Markets Poised to Extend Losses Amid Jobless Data

Fed Chair Powell will speak before the Senate Banking Committee later

Digital Content Manager
Jun 22, 2023 at 9:16 AM
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Futures on the Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) are pointed lower once again this morning, amid a bout of profit-taking on Wall Street. Investors are unpacking jobless data, which was above analysts' expectations, while the four-week average hit is highest level since November 2021. Later today, Federal Reserve Chairman Jerome Powell will speak before the Senate Banking Committee.

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

Editor's note: A previous version of this story stated that jobless claims were below analysts' expectations.

Futures 0622

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 824,173 million put contacts exchanged on Wednesday. The single-session equity put/call ratio rose to 0.53 and the 21-day moving average stayed at 0.67.
  2. Morgan Stanley downgraded Alcoa Corp (NYSE:AA) to "underweight" from "equal weight," with the analyst in coverage noting the aluminum name could miss certain profit metrics over the next few quarters. AA is down 3.2% ahead of the bell, and carries a 23.2% year-to-date deficit. 
  3. KB Home (NYSE:KBH) is down 2.9% in premarket trading, despite yesterday announcing a second-quarter earnings and revenue beat. The home building concern still boasts an impressive 103.1% year-over-year lead, however.
  4. Darden Restaurants, Inc. (NYSE:DRI) reported a fiscal fourth-quarter earnings win earlier, while revenue was inline with analysts' estimates. The restaurant giant also raised quarterly dividends and issued an strong revenue outlook. Nevertheless, DRI is down 3.9% before the bell, though it still sports a 20.3% lead for 2023.
  5. Existing home sales and leading economic indicators are due out today.


BoE Rate Hike Weighs European Markets

The South Korean Kospi finished the day up 0.4%, while Japan’s Nikkei lost 0.9%. Hong Kong’s Hang Seng and China’s Shanghai Composite were both closed on holiday. Notably, Nintendo (NTDOY) jumped to a 52-week high after the company announced new titles.

European markets are lower, after the Bank of England (BoE) announced a 50-basis-point rate hike. London’s FTSE 100 and the French CAC 40 are both down 1% at last glance, while the German DAX moves 0.5% lower.


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