Nasdaq-100 futures are down triple digits after Adobe's report
Hotter-than-expected inflation data is pressuring stock futures this morning, with the producer price index (PPI) reading for November showing a 0.4% month-over-month increase in wholesale prices -- double analysts' expectations of a 0.2% increase.
While markets still think an interest rate cut next week is likely, S&P 500 Index (SPX) and Dow Jones Industrial Average Futures (DJIA) are firmly lower. Futures on the Nasdaq-100 Index (NDX) sport a triple-digit loss as tech stocks struggle after Adobe's (ADBE) disappointing forecast.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2 million call contracts and 1 million put contracts exchanged Wednesday. The single-session equity put/call ratio rose to 0.53 and the 21-day moving average remained at 0.62.
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Adobe Inc (NASDAQ:ADBE) stock is down 11.1% in premarket trading, after the
software company reported a fiscal fourth-quarter earnings and revenue beat, but issued a disappointing revenue forecast for 2025. ADBE carries a 7.7% deficit for the year.
- Boeing Co (NYSE:BA) stock is up 1.2% ahead of the open, following news that the company will lay off almost 400 employees as it continues to cut costs. BA is down 36.6% in 2024.
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Charter Communications Inc (NASDAQ:CHTR) stock scored an upgrade from Keybanc to "overweight" from "sector weight," with the analyst in question noting it could see 30% upside. CHTR added more than 26% in the last nine months, and is up 1.1% before the bell.
- Retail sales data will precede Federal Reserve's interest rate decision next week.
European Markets Flat After ECB Rate Cut
Asian markets closed mostly higher today, taking note from U.S. inflation data and job updates out of Australia. South Korea remains focused on President Yoon Suk Yeol, though the leader stated in a TV address he has no plans to resign, despite mounting pressure. For Thursday’s session, Japan’s Nikkei and Hong Kong’s Hang Seng both climbed 1.2%, China’s Shanghai Composite added 0.9%, and South Korea’s Kospi surged 1.6%.
Stocks in Europe are flat, after the European Central Bank (ECB) slashed interest rates by a quarter point, matching expectations in its fourth cut of 2024. Retail stocks are also weighing on the region, while Germany’s Ifo said the economy could grow between 0.4% and 1.1% in 2025, citing major uncertainty. At last glance, London’s FTSE 100 is up 0.07%, France’s CAC 40 is off 0.04%, and Germany’s DAX is at 0.03%.