Fed minutes will likely dictate Wall Street's mood today
Wall Street is awaiting the Federal Reserve's meeting minutes, after stocks yesterday marked their worst daily performance since Dec. 15. Investors are concerned the central bank will stick to its hawkish stance, especially after St. Louis Fed President James Bullard said there's a "good shot" of beating inflation in 2023 while avoiding a recession. At last check, futures on the Dow Jones Industrial Average (DJIA) were up 51 points, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures were also higher.
Continue reading for more on today's market, including:.
- Why it may be time to reduce bullish exposure, per Senior V.P. of Research Todd Salamone.
- This REIT could soon nab fresh 11-month high.
- Plus, cybersecurity stock surging; Intel slashes quarterly dividend; and LOGI downgraded.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 845,924 put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.68 and the 21-day moving average stayed at 0.79.
- Palo Alto Networks Inc (NASDAQ:PANW) reported its third-straight profitable quarter after 10 years of losses, with fiscal second-quarter results easily beating analyst estimates. The cybersecurity name also shared an upbeat third-quarter outlook. PANW is up 8.8% premarket, and has already added 19.6% in 2023.
-
Blue-chip
Intel Corporation (NASDAQ:INTC) lowered its
quarterly dividend in an effort to improve capital amid economic uncertainty. The stock was last seen down 0.8% before the bell and carries a 42.1% year-over-year deficit.
-
UBS downgraded
Logitech International SA (NASDAQ:LOGI) to "neutral' from "buy." The analyst in question cited an "incrementally tougher" space, with
tough competition. LOGI is down 0.8% ahead of the open and has shed 26.4% in the past 12 months.
-
The Federal Open Market Committee's (FOMC) February meeting minutes are
due out today.
European, Asian Markets Slip After Stateside Losses
Asian markets finished lower on Wednesday, following sharp losses stateside. Japan’s Nikkei fell 1.3%, after the country’s producer price index (PPI) came in at 1.6% year-over-year. The South Korean Kospi posted the steepest drop, losing 1.7%, while China’s Shanghai Composite shed 0.5%. Meanwhile, Hong Kong released its budget, and the city’s Hang Seng fell 0.5%.
At last glance, European markets are falling as well, as investors await minutes from the U.S. Federal Reserve. London’s FTSE 100 is off 0.8% midday, while the French CAC 40 is down 0.3%, and the German DAX sports a 0.2% deficit.