Stock Futures Mixed; Oil Heading for Weekly Loss

All three major benchmarks are pacing for small weekly losses

Deputy Editor
Apr 21, 2023 at 9:10 AM
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Futures on the three major U.S. indexes are mixed Friday, as stocks head for a losing week. Earnings continue to roll in this morning, including a report from Procter & Gamble (PG), adding to a list of companies that have beat already reduced forecasts.

At last glance, futures on the Dow Jones Industrial Average (DJIA) are slightly higher, while Nasdaq-100 Index (NDX) are modestly lower, and S&P 500 Index (SPX) futures sit flat. Meanwhile, oil prices are also heading for a significant weekly loss.

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

futures Chart April 212023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 1.3 million put contracts exchanged on Thursday. The single-session equity put/call ratio fell to 0.76 and the 21-day moving average stayed at 0.78.
  2. Procter & Gamble Co (NYSE:PG) is 2.1% higher premarket after the blue-chip manufacturing behemoth reported fiscal third-quarter earnings and revenue that topped Wall Street's estimates. In addition, the company upped it organic sales growth forecast for fiscal 2023. Today's gains should help PG move back above its year-to-date breakeven mark.
  3. CSX Corporation (NASDAQ:CSX) is up 2.9% before the bell and looking to overcome a fractional year-to-date deficit. This comes after the transportation firm announced better-than-expected first quarter results. In response, no less than eight analysts hiked their price targets on CSX.
  4. ContextLogic Inc (NASDAQ:WISH) is surging before the bell, last seen up 20.9% following the e-commerce platform concern's $50 million share repurchase announcement. Still, year-over-year, WISH is down more than 87%.  
  5. The S&P flash U.S. services purchasing managers' index (PMI) and manufacturing PMI are slated for release today.


Asian Markets Tumble Amid Japan's Economic Data

Markets in Asia finished lower on Friday, amid a slew of economic data out of Japan. The country’s inflation rate came in at 3.2% in March, slightly down from February’s 3.3%, while core inflation remained unchanged at 3.1%. Plus, Japan’s manufacturing purchasing managers’ index (PMI) rose to 49.5 in April, marking its slowest contraction in six months. According to Reuters, Japan’s central bank is considering making changes to its yield curve control policy later this year. China’s Shanghai Composite paced the losses with a 2% drop, while Hang Kong’s Hang Seng fell 1.6%, Japan’s Nikkei shed 0.3%, and the South Korean Kospi lost 0.7%.

European markets are mixed midday. London’s FTSE 100 is up 0.2% at last glance, amid reports that U.K. retail sales dropped by a steeper-than-expected 0.9% in March after rising 1.1% in February. Retailers blamed the unusually wet weather. Meanwhile, the French CAC 40 is flat despite private sector growth reaching a nearly one-year high last month, while the German DAX is down 0.2%.


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