Stock Futures Rise After Jobs, GDP Readings

Initial jobless claims and Q3 GDP came in lower than expected

Deputy Editor
Dec 21, 2023 at 9:24 AM
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Wall Street is higher before the bell, with futures on the Dow Jones Industrial Average (DJI) and Nasdaq-100 (NDX) sporting triple-digit leads after both benchmarks yesterday snapped their impressive win streaks. Elsewhere, S&P 500 Index (SPX) futures are higher as well, after initial claims and third-quarter gross domestic product (GDP) both came in below economists' expectations. 

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

  • Analyst weary on home improvement retail stock.
  • Delivery stock saw a post-earnings options barrage.
  • Plus, Micron's earnings; SPOT's bull note; and Boeing's delivery news.

Futures Chart December 212023

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw nearly 1.3 million call contracts and 806,282 put contracts traded Wednesday. The single-session equity put/call ratio fell to 0.59, and the 21-day moving average stayed at 0.69. 
  2. Shares of Micron Technology (NASDAQ:MU) are 6.5% higher before the open, following a better-than-expected fiscal first-quarter report. The semiconductor company's loses of 95 cents per share were narrower than estimates, while second-quarter sales guidance was higher than forecasts, with the company saying generative artificial intelligence (AI) would ignite more demand for its chips in the near-term. Year to date, MU is already up more than 57%.
  3. Pivotal Research upgraded audio streaming firm Spotify Technology SA (NYSE:SPOT) to "buy" from "hold" and hiked its price target to $265 from $170. The analysts said Spotify seems to be the winner of the audio-streaming content war. Today's premarket price action could help SPOT add to its 146.7% year-over-year gain.
  4. Boeing Co (NYSE:BA) is getting closer to delivering its 717 MAX jets to China for the first time since March 2019, after The Air Current reported the aerospace firm claimed clearance from the country's aviation regulator. Up 1.7% before the bell, BA boasts a 36.6% year-to-date lead.
  5. Investors will parse plenty of economic data before the short Christmas week. 


Oversea Markets Mirror Stateside Movements

Asian markets were mixed on Thursday, with some mirroring of stateside losses ahead of U.S. inflation data and a GDP reading. Japan’s Nikkei paced the laggards with a 1.6% drop, after automaker Toyota suspended all vehicle shipments amid a safety scandal. Elsewhere, South Korea’s Kospi shed 0.5%, Hong Kong’s Hang Seng settled slightly above breakeven with a 0.04% gain, and China’s Shanghai Composite added 0.6%.

Wall Street’s selloff is also weighing on European markets, despite yesterday’s cooler-than-expected inflation reading out of the U.K. London’s FTSE 100 is down 0.5%, whole France’s CAC 40 and the German DAX are both 0.4% lower.


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