Stock Futures Surge After Cooling Inflation Data

The Dow and Nasdaq are jumping triple digits

Deputy Editor
Nov 14, 2023 at 9:21 AM
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Futures on all three major indexes are surging before the open, with Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) futures sporting hefty triple-digit leads, as investors eye this morning's inflation data. The consumer price index (CPI) in October was unchanged, compared to expectations of a 0.1% rise, though the core CPI rose 0.2% for the month. Following the report, bond yields took a sharp turn lower, with the 10-year Treasury yield falling below 4.5%. 

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

  • The best way to play the SPX right now, per Schaeffer's Senior V.P. of Research, Todd Salamone. 
  • November's a historically bullish month for this homebuilding stock
  • Plus, an earnings disappointment and 2 stocks buzzing on bull notes.

Futures Nov14

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1 million call contracts and 968,091 million puts traded Monday. The single-session equity put/call ratio fell to 0.88 and the 21-day moving average stayed at 0.69.
  2. Electric vehicle (EV) name Fisker Inc (NYSE:FSR) is down 19.7% premarket, after the company posted disappointing third-quarter results and cut its 2023 production forecast. No fewer than three analysts slashed their price targets after the news, with Evercore ISI halving its price objective to $6 from $12. Should these losses hold, FSR will hit fresh record lows today. 
  3. Kraft Heinz Co (NYSE:KHC) is up 1.9% in electronic trading, after an upgrade from Bernstein to "outperform" from "market perform." The firm believes the food and beverage company is better positioned than its peers to face disruption from weight-loss drugs. Since the start of the year, the equity is down 18.3%. 
  4. Take-Two Interactive Software Inc (NASDAQ:TTWO) is up 2.6% before the bell, after Deutsche Bank upgraded the stock to "buy" from "hold," on the heels of Citigroup's price-target hike to $155. Deutsche Bank cited the security's favorable risk/reward profile, and also raised its price target to $175 from $155. Should these gains hold, TTWO will extend its July 52-week highs. 
  5. See what economic data is due out this week.  

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Economic Data in Focus as European Stocks Move Mixed

Stocks in Asia finished mostly higher on Tuesday. Investors are still eyeing talks between U.S. President Joe Biden and China’s President Xi Jinping, set to take place in San Francisco later today. Hong Kong’s Hang Seng was the region’s only loser, falling 0.2%, while China’s Shanghai Composite and Japan’s Nikkei both added 0.3%. Meanwhile, the South Korean Kospi turned in a 1.2% gain.

European markets are mixed this afternoon, as traders parse through euro zone gross domestic product (GDP) data, which contracted 0.1% quarter-on-quarter. In addition, investors are digesting job vacancies in the U.K., which fell 58,000 in the third quarter, as well as Germany’s ZEW economic sentiment survey that suggested investor morale is improving. At last glance, London’s FTSE is off 0.4%, the German DAX is 0.4% higher, and France’s CAC 40 is just above breakeven.

 

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