March's CPI reading rose less than analysts anticipated
Dow Jones Industrial Average (DJIA) futures are up 249 points this morning, after March's consumer price index (CPI) reading rose by 0.1%, which is slightly lower than economists' anticipated 0.2% rise. Futures on the Nasdaq-100 Index (NDX) also sport a triple-digit lead, while S&P 500 Index (SPX) futures stand in the black as well.
Continue reading for more on today's market, including:
- Why bulls should keep an eye on T-Mobile stock.
- Analyst predicts strong sales for this biotech concern.
- Plus, 3 stocks getting analyst praise before the bell.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 618,742 put contracts traded on Tuesday. The single-session equity put/call ratio fell to 0.56 and the 21-day moving average stayed at 0.78.
- Shopify Inc (NYSE:SHOP) stock is 4.5% higher in premarket trading, after JMP upgraded it to "market outperform" with a $65 price target -- a 45.1% premium to yesterday's close. Year-to-date, SHOP is up 29%.
- Shares of MongoDB Inc (NASDAQ:MDB) are 3.1% higher before the bell, after a bull note from Morgan Stanley. The analyst upgraded MDB to "overweight" and raised its price target to $270, while praising the software concern's leadership in cloud optimization initiatives. MongoDB stock is 7.5% higher in 2023.
- JPMorgan Securities reaffirmed its "overweight" rating on MGM Resorts International (NYSE:MGM) and lifted its price target to $55. The brokerage firm cited the casino giant's events calendar as a potential growth catalyst. Up 1.3% ahead of the open, MGM Resorts stock is adding to its nearly 30% year-to-date lead.
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International Markets Respond to New Economic Data
Asian markets finished mostly higher, as investors unpacked economic data abroad and stateside. South Korea’s employment rate rose by 0.1% to 2.7%, while Japan’s producer price index (PPI) jumped a higher-than-expected 7.2% year-over-year. Hong Kong’s Hang Seng posted the only loss, dropping 0.9% on the day. Japan’s Nikkei added 0.6%, China’s Shanghai Composite tacked on 0.4%, and the South Korean Kospi rose 0.1%.
Markets in Europe, meanwhile, are higher at last glance. London’s FTSE 100 is up 0.6%, while the French CAC 40 and German DAX rise 0.4% and 0.2%, respectively. Yesterday’s global growth report from the International Monetary Fund is still on traders’ minds.