Stock Futures Rise After Positive CPI Reading

Jobless claims rose last week

Deputy Editor
Aug 10, 2023 at 9:22 AM
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Dow Jones Industrial Average (DJI) futures are up more than 130 points after July's consumer price index (CPI) rose a smaller-than-expected 3.2%.  Meanwhile, jobless claims rose last week, signaling the strong labor market is slowly cooling down. Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are also in the black.

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

  • Energy drink stock could benefit from a short squeeze.
  • Bear signal says avoid this REIT.
  • Plus, Capri-Tapestry multi-billion dollar deal; Disney's earnings; and Sonos' beat-and-raise.

Futures Chart August 102023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call and 1 million put contracts exchanged on Wednesday. The single-session equity put/call ratio jumped to 0.68 and the 21-day moving average stayed at 0.65.
  2. Capri Holdings Ltd (NYSE:CPRI) stock sports a 57.4% premarket lead, following news that the company will be acquired by Tapestry, owner of luxury brands Coach and Kate Spade. The deal is worth $8.5 billion, and will see Tapestry take over Capri brands such as Versace, Jimmy Choo, and Michael Kors. Coming into today, CPRI was down 39.6% in 2023.
  3. Walt Disney Co (NYSE:DIS) turned in a rare quarterly loss, after subscribers to its Disney+ streaming service fell 7.4% last quarter. In addition, the company was hit with a one-time, $2.65 billion fee, adding to the mixed fiscal third-quarter results. Last seen 1.7% higher before the bell, Walt Disney stock maintains a slim year-to-date lead.
  4. Sonos Inc (NASDAQ:SONO) is 6.1% higher ahead of the open, looking to claw out of a 7.5% year-to-date deficit. This comes after the wireless speaker maker's fiscal third-quarter top- and bottom-line results bested Wall Street's estimates. The firm also hiked its full-year guidance. 
  5. Investors have the Federal budget balance and the OPEC monthly report to digest today.

Plug 0810

Stateside Inflation Data Influences Overseas Stocks

Asian markets finished mostly higher on Thursday, as investors looked ahead to inflation data stateside. In the meantime, Japan’s wholesale inflation rate slowed for the seventh-straight month, dropping to 3.6% from the previous month’s 4.3%. The South Korean Kospi finished the day 0.1% lower, while Hong Kong’s Hang Seng added 0.01%, China’s Shanghai Composite rose 0.3%, and Japan’s Nikkei tacked on 0.8%.

European markets are higher, as traders await U.S. inflation data and unpacking the latest batch of corporate earnings. London’s FTSE 100 is up 0.04% at last glance, while the French CAC 40 rises 0.8%, and the German DAX moves 0.3% higher.

 

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