Stock Futures Higher as Wall Street Considers Fed Policy

Nasdaq (NDX) futures are up triple digits

Deputy Editor
Mar 23, 2023 at 9:11 AM
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Stock futures are higher this morning, following a steep loss from the Dow Jones Industrial Average (DJI) after the Fed's interest rate decision and comments from central bank Chair Jerome Powell. Wall Street is considering whether or not rate hikes are done for the year, as investors unpack initial jobless claims, which totaled 191,000 last week -- below expectations of 198,000. 

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

  • Behind GameStop stock's soaring price action yesterday. 
  • Options bulls tripled their money with this chip stock
  • Plus, CHWY brushes off upbeat earnings; AMC receives bear note; and Ford's new financial report layout.

Futures Mar23

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 771,444 put contracts traded on Wednesday. The single-session equity put/call ratio rose to 0.63 and the 21-day moving average stayed at 0.79.
  2. Chewy Inc (NYSE:CHWY) is down 4.4% premarket, despite the pet retailer beating top- and bottom-line estimates for the fourth quarter. No fewer than six analysts lowered their price targets after the event. Should these losses hold, CHWY will slip into negative territory since the start of the year. 
  3. AMC Entertainment Holdings Inc (NYSE:AMC) is up 2.5% in electronic trading, though Citigroup just resumed coverage with a "sell" rating and $1.60 price target. Yesterday, AMC received tailwinds from fellow meme stock GME. Year-to-date, the equity is up 6.6%. 
  4. Ford Motor Co (NYSE:F) is up 1.7% before the bell, after news that the company will begin reporting its financial results by business unit, instead of by region. The car manufacturer reported heavy losses in electric vehicle (EV) unit, though that was offset by profits in its fleet and legacy businesses. Year-over-year, F is down 24.9%, though holding on to a minor year-to-date lead. 
  5. Today will bring new home sales and the U.S. current account deficit.

OV Buzz March 3232023

Investors Eye Overseas Interest Rates

Asian markets settled mostly higher Thursday, on the heels of a quarter-point interest rate hike in the U.S. In other news, a group of 20 companies will take Toshiba private for $15.3 billion, and Asian currencies gained strength against the U.S. dollar. Hong Kong’s Hang Seng added 2.3%, while China’s Shanghai Composite and South Korea’s Kospi rose 0.6% and 0.3%, respectively. Meanwhile, Japan’s Nikkei shed 0.2%.

European markets are edging lower, with bank and construction stocks leading the losses after the Bank of England (BoE) also raised interest rates by 25 basis points amid soaring inflation in the U.K. In addition, the Swiss National Bank (SNB) said it will raise rates by 50 basis points. At last check, London’s FTSE 100 is 0.8% lower, the German DAX is off 0.5%, and France’s CAC 40 carries a 0.3% loss.

 

 

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