Recession Fears Pressure Stock Futures Lower

A host of inflation data is due out later this week

Deputy Editor
Apr 10, 2023 at 9:20 AM
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Stock futures are pointed lower this morning, as investors return from the holiday weekend and weigh the possibility of a recession ahead of a deluge of inflation data coming later this week. Futures on the Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (NDX) are both down triple digits, while S&P 500 Index (SPX) futures sport more modest losses.  

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

  • Here's how the second quarter kicked off.
  • Levi Strauss stock plunged after earnings.
  • Plus, tailwinds for chip sector; First Republic Bank suspends dividend payments; and Tesla's updates.

  • futures Chart April 102023

    5 Things You Need to Know Today

    1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 811,472 put contracts traded on Thursday. The single-session equity put/call ratio rose to 0.69 and the 21-day moving average stayed at 0.78.
    2. Micron Technology Inc (NASDAQ:MU) is 5% higher in electronic trading, after Samsung Electronics revealed plans to cut near-term memory chip production, with many on Wall Street now speculating on an accelerated recovery for the semiconductor sector. Year-to-date, MU is up 17.2%.
    3. First Republic Bank (NYSE:FRC) is suspending preferred stock dividend payments, sending the shares 4.1% lower premarket. The regional bank stock has been struggling, shedding over 91% during the last 12 months. 
    4. Tesla Inc (NASDAQ:TSLA) is 3.1% lower before the bell, even after the electric vehicle (EV) giant announced plans to cut prices. The company also revealed it will build a "megapack" battery factory in Shanghai. Though it carries a significant year-over-year deficit, TSLA is 50.2% higher in 2023.
    5. Wholesale inventories are due out today. 

    Buzz 0410 

    European Markets Shake Off Bank Volatility 

    Asian markets finished mostly higher on Monday, with the exception of China’s Shanghai Composite, which posted a 0.4% drop. Japan’s Nikkei rose 0.4% thanks to a big surge from Nintendo and the Super Mario Bros. movie, while the South Korean Kospi tacked on 0.9%. Hong Kong’s Hang Seng, meanwhile, remained closed for the Easter holiday.

    European markets are higher midday, as bank stocks shake off the recent volatility. London’s FTSE 100 is up 1%, while the French CAC 40 and German DAX rise 0.1% and 0.5%, respectively.

     

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