Stock Futures Muted Following More Inflation Data

Consumer prices rose 0.4% in September

Digital Content Manager
Oct 12, 2023 at 9:07 AM
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All eyes are on the consumer price index (CPI) this morning, which staged a higher-than-expected 0.4% rise in September. The index is up 3.7% compared to a year ago, indicating prices are still rising rapidly. Traders are also unpacking jobless data, which came in at 209,000. Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) futures trimmed gains after the inflation reading, still trading above fair value.

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

  • Meta Platforms stock signal has never failed.
  • Unpacking Exxon Mobil's massive acquisition.
  • Plus, Delta Air Lines' blowout earnings; Target stock upgraded; and strike reaches Ford's biggest facility.

Futures 1012

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 988,982 call contracts and more than 1 million puts traded on Wednesday. The single-session equity put/call ratio rose to 1.04 and the 21-day moving average moved up to 0.68.
  2. Delta Air Lines (NYSE:DAL) reported better-than-expected third-quarter earnings morning, with profits rising about 60% due to strong international travel demand. The equity is up 3.1% before the open, and already sports a 9.5% profit for 2023.
  3. Bank of America upgraded Target Corp (NYSE:TGT) stock to "buy" from "neutral." The analyst in question cited potential for improving margins and TGT's recent chart pullback. Shares are up 2.9% ahead of the bell, but still carry a 26.9% year-to-date deficit.
  4. Ford Motor Co (NYSE:F) stock is down 2.3% in premarket trading, after news that the United Auto Workers (UAW) union strike reached its Kentucky plant, which is the biggest in terms of workers and revenue. F still boasts a 10.7% year-to-date lead.
  5. Check out what else is on tap this week

OV Buzz Chart Oct 12

Asian Markets Rise on Bank Sector Investment

Asian markets rallied Thursday, after China’s sovereign wealth fund, Central Huijin Investment, increased its stake in four of the country’s biggest banks. Hong Kong’s Hang Seng led gains with a 1.9% rise thanks to tailwinds from the financial sector. Meanwhile, China’s Shanghai Composite added 0.9%, the South Korean Kospi tacked on 1.2%, and Japan’s Nikkei rose 1.8%.

European markets are higher as well, amid reports that U.K.’s gross domestic product (GDP) grew 0.2% in August to recover from July’s downwardly revised 0.6% contraction. London’s FTSE 100 is up 0.6% at last glance, while the French CAC 40 and German DAX jump 0.4% and 0.5%, respectively.

 

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