Stock Futures Cautiously Higher After Jobs, GDP Data

Second-quarter GDP grew at a slower-than-expected annual pace

Deputy Editor
Aug 30, 2023 at 9:12 AM
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Wall Street is cautious Wednesday morning, as investors digest jobs and gross domestic product (GDP) data. The latest ADP employment report showed U.S. job creation slowing, with private employers adding 177,000 jobs in August -- less than estimates of 200,000. Further, second-quarter GDP grew at a 2.1% annual pace, slower than economists predicted, but still faster than what's considered the optimal speed growth.

In a "bad news is good news" reaction, futures tied to the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) are just above fair market value, and looking to extend a three-day winning streak.

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

  • Schaeffer's Senior Quantitative Analyst Rocky White's 16 stocks with optimal entry points.
  • China's EV frontrunner revealed lackluster Q2 results.
  • Plus, 2 analyst calls to note, and a popping medical device stock. 

Futures Chart August 3032023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.6 million call and 1.1 million put contracts exchanged on Tuesday. The single-session equity put/call ratio fell to 0.69 and the 21-day moving average stayed at 0.65.
  2. Shares of Invisalign maker Align Technology, Inc. (NASDAQ:ALGN) are flat before the bell, after HSBC initiated coverage with a "buy" rating, citing strong brand presence and potential market share growth in digital orthodontics. Year to date, ALGN is up 74.3%.
  3. Meanwhile, Bernstein downgraded semiconductor concern Texas Instruments Inc (NASDAQ:TXN) to "underperform" on worries over the company's capital-intensive, long-term play to boost in-house chip production. The equity is 2.1% lower premarket, adding to a thin 3.3% year-to-date lead.
  4. James Hollingshead, CEO of medical device maker Insulet Corporation (NASDAQ:PODD), revealed his purchase of 5,550 shares of the company. Earlier this week, the company announced its launching an insulin delivery system in Germany, alongside the U.S. and U.K. Ahead of the open, PODD is 3.7% higher, though it remains 35.6% lower in 2023.
  5. Today's economic data docket features pending home sales, retail inventories, and the goods trade balance. 

Buzz 0830

German Import Prices Fall At Historic Clip

Asian markets finished mostly higher on Wednesday, with the exception of Hong Kong’s Hang Seng, which inched 0.01% lower. Japan’s Nikkei rose 0.3%, while the South Korean Kospi added 0.4%, and China’s Shanghai Composite gained 0.04%. Reuters reported that some state-owned banks in China will cut existing mortgage rates soon, as the housing crisis continues.

European markets are mixed midday. London’s FTSE 100 is up 0.4% at last glance, while the French CAC 40 and German DAX fall 0.1% and 0.2%, respectively. Meanwhile, German import prices fell 13.2% year-over-year in July for the largest annual decrease since January 1987.

 

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