More Fed speeches are on tap today
With more upbeat earnings rolling in, futures on the Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) are pointed higher this morning. Also in focus are comments from Federal Reserve Chairman Jerome Powell, which dashed hopes of an interest rate cut. More Fed speeches are on the docket today, as well as post-close earnings from media giant Walt Disney (DIS).
Continue reading for more on today's market, including:
- Hertz stock hit and rebounded off record lows.
- What even levels could mean for the major indexes, per Schaeffer's Senior Quantitative Analyst Rocky White.
- Plus, CMG enjoys traffic boost; UBER brushes off upbeat earnings; and SNAP tumbles on revenue miss.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 1.1 million put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.73, while the 21-day moving average remained at 0.71.
- Chipotle Mexican Grill, Inc. (NYSE:CMG) reported a fourth-quarter earnings and revenue beat, thanks to a 7.4% growth in restaurant traffic and increasing prices. CMG is up 2.5% ahead of the open, and already boasts a 46.3% year-over-year lead.
- Uber Technologies Inc (NYSE:UBER) is brushing off a top- and bottom-line beat for the fourth quarter, down 1.3% ahead of the open. The company also shared an upbeat current-quarter forecast amid stronger demand for ride sharing and food delivery services. UBER added 107.9% over the last 12 months.
- Social media name Snap Inc (NYSE: SNAP) is sharply lower in premarket trading, last seen down 30.1%. Today's bear gap comes after the company missed revenue estimates for the fourth quarter and also issued a dismal current-quarter forecast amid the Israel-Hamas war. In the last nine months, SNAP rose 111%, however.
- Federal Reserve speeches and blue-chip earnings on tap this week.
Asian Markets Mixed Amid China's Economy Efforts
Asian markets finished the day on both sides of the aisle, as investors continued to eye China’s efforts to stimulate the economy as well as corporate earnings. Hong Kong’s Hang Seng fell 0.3%, despite the rising electric vehicle (EV) sector, after China’s commerce ministry laid out its plan for “healthy development of new energy vehicles.” China’s Shanghai Composite took the lead with a 1.4% pop today, while the South Korean Kospi added 1.3%, and Japan’s Nikkei dropped 0.1%.
European bourses are sliding on Wednesday. London’s FTSE 100 is down 0.4%, while the French CAC 40 and German DAX were last seen down 0.06% and 0.1%, respectively. Also worth noting today, German tank gearbox manufacturer Renk soared 18% in its debut.