Stock Futures Fall After Moody's 'Negative' Outlook

This week will bring a handful of retail earnings as well as retail sales data

Deputy Editor
Nov 13, 2023 at 9:17 AM
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Stock futures are pulling back from last week's wins, after Moody's Investor Service lowered its U.S. credit rating outlook to "negative" from "stable" after the close on Friday, citing the government's fiscal deficits and lack of fiscal measures amid high interest rates. The monthly Federal budget is due out today, and longer term, investors are looking ahead to a busy week that will include retail sales data and earnings. 

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

  • 2 of Schaeffer's top 2023 picks making big progress. 
  • A quick recap of the market last week. 
  • Plus, TSN dips on guidance; XOM gets into lithium batteries; and BA gets a lift.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.3 million call contracts and more than 1.4 million puts traded Friday. The single-session equity put/call ratio rose to 1.03 and the 21-day moving average stayed at 0.69.
  2. Tyson Foods Inc (NYSE:TSN) is down 3.2% premarket, after the meat production company's revenue miss and disappointing full-year revenue forecast. Since the start of 2023, the equity has already shed 24.6%. 
  3. Exxon Mobil Corporation (NYSE:XOM) is in the spotlight before the bell, after news that the company will start producing lithium batteries for electric vehicles by 2027. At last look, XOM is up 0.6%, down 5.9% since the start of the year. 
  4. Boeing Co (NYSE:BA) is up 3.4% in electronic trading, after news that China is resuming its purchasing of 737 Max orders, after a more than four-year pause following two deadly crashes. The company also just scored several other orders. Year to date, the blue-chip airline stock is up 3.2% flying into today. 
  5. See what economic data is due out this week.  

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U.S. and Chinese Officials Prepare to Meet

Markets in Asia were mostly higher Monday, as U.S. President Joe Biden and China’s President Xi Jinping get ready for a high-stakes conversation later this week – their first in-person meeting in roughly a year. Ahead of the event, Hong Kong’s Hang Seng added 1.3%, while China’s Shanghai Composite rose 0.3%. Japan’s Nikkei was flat, after the Bank of Japan (BoJ) released data showing its corporate goods price index – a measure of wholesale inflation – rose less than expected, coming in below 1% for the first time since February 2021. Rounding out the region, South Korea’s Kospi dropped 0.2%.

Across the pond, the major European bourses are higher this afternoon. Traders are also anxiously awaiting the meeting between Biden and Jinping, and digesting Moody’s U.S. credit rating cut. The German DAX and France’s CAC 40 are both sporting 0.2% leads, while London’s FTSE 100 was last seen 0.6% higher.

 

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