Stock Futures Choppy Ahead of Fed Decision

The Federal Reserve's latest interest rate decision is coming this afternoon

Deputy Editor
Nov 1, 2023 at 9:15 AM
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Stock futures are a mixed bag this morning to start November, with October's steep losses still fresh in investors' minds. Ahead of the Federal Reserve's latest interest rate decision, due out at 2 p.m. ET, Wall Street is currently unpacking an update from the U.S. Treasury, which announced it was selling $112 billion in notes and bonds next week.

Elsewhere, the ADP reported that private sectors added 113,000 jobs in October, increasing from September but below analyst estimates of 130,000. Futures on the Dow Jones Industrial Average (DJIA) are down 19 points, while the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) hover just above fair value.

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

  • Hedge funds are going long on the VIX. Now what?
  • AutoNation stock upgraded despite recent struggles.
  • Plus, three stocks making notable post-earnings moves. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 812,749 puts traded Tuesday. The single-session equity put/call ratio fell to 0.68 and the 21-day moving average stayed at 0.68.
  2. Kraft Heinz Co (NASDAQ:KHC) stockis down 0.6% premarket, despite the food manufacturer announcing better-than-expected third-quarter earnings and lifting its annual profit forecast. Since the start of the year, the equity is down 22.7%. 
  3. Caesars Entertainment Inc (NASDAQ:CZR) stock is up 6.2% in electronic trading, after the casino company's third-quarter earnings beat. The stock is brushing off no fewer than four price-target cuts as well. Heading into today, CZR is up just 4.1% since in 2023. 
  4. The shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) are in focus this morning, after the chipmaker posted a fiscal fourth-quarter revenue guidance that was lower than expected. Several analysts have chimed in with price-target cuts and raises in response. Heading into today, the chip stock is up 52% in 2023.
  5. Job openings, the S&P manufacturing Purchasing managers' index (PMI), the ISM manufacturing index, and the Fed's interest rate decision are on tap today

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Asian Markets Rise Amid Data

Stocks in Asia were mostly higher on Wednesday, except for Hang Seng’s fractional loss in Hong Kong. Japan’s Nikkei led the gainers with a 2.4% rise, building on yesterday’s momentum that followed the country’s central bank’s decision to increase its yield curve control policy’s flexibility. South Korea’s Kospi added 1%, after exports in the area climbed 5.1% over the last 12 months – its first export expansion in just over a year. Lastly , China’s Shanghai Composite saw a modest 0.1% gain, after the country’s Beige Book showed consumers are more cautious than usual, while manufacturing activity posted an unexpected contraction.

In Europe, markets are muted ahead of the U.S. Federal Reserve’s interest rate decision. At last glance, Germany’s DAX was fractionally lower, while France’s CAC 40 and London’s FTSE 100 were both slightly above breakeven.

 

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