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.


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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