Stock Futures Move Lower After PPI Reading

Today's reading is contrary to recent data

Deputy Editor
Aug 11, 2023 at 9:13 AM
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Stock futures are lower this morning, after July's producer price index (PPI) came in at 0.3%. Economists anticipated a 0.2% month-on-month rise in wholesale prices, a contrary reading compared to recent trends that showed inflation pressures are losing their grip on the economy. In response, Dow Jones Industrial Average (DJI), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) futures are sitting below fair market value.

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

  • Blue-chip member prepares for quarterly report.
  • Speaker maker turned in a beat-and-raise.
  • Plus, UBS repaid in full; Six Flags' earnings; and Archer Aviation's lawsuit settled.

Futures Chart August 112023

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 Thursday. The single-session equity put/call ratio jumped to 0.70 and the 21-day moving average stayed at 0.65.
  2. UBS Group AG (NYSE:UBS) stock sports a 4.8% premarket lead, after the Swiss bank ended a $10 billion loss protection agreement and a public liquidity backstop with Credit Suisse. The bank also said that the latter repaid a 50 billion Swiss franc emergency liquidity loan in full. Year-over-year, UBS is up more than 27%.
  3. Six Flags Entertainment Corp (NYSE:SIX) is looking to add to its 6.2% year-to-date deficit, last seen down 2.6% before the bell, after missing second-quarter top- and bottom-line estimates. The company reported earnings of 25 cents per share on revenue of $444 million.
  4. Archer Aviation Inc (NYSE:ACHR) is soaring before the open, last seen 20.1% higher after settling a lawsuit with Boeing (BA) regarding autonomous flying technology. In addition, the company just finished a $215 equity investment move, with contributions coming from names like United Airlines (UAL). ACHR sports a 211.8% year-to-date lead.
  5. The week wraps up with core PPI and preliminary consumer sentiment data.

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U.K. GDP Reading Surprises Investors

Asian markets finished mostly lower, as investors eyed stateside inflation data. China’s Shanghai Composite led the losses with a 2% drop, while Hong Kong’s Hang Seng fell 0.9%, and the South Korean Kospi shed 0.4%. Markets in Japan were closed for holiday.

European markets are entirely lower at last glance. London’s FTSE 100 is down 1.1%, while the French CAC 40 falls 0.9%, and the German DAX loses 0.7%. U.K.’s gross domestic product (GDP) surprised to the upside with 0.2% growth in the second quarter, while France’s core inflation reading came in at 5% in July, down from the previous month’s 5.7%.

 

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