Stock Futures Muted Ahead of Inflation Data

Upcoming economic data could influence the Fed's future moves

Deputy Editor
Apr 11, 2023 at 9:16 AM
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Stock futures are muted ahead of tomorrow's key economic data, which could provide further insight into how the Federal Reserve might proceed with interest rates. At last check, futures on the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite Index (NDX) are all hovering near fair market value. 

Continue reading for more on today's market, including:
  • Schaeffer's Senior V.P. of Research Todd Salamone says the SPX is stuck between support and resistance.
  • Options traders love this bank stock.
  • Plus, CarMax's earnings beat, and Goldman Sachs upgrades 2 stocks.

futures Chart April 112023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 660,011 put contracts traded on Monday. The single-session equity put/call ratio fell to 0.63 and the 21-day moving average stayed at 0.78.
  2. CarMax, Inc (NYSE:KMX) stock is rallying ahead of the open, last seen up 5.8%. This comes after the used vehicle retailer saw fourth-quarter earnings that nearly doubled analysts' expectations. Should these gains hold, KMX could conquer the +10% year-to-date level.
  3. Shares of Whirlpool Corporation (NYSE:WHR) are 2.7% higher premarket, after Goldman Sachs issued an upgrade to "buy." The analyst in question said the appliance name is not only affordable, but could rally more than 20%. Year-over-year, WHR is down 25%.
  4. Goldman Sachs also upgraded WW International Inc (NASDAQ:WW) to "buy," helping shares add 26% in electronic trading. The brokerage said WW may triple in value thanks to "its new obesity drug on-ramp solution." In the last 12 months, WW is down 59%.
  5. There's no economic data scheduled for release today.

Buzz 0411

All Eyes on South Korea's Interest Rate Decision

Markets in Asia mostly rose on Tuesday, with all eyes on the Bank of Korea’s interest rate decision, as the country’s central bank held rates for the second consecutive time. Japan’s Nikkei added 1.1%, while Hong Kong’s Hang Seng and the South Korean Kospi rose 0.8% and 1.4%, respectively. China’s Shanghai Composite bucked the regional trend, shedding 0.1%.

European markets are also trending higher, with mining stocks leading the gains. London’s FTSE 100 is up 0.3% midday, while the French CAC 40 rises 0.8%, and the German DAX moves 0.3% higher.

 

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