Stock futures are enjoying a post-earnings and post-retail sales pop
Futures on the Nasdaq-100 Index (NDX), Dow Jones Industrial Average (DJIA), and S&P 500 Index (SPX) are higher, after retail sales data showed a better-than-expected 1% rise for July, compared to the 0.3% projection. This reading, alongside yesterday's upbeat consumer price index (CPI) reading, are softening fears of a recession. Blue-chip earnings are in focus once again, with the likes of Walmart (WMT) pushing Dow futures 300 points higher before the opening bell.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 954,432 put contracts exchanged on Wednesday. The single-session equity put/call stayed at 0.67, while the 21-day moving average remained at 0.66.
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Shares of
Nike Inc (NYSE:NKE) are up 4% before the bell, after it was revealed that Pershing Square Capital Management purchased the equity in Q2. The Bill Ackman firm now holds over 3 million shares of Nike. The athletic name has
struggled on the charts, shedding 27% in 2024 so far.
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Snowflake Inc (NYSE:SNOW) is off 3.7% in early market trading, struggling after a downgrade to "equal weight" from "overweight" at Wells Fargo. The 50-day moving average has been
added pressure for the shares, which are now down 36% year-to-date.
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Enjoying the benefits of a post-earnings pop,
Walmart Inc (NYSE:WMT) is up an impressive 7.5% pre-market, ready to open near $73.80. The company surpassed both top- and bottom-line expectations and delivered a life to its full-year guidance. Walmart stock has been
climbing higher since its December lows, and recently touched a fresh record high of $71.33 on July 19.
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Japanese Stocks Rise on GDP Data
Asian markets settled mostly higher on Thursday, on the heels of Japan’s better-than-expected domestic product (GDP) growth for the second quarter and China’s retail sales beat for June. Traders also unpacked stateside inflation data that met analysts’ estimates. China’s Shanghai Composite and South Korea’s Kospi each added 0.9%, while Japan’s Nikkei settled 0.8% higher. Elsewhere, Hong Kong’s Hang Seng finished 0.02% lower.
European markets are higher as well, as investors continue to weigh inflation readings out of the U.K. and U.S. The German DAX was last seen 0.4% higher, France’s CAC 40 is up 0.1%, and London’s FTSE 100 is sporting a 0.08% gain.