There are plenty of retail earnings for investors to unpack this morning
Investors are unpacking a slew of retail earnings this morning, ahead of this week's Black Friday sales, while also awaiting the Federal Reserve's latest meeting minutes, due out at 2 p.m. ET. Ahead of the event, Wall Street is looking at a potential breather from its recent rally, with stock futures modestly lower ahead of the open.
Continue reading for more on today's market, including:
- Pessimism could fuel more gains on Wall Street, per Schaeffer's V.P. of Research Todd Salamone.
- Outperforming cloud stock flashing historically bullish signal.
- Plus, 2 stocks falling after earnings; and GEN jumps on bull note.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.3 million call contracts and 717,829 puts traded Monday. The single-session equity put/call ratio fell to 0.53 and the 21-day moving average stayed at 0.69.
- Lowe's Companies Inc (NYSE:LOW) is down 4.1% premarket, after the company slashed its full-year sales forecast due to weak demand. Should these losses hold, LOW will slip into negative territory for the year.
- American Eagle Outfitters Inc (NYSE:AEO) is down 15.5% before the bell, despite the retailer's better-than-expected third-quarter results and upbeat profit forecast. Looking to plummet further from its recent Nov. 17 52-week high of $20.21, the equity is down 41.5% heading into today.
- Gen Digital Inc (NASDAQ:GEN) is up 4.9% in electronic trading, after Morgan Stanley upgraded the stock to "overweight" from "equal weight," with a price-target hike to $26 from $23. On track for its sixth-straight daily win, GEN is looking to break into positive territory in 2023.
- See what economic data is due out this week.
Asian Markets Mostly Lower
Asian markets were mostly lower on Tuesday, despite shares of Chinese property stocks soaring after Bloomberg reported regulators are drafting a list of 50 developers that are eligible for various financing options. Still, China’s Shanghai Composite logged a fractional loss, while Hong Kong’s Hang Seng erased 0.3%, and Japan’s Nikkei marked a 0.1% drop. Meanwhile, South Korea’s producer price index (PPI) climbed 0.8% in October, a slower-than-expected reading after two consecutive months of acceleration, pushing the Kospi 0.8% higher.
European markets are also mixed this afternoon, after the Bank of England (BoE) said inflation is on track to hit its 2% target. At last glance, London’s FTSE 100 and France’s CAC 40 are down 0.5% and 0.3%, respectively, while Germany’s DAX is up a modest 0.09%.