Stock Futures Mixed Amid Earnings, Jobs Reports

Jobless claims data came in lower than expected

Deputy Editor
Dec 7, 2023 at 9:20 AM
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Wall Street is mixed before Thursday's open, as investors unpack earnings from the likes of Dollar General (DG) and Chewy (CHWY). Futures on the Dow Jones Industrial Average (DJIA) are lower, putting the blue-chip index on track for its fourth-straight loss. Elsewhere, S&P 500 Index (SPX) futures are slightly above fair market value, while futures on the Nasdaq-100 Index (NDX) are well into the black. 

Investors are also unpacking weekly jobless claims, with new claims inching higher to 220,000 -- lower than economists forecasted. While layoffs remain at historically low levels, the report indicated that businesses are still hiring fewer people.

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

Futures Chart December 72023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw nearly 1.4 million call contracts and 821,799 put contracts traded Wednesday. The single-session equity put/call ratio rose to 0.59 and the 21-day moving average stayed at 0.69.
  2. Electric vehicle (EV) concern Rivian Automotive Inc (NASDAQ:RIVN) are up 2.6% following a bull note from Stifel. The Wall Street analyst initiated coverage on RIVN with a "buy" rating, citing confidence in dwindling headwinds and Amazon.com's (AMZN) agreement to buy 10,000 EVs from the company. Should this premarket pop hold, Rivian stock will reconquer its year-to-date breakeven mark.
  3. Dollar General Corp (NYSE:DG) is 3.6% higher before the session's start, after the discount retailer beat analysts' third-quarter earnings and revenue estimates. What's more, the company restated its full-year earnings outlook. Over the course of the quarter, DG has added 26.6%.
  4. Advanced Micro Devices, Inc. (NASDAQ:AMD) is 2.9% higher in electronic trading, looking to add to a 80.4% year-to-date lead following a new product unveiling. Investors are excited about the chipmaker's new Instinct MI300X, a chip that is designed to capitalize on rising demand amid a boom in artificial intelligence (AI).
  5. The first week of December features a deluge of economic data and earnings.

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China's Exports Rise More Than Anticipated 

Asian markets fell on Thursday, after China’s exports rose a higher-than-expected 0.5% in November, while imports saw a surprise 0.6% drop. The trade surplus for the country also grew to $68.39 billion – much higher than economists anticipated. With oil prices rising to boot, Japan’s Nikkei shed 1.8%, while Hong Kong’s Hang Seng lost 0.7%. Meanwhile, South Korea’s Kospi was 0.1% lower, and China’s Shanghai Composite settled with a marginal 0.09% loss.

European markets are also lower, as investors await third-quarter gross domestic product data (GDP) for the region, as well as third-quarter employment numbers. France’s CAC 40 and the German DAX are both down 0.2% at last glance, while London’s FTSE 100 is slightly below breakeven with a 0.05% deficit.

 

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