Stock Futures Cautiously Higher After Fed Commentary

Walmart's raised outlook is boosting stock futures, too

Deputy Editor
Aug 17, 2023 at 9:24 AM
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Stock futures are shaking off this week's sour sentiment, moving higher following the Federal Reserve's latest hawkish commentary. In addition, blue-chip component and retail heavyweight Walmart (WMT) hiked its full-year outlook, helping to boost sentiment on the Street. Futures tied to the Dow Jones Industrial Average (DJI), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) are all markedly higher in response.

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

Futures Chart August 172023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call and 1.4 million put contracts exchanged on Wednesday. The single-session equity put/call ratio jumped to 1.03 and the 21-day moving average stayed at 0.65.
  2. With retail earnings in focus, Walmart Inc (NYSE:WMT) is giving investors hope after it topped second-quarter earnings and revenue expectations. In addition, the company raised its full-year forecast on grocery and online growth sales. Up 0.3% premarket, WMT is up 14.3% over the last 12 months.
  3. Coach and Kate Spade parent Tapestry Inc (NYSE:TPR) is unchanged before the bell, following weaker-than-estimated fiscal fourth-quarter earnings. Further, the company finalized its $8.5 billion deal to acquire Capri Holdings (CPRI), though its guidance fell short of forecasts. Coming into today, TPR was already down 9.9% in 2023.
  4. Wingstop Inc (NASDAQ:WING) sports an 18.4% year-to-date deficit, but is marginally lower before the open after a new share buyback program was announced. The chicken wing restaurant operator said it will repurchase up to $250 million, financed with cash on hand and cash flow from operations.  
  5. The Philadelphia Fed manufacturing index and leading economic indicators are on deck following today's jobs data. 

Buzz 0817

Asian Markets Mirror Stateside Losses

Asian markets finished mostly lower on Thursday, as investors eyed stateside Fed minutes. Following this week’s disappointing economic data, China’s Premier Li Qiang said the country would work to achieve its economic targets for the year. Meanwhile, Japan’s trade balance slipped into a deficit in July. China’s Shanghai Composite rose 0.4%, while Hong Kong’s Hang Seng remained flat, and Japan’s Nikkei lost 0.4%. The South Korean Kospi marked its fifth-straight daily loss, losing 0.2%.

European investors are still unpacking U.S. Fed minutes as well, with the bourses moving lower at midday. London’s FTSE 100 is down 0.3%, while the French CAC 40 and German DAX both move 0.1% lower.


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