Index Futures Mixed as Jobless Claims Hit Nearly 2-Year High

Stock futures are pointing to another meek session on Wall Street

Digital Content Manager
Jun 8, 2023 at 9:28 AM
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Following yesterday's mixed session, stock futures are headed for another meek open this morning, as investors dig through the latest round of jobs data. Unemployment claims hit their highest level since October 2021 last week, with Ohio and California accounting for most of the increase to 261,000. At last check, futures on the Dow Jones Industrial Average (DJIA) are down 61 points, while the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) sit at, or just above, breakeven.

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

Futures 0608

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2 million call contracts and more than 1.1 million put contracts exchanged on Wednesday. The single-session equity put/call ratio rose to 0.59 and the 21-day moving average stayed at 0.69.
  2. GameStop Corp (NYSE:GME) is down 20.9% ahead of the open, after the video game retailer reported wider-than-expected first-quarter losses and a revenue miss. The company also fired CEO Matt Furlong and made top shareholder Ryan Cohen its executive chairman. GME is down 28.7% year-over-year, despite its 41.4% lead in 2023.
  3. T-Mobile Us Inc (NASDAQ: TMUS) attracted an upgrade form Wolfe Research to "outperform" from "peer perform." Though the security carries a 9.6% year-to-date deficit, the analyst in question said it stands to gain more than 20% after a recent selloff. In response, TMUS is up 0.7% before the bell.
  4. Signet Jewelers Ltd (NYSE: SIG) stock is down 10.8% in premarket trading, after the company issued disappointing second-quarter revenue and operating-income forecasts, and cut its earnings and revenue outlook for 2024. The jewelry retailer cited macro economic pressures that impacted Mother’s Day sales. SIG still sports a 7.8% year-over-year lead, though.
  5. Today also features wholesale inventories.

OV Buzz Chart June 8

European Markets Inch Higher Despite Technical Recession

Stocks in Asia finished on both sides of the aisle on Thursday. China’s Shanghai Composite led gains with a 0.5% win, after the country’s six state-owned commercial banks cut deposit rates, per CNBC. Hong Kong’s Hang Seng followed behind with a 0.3% win, while the South Korean Kospi shed 0.2%, and Japan’s Nikkei dropped 0.9%. Japan’s annualized gross domestic product (GDP) for the first quarter was revised to 2.7%, which is higher than the anticipated 1.9% and initial 1.6% reading.

European markets are inching higher today. The latest GDP figures revealed that the euro zone was in a technical recession during the first quarter of the year, while the Organisation for Economic Cooperation and Development (OECD) unemployment rate for the region decreased slightly to 6.5% in April. London’s FTSE 100 is up 0.03% at last glance, while the French CAC 40 and German DAX rise 0.5% and 0.3%, respectively.


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