Stocks are mixed ahead of the open
This morning's producer price index (PPI) mimicked yesterday's consumer price index (CPI) by coming in slightly below analyst expectations. Wholesale prices rose 0.2% in April, compared to the anticipated 0.3% rise, and 2.3% on an annual basis -- the lowest reading since January 2021. Meanwhile, jobless claims came in at 264,000 for last week.
Despite the encouraging data, Dow Jones Industrial Average (DJIA) futures are down triple digits, with Walt Disney (DIS) earnings taking their toll on the blue-chip index. Futures on the S&P 500 Index (SPX) are marginally lower, while Nasdaq-100 Index (NDX) futures sit modestly higher.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 909,483 put contracts exchanged on Wednesday. The single-session equity put/call ratio rose to 0.68 and the 21-day moving average fell to 0.75.
- Robinhood Markets Inc (NASDAQ:HOOD) is up 4.4% premarket, after the trading platform reported narrower-than-expected first-quarter losses per share alongside a revenue beat, and showed growth in monthly subscribers. The company will also launch 24-hour trading of select stocks next week. Year-to-date, HOOD is up 11.5%.
- Unity Software Inc (NYSE:U) is up 8.7% before the bell. The company topped first-quarter revenue expectations, raised its full-year forecast, and announced plans to cut its workforce by 8%. Two analysts raised their price targets while two others issued price-target cuts. Year-over-year, the stock is down 40.3%.
- Tapestry Inc (NYSE:TPR) is up 8.4% in electronic trading, after the luxury fashion name announced strong fiscal third-quarter results and an upbeat annual profit forecast on higher prices and strong demand. Should these gains hold, TPR will break into positive territory for 2023.
- There is no more economic data of note today.
Bank of England Raises Rates
Stocks in Asia finished mostly lower, though Japan’s Nikkei managed to eke out a fractional win after the yen strengthened against the greenback. China’s Shanghai Composite and Hong Kong’s Hang Seng fell 0.3% and 0.09%, respectively, following a slower-than-expected inflation print from China. Rounding out the region, South Korea’s Kospi dipped 0.2%.
European markets are mixed Thursday, after the Bank of England (BoE) raised interest rates by 25 basis points, following inflation figures from the U.S. The German DAX is down 0.2% at last glance, however, after pharmaceutical firm Bayer delivered a disappointing annual guidance. Meanwhile, London’s FTSE 100 is down 0.3%, while France’s CAC 40 is up 0.2%.