There's optimism after September's PPI reading came in flat, below economists' estimates
Stock futures are struggling for direction in Friday's premarket trading, as investors begin to unpack the beginnings of the final earnings earnings season of 2024. The latest inflation data is easing some concerns on Wall Street, after September's producer price index (PPI) came in flat and below economists' expectations of a 0.1% gain. For now, all three major benchmarks are pacing for their fifth-straight weekly gains.
Continue reading for more on today's market, including:
- 3 fintech stocks to eye as 2024 wraps up.
- Walgreens stock desperate for a post-earnings pop.
- Plus, Tesla's taxi falls flat; blue-chip bank earnings; and Mobileye eyes record lows.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts and 792,227 put contracts exchanged on Thursday. The single-session equity put/call ratio fell to 0.49 and the 21-day moving average stayed at 0.64.
- Tesla Inc (NASDAQ:TSLA) stock is 6% lower premarket, after the electric vehicle maker's big robotaxi reveal left a lot to be desired. An analyst at Barclays called the event 'light on details.' Year over year, TSLA is nearly 10% lower going into today.
- JPMorgan Chase & Co (NYSE:JPM) stock is marginally lower before the opening bell, even after the banking giant reported third-quarter earnings and revenue that beat Wall Street's estimates. Coming into today, JPM was up roughly 25%.
- Mobileye Global Inc (NASDAQ:MBLY) stock is down 3% before the open, after Mizuho downgraded the autonomous-driving tech company to "neutral" from "outperform." The analyst in coverage also slashed its price target to $13 from $30, citing growing competition and slowing sales. Mobileye stock is down 71.6% in 2024 and is set to open at record lows.
- Take a look at what to expect next week.
Korea's Central Bank Trims Benchmark Interest Rate
Asian bourses were mostly lower to end the week, taking their cues from U.S. equities. China’s Shanghai Composite shed 2.6%, with all eyes on the Ministry of Finance’s press conference tomorrow, where new stimulus efforts will be revealed. South Korea’s Kospi finished 0.09% lower, even after the Bank of Korea (BoK) trimmed its benchmark interest rate by 25 basis points to 3.25%, its lowest level since the pandemic. Japan’s Nikkei added 0.6%, as bank and healthcare stocks popped, while Hong Kong’s Hang Seng was closed for holiday.
European stocks are flat across the board. London’s FTSE 100 is off by 0.07% at last check, with drug giant GSK in focus after securing a $2.2 billion resolution to the Zantac lawsuit over heartburn treatments. The French CAC 40 is up 0.05% at last check, while the German DAX is 0.2% higher, even as the latter forecasts the first recession in over 20 years.