Stock Futures Mixed Ahead of Fed Chair Comments

Fed Chair Jerome Powell could clue into the future of interest rates

Digital Content Manager
Feb 7, 2023 at 9:02 AM
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All eyes are on Federal Reserve Chair Jerome Powell's speech before the Economic Club of Washington later today, which may offer clues as to the future of interest rates after last week's 25 basis point hike. Investors are also unpacking trade deficit data for December, which came in at $67.4 billion as opposed to estimates of $68.5 billion. At last check, Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) futures were pointed lower, while Nasdaq-100 Index (NDX) futures were slightly above breakeven.

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

  • If you're long on stocks, Schaeffer's Senior V.P. of Research Todd Salamone says watch these barriers.
  • Spotify stock gets a rare upgrade.
  • Plus, PINS sinks on revenue miss; BBBY's public stock offering; and airliner takes off after quarterly win.

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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 917,262 put contracts traded on Monday. The single-session equity put/call ratio rose to 0.71 and the 21-day moving average stayed at 0.80.
  2. Pinterest Inc (NYSE:PINS) reported a fourth-quarter revenue miss after the close yesterday, which is casting a shadow on better-than-expected earnings. PINS is brushing off five price-target hikes, last seen down 1% ahead of the open. During the past nine months, the social media stock has added 32.3%.
  3. The shares of Bed Bath & Beyond Inc (NASDAQ:BBBY) are down a 31.9% in premarket trading, after the retailer revealed it is trying to raise roughly $1 billion through a public offering to avoid bankruptcy. The meme stock has added 133.5% so far in 2023 but maintains a 63.8% year-over-year deficit.
  4. On the heels of a better-than-expected fourth-quarter profits and revenue, Spirit Airlines Incorporated (NYSE:SAVE) is up 3% before the bell. SAVE has shed 20% in the last six months, however.
  5. Keep an eye out for consumer credit data today. 

OV Buzz Feb 7

European Markets Struggling for Direction

Asian markets settled mostly higher on Tuesday, with the exception of Japan’s Nikkei, which posted a marginal drop. Hong Kong’s Hang Seng added 0.4%, with help from tech giant Baidu (BIDU), as the shares jumped following an update on its artificial chatbot. China’s Shanghai Composite and the South Korean Kospi added 0.3% and 0.6%, respectively.

European markets are mixed midday, as investors await comments from Fed Chair Powell stateside. London’s FTSE 100 is up 0.5% at last glance, while the French CAC 40 sports a 0.1% gain, and the German DAX falls 0.07%.

 

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