while markets in China were closed for a holiday.

European bourses are lower this afternoon. France’s CAC 40 was last seen down 0.3%, after consumer data for January showed living stands and future expectations declined. London’s FTSE 100 is marginally lower, after British Finance Minister Jeremy Hunt reiterated plans to hike taxes and stressed the need to proceed with post-Brexit reforms. Germany’s DAX is 0.2% lower at last glance.

 

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