Dow Futures Pop on Cooler-Than-Expected Inflation Data

S&P 500 and Nasdaq-100 futures are also higher

Deputy Editor
Apr 12, 2023 at 9:27 AM
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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.

futures Chart April 122023

5 Things You Need to Know Today

  1. 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.
  2. 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%.
  3. 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.
  4. 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.
  5. The Federal budget balance and federal open market committee (FOMC) meeting minutes are both slated for release today.

Buzz 0412

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. 

 

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