Investors are unpacking PPI and retail sales data
Stock futures are on the rise today, looking to extend yesterday's impressive wins, following more encouraging inflation data. October's producer price index (PPI) fell by 0.5% for its largest monthly drop since April 2020. Retail sales also declined, however, marking their first monthly drop in seven. Futures on both the Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) are up more than 80 points.
Continue reading for more on today's market, including:
- What's next after the VIX's rare losing streak, per Schaeffer's Senior Quantitative Analyst Rocky White.
- Nu stock has been outperforming this year.
- Plus, TGT soars after earnings; Warren Buffet's latest investment; and VFC hit with downgrade.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.4 million call contracts and more than 1 million puts traded Tuesday. The single-session equity put/call ratio fell to 0.74 and the 21-day moving average stayed at 0.69.
- Retail giant Target Corp (NYSE:TGT) is up 13.4% premarket, after the company posted a strong third-quarter report and upbeat profit forecast, as its efforts to control inventory come to fruition. TGT is down 25.7% in 2023.
- Sirius XM Holdings Inc (NASDAQ:SIRI) is up 11.3% before the bell, after reports that Warren Buffet's Berkshire Hathaway (BRK.A) purchased 9.7 million shares in the company. The broadcasting name is down 16.3% in 2023.
- VF Corp (NYSE:VFC) is up 3.7% in electronic trading, after J.P. Morgan Securities upgraded the stock to "neutral" from "underweight," with a price-target hike to $19 from $15. VFC is sporting a solid 43.6% year-to-date deficit heading into today's session.
- See what economic data is due out this week.
Stocks Mixed After Strong Economic Data Out of China
Stocks in Asia were higher Wednesday, following upbeat economic data out of China and a soft stateside inflation reading. Beijing’s October retail sales and industrial data were both better than expected, pushing the Shanghai Composite 0.6% higher. Hong Kong’s Hang Seng led the region in gains, however, tacking on 3.9% and moving to its higher level in more than a week. Japan’s provisional gross domestic product (GDP) fell 2.1% for the third quarter, but the Nikkei still jumped 2.5%. Finally, South Korea’s Kospi scored a 2.2% gain.
The major European bourses are firmly higher following Wall Street’s Tuesday surge. London’s FTSE 100 was last seen 1.2% higher, moving into positive territory for the year. Elsewhere, France’s CAC 40 is up 0.6%, while Germany’s DAX is boasting a 0.8% lead.