Stock Futures Edge Higher Amid Jobless Data, GDP Revision

The economy grew at a slower annual pace to close out 2022

Digital Content Manager
Feb 23, 2023 at 9:14 AM
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Stock futures are looking to rebound this morning after the Federal Reserve's latest meeting minutes reiterated its hawkish stance. Investors are also unpacking jobless data, with claims dipping to 192,000 last week instead of rising to 197,000 as analysts had expected.

Also in focus is a gross domestic product (GDP) revision, which showed the economy grew at a slower 2.7% annual pace to close out 2022 amid a slowdown in consumer spending. At last check, futures on the Dow Jones Industrial Average (DJIA) were up 65 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:.

  • Retail stock could topple technical resistance.
  • Analysts are starting to turn bearishon Logitech stock.
  • Plus, chip stock enjoying AI tailwinds; Bumble shares upbeat forecast; and revenue beat boosts ETSY.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 875,762 put contracts traded on Wednesday. The single-session equity put/call ratio rose to 0.80 and the 21-day moving average stayed at 0.79.
  2. Nvidia Corporation (NASDAQ:NVDA) is up 10.1% in premarket trading, after the chipmaker reported a fourth-quarter earnings and revenue beat. Nvidia also announced a better-than-expected first-quarter revenue forecast amid increased demand for chips to power artificial intelligence (AI) services. Year-to-date, NVDA has added 42% even before today's potential bull gap.
  3. Online dating company Bumble Inc (NASDAQ:BMBL) posted a fourth-quarter earnings and revenue win, as well as a strong annual revenue growth forecast amid growing paying users. BMBL has already added 10.9% this year, and is up 3.5% before the bell. 
  4. Etsy Inc (NASDAQ:ETSY) is up 3.5% ahead of the open, after a fourth-quarter revenue win. The online marketplace's current-quarter revenue estimates also came in well above Wall Street's estimates. In the last nine months, ETSY has added 79.4%. 
  5. More economic data is due out tomorrow.

OV Buzz Chart Feb 23

European, Asian Markets Mixed After U.S. Fed Minutes

Markets in Asia finished the day mixed, as investors eyed yesterday’s stateside Fed minutes release, as well as the Bank of Korea’s decision to hold interest rates at 3.5%, following nearly a year of rate hikes. The South Korean Kospi added 0.8%, while Hong Kong’s Hang Seng and China’s Shanghai Composite fell 0.4% and 0.1%, respectively. Japan’s Nikkei was closed for the Emperor's birthday.

Lingering attention on the U.S. Fed minutes alongside a fresh batch of big-name European earnings has equities in the region mixed. London’s FTSE 100 is down 0.2% at last glance, while the French CAC 40 is up 0.4%, and the German DAX gains 0.6%.

 

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