Dow and Nasdaq futures are down triple digits
Stock futures are lower this morning -- the Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) futures by triple digits -- as the post-election rally wanes. The market is looking to extend yesterday's sharp downturn, after Federal Reserve Chairman Jerome Powell stated the central bank wasn't "in a hurry" to lower interest rates.
Meanwhile, highly anticipated retail sales data showed an increase of 0.4% in October, compared to economists' estimates of a 0.3% rise. At this point, all three major indexes are headed for weekly losses.
Continue reading for more on today's market, including:
- Luxury retailer flashing bull signal on the charts.
- Chip stock rebounds a month after rattling the sector.
- Plus, Buffett dumps ULTA; BABA rises on earnings beat; and AMAT's forecast weighs.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 2.2 million call contracts and more than 1.4 million put contracts exchanged on Thursday. The single-session equity put/call ratio rose to 0.63 and the 21-day moving average remained at 0.62.
- Ulta Beauty Inc (NASDAQ:ULTA) stock is down 5.4% premarket, after reports that Warren Buffett's Berkshire Hathaway (BRK) sold roughly 97% of its stake in the cosmetics retailer. Since the start of the year, ULTA is down 21.9%.
- Alibaba Group Holding Ltd (NYSE:BABA) stock is 0.9% higher in electronic trading, after the China-based e-commerce giant's fiscal second-quarter profit beat, though it also reported a revenue miss. Year to date, the equity is up 17.9%.
- Shares of Applied Materials Inc (NASDAQ:AMAT) are off 9.1% before the bell, brushing off upbeat fiscal fourth-quarter results due to the semiconductor name's disappointing current-quarter revenue forecast. AMAT is up 14.8% in 2024, though recent pressure has emerged at the 40-day moving average.
- Manufacturing and services data on tap next week.
Investors Unpack Economic Data out of China
Asian markets were a mixed bag, as investors pored over the latest economic data out of China. Retail sales rose by a higher-than-expected amount, but industrial production and urban unemployment fell short of estimates. In response, the Shanghai Composite shed 1.5%. The Nikkei added 0.3%, after Japan’s third-quarter gross domestic product (GDP) expanded year-over-year. South Korea’s Kospi lost 0.08% despite a big move from Samsung Electronics, while Hong Kong’s Hang Seng finished marginally lower.
In Europe, bourses are moving lower. The FTSE 100 is slightly below fair value, after U.K. GDP for the third quarter fell short of estimates. Rounding out the region, the French CAC 40 and German DAX are both off by 0.3% at last check.