Stock Futures Take a Breather After Blowout Session

Business inventories dropped 0.1% in March

Digital Content Manager
May 16, 2024 at 9:11 AM
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Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) futures are mostly muted this morning, as Wall Street unpacks a mixed batch of earnings reports. All three major indexes are fresh off record closes, though, thanks to lighter-than-expected inflation data. Investors are also unpacking the latest weekly jobs data and business inventories for March, the former cooling from an eight-month high, while the latter fell 0.1%. Meanwhile, import prices for April rose 0.9%.

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

  • Bullish trendline could boost Cigna stock.
  • Energy giant dimmed after short squeeze.
  • Plus, CSCO and WMT surging after impressive reports; dismal guidance dings UAA.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts and 1 million put contracts traded on Wednesday. The single-session equity put/call rose to 0.57, and the 21-day moving average stayed at 0.70.
  2. Cisco Systems Inc (NASDAQ:CSCO) surpassed fiscal third-quarter earnings and revenue expectations, and lifted its 2024 revenue outlook. The security is up 2.2% before the open, and could erase its 1.7% year-to-date deficit if today's gains hold.
  3. Blue-chip retailer Walmart Inc (NYSE:WMT) announced a top- and bottom-line win for the first quarter thanks to e-commerce gains and strong demand from wealthier consumers. WMT is up 6.6% in premarket trading, and already sports a 13.9% year-to-date lead.
  4. Under Armour Inc (NYSE:UAA) stock is 7.4% lower ahead of the bell, after the athletic apparel retailer issued a disappointing earnings outlook for 2024. Shares have already shed over 20% this year.
  5. A busy week of earnings and inflation data on tap. 

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Overseas Inflation Data Boosts Asian Stocks

Asian markets received a solid boost from stateside inflation data, finishing higher across the board. Hong Kong’s Hang Seng led the indexes with a 1.6% win, while Japan’s Nikkei rose 1.4%, the South Korean Kospi added 0.8%, and China’s Shanghai Composite tacked on 0.08%. Meanwhile, Japan’s gross domestic product (GDP) data contracted at a wider-than-expected rate of 2% annually, which has investors wondering if the Bank of Japan (BoJ) will put off raising interest rates.

European markets are mixed amid a flood of corporate earnings. London’s FTSE 100 is up 0.05%, while the French CAC 40 and German DAX drop 0.4% and 0.3%, respectively. Notably, British telecommunications company BT Group (BT) is soaring after announcing a cost-cutting program.

 

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