Investors are eager to hear what Fed Chair Powell has to say about oil prices
Dow Jones Industrial Average (DJI), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) futures are sharply lower this morning, paring earlier gains as investors await the Federal Reserve's interest rate decision and subsequent rhetoric on dot-plot policy. Fed Chair Jerome Powell will almost certainly mention oil prices, even as front-month West Texas Intermediate crude cools off, last seen at $94 per barrel. Elsewhere, the producer price index (PPI) for February rose 0.7%, much higher than the expected 0.3% rise.
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5 Things You Need to Know Today
- The Cboe Options Exchange saw roughly 1.7 million call contracts and 1.4 million put contracts traded on Tuesday. The single-session equity put/call ratio spiked to 0.86, while the 21-day moving average remained at 0.59.
- Macy's Inc (NYSE:M) stock is 6.4% higher ahead of the open, after the retailer reported a top- and bottom-line beat for the fourth quarter. The equity is down 23.3% heading into today, but is poised to double up its April 8 lows of $9.76.
- Lululemon Athletica Inc (NASDAQ:LULU) stock is down 2.3% before the bell, with weaker-than-expected 2026 guidance overshadowing an earnings and revenue beat for the fourth quarter. No fewer than eight brokerages trimmed their price targets in response, the worst coming from Wells Fargo to $150 from $175. The athleisure concern is down 51% year over year, and fresh off a March 13, six-year low of $156.64.
- The shares of DocuSign Inc (NASDAQ:DOCU) are down 0.9% in electronic trading, brushing off the software company's quarterly win and strong fiscal first-quarter and annual forecasts. Three analysts slashed their price targets, though, including Wells Fargo to $60 from $75. DOCU is down more than 30% in 2026.
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Korean Kospi Breaks Out, Taking Big Tech With It
Asian markets settled higher across the board on Wednesday, as investors unpacked Japan exports data, which rose a better-than-expected 4.2% in February. Japan’s Nikkei added 2.9%, while South Korea’s Kospi tacked on 5%, after South Korean President Lee Jae Myung called for a sweeping capital markets reform. Tech giants SK Hynix and Samsung Electronics were among the big gainers. Elsewhere, Hong Kong’s Hang Seng added 0.6%, and China’s Shanghai Composite rose 0.3%.
European stocks are also higher even as President Donald Trump criticized NATO allies for refusing to assist escorting ships through the Strait of Hormuz, though France agreed to help the U.S. secure the passageway when safe. At last glance, France’s CAC 40 is 0.9% higher, Germany’s DAX is up 0.6%, and London’s FTSE 100 has added 0.3%.