The CPI rose more than expected last month
Dow Jones Industrial Average (DJI) futures are trading modestly above fair value ahead of a busy day on Wall Street. Inflation data has already been released, with the consumer price index (CPI) rising 0.4% in March -- the biggest jump since January 2018.
Congressional testimony from several big bank bosses, including JPMorgan Chase (JPM) CEO Jamie Dimon and Goldman Sachs (GS) CEO David Solomon, will also be in focus as the financial firms get set to report earnings over the next week. Later this afternoon, Wall Street will be watching for the release of the minutes from the March Fed meeting, at which the central bank suspended its rate-hike program for the remainder of the year.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
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The Chicago Board Options Exchange (CBOE) saw 912,676 call contracts traded on Tuesday, compared to 525,321 put contracts. The single-session equity put/call ratio dropped to 0.51, and the 21-day moving average stayed at 0.61.
- Delta Air Lines, Inc. (NYSE:DAL) stock is up 2.7% in electronic trading -- less than the options market was anticipating -- after the airline reported a better-than-expected first-quarter profit of 96 cents per share, and gave an upbeat outlook for current-quarter profit. After closing last night at $56.95, DAL stock is set to test the $58 level today, which marked last week's highs.
- BMO upgraded Walt Disney Co (NYSE:DIS) to "outperform" from "market perform," marking the second bull note the Dow stock has received this week ahead of tomorrow's investor day. DIS shares are up 0.8% in pre-market trading, after notching their highest close of the year at $116.86 last night.
- Helius Medical Technologies Inc (NASDAQ:HSDT) shares are bracing for a 58% drop out of the gate, set to open at a record low of $2.59 per share. This pre-market price move comes after the neurotech company said the U.S. Food and Drug Administration (FDA) has denied a request for clearance of its Portable Neuromodulation Stimulator (PoNS), citing a lack of sufficient data.
- Weekly crude inventories and the Treasury budget are due. Fed Chair Jerome Powell is set to address the House of Representatives Democratic Caucus three-day annual retreat. Bed Bath & Beyond (BBBY) will report earnings.
European Stocks Higher Ahead of Draghi
It was a mixed day for Asian markets, after the International Monetary Fund (IMF) cut its global economic guidance Tuesday, citing trade uncertainty and a slowing world market. China’s Shanghai Composite eked out a 0.07% win, Japan’s Nikkei ended 0.5% lower, and Hong Kong’s Hang Seng was down 0.1%. South Korea’s Kospi saw the biggest gains, up 0.5%, boosted by chip stock SK Hynix.
European markets were higher at midday after the European Central Bank (ECB) announced that it’s leaving interest rates steady. The announcement comes ahead of an anticipated talk from ECB President Mario Draghi, slated for this afternoon. As a result, the French CAC 40 is up 0.3% and the German DAX is up 0.5%. London’s FTSE 100 is just fractionally higher, as traders anxiously eye this evening’s Brexit summit, in which U.K. Prime Minister Theresa May will formally request an extension from the European Union (EU).