Jobless claims remain at a pandemic-era low, though
Stock futures are sliding today, as inflation pressures rear their ugly head. Dow Jones Industrial Average (DJI) futures are indicating a sharp move lower, while futures on the S&P 500 (SPX) and Nasdaq-100 (NDX) are swimming in red ink as well. October's consumer price index rose 6.2% year-over-year, surpassing the 5.9% estimates from Wall Street, and clocking its fastest pace in over 30 years.
In response, the 10-year Treasury yield rose to 1.48% earlier. Jobless claims are also out a day early because of the Veteran's Day holiday tomorrow, with last week's unemployment filings reaching a new Covid-era low of 267,000, which matched expectations.
Continue reading for more on today's market, including:
- Schaeffer's Senior Quantitative Analyst Rocky White dives into the SPX's streak of record closes.
- This energy stock has headwinds emerging.
- Plus, Coinbase's revenue miss; DoorDash's latest acquisition; and why Poshmark is sinking.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2.1 million call contracts traded on Tuesday, compared to 971,926 put contracts. The single-session equity put/call ratio fell to 0.44, and the 21-day moving average stayed at 0.47.
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Cryptocurrency stock
Coinbase Global Inc is down 9.9% ahead of the open. The plunge comes after the trading platform posted third-quarter revenue of $1.31 billion -- much worse than the $1.57 billion analysts anticipated. Plus, monthly transacting users fell from last quarter. Quarter-to-date,
Coinbase stock is up 57.1%.
- The shares of DoorDash Inc (NYSE:DASH) are up 16.6% in electronic trading, after the company said it bought international food delivery name Wolt for $8.1 billion. The news comes on the heels of its third-quarter revenue beat, which is helping the stock brush off worse-than-expected quarterly losses. Year-to-date, DASH is up 34.5%.
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Poshmark Inc (NASDAQ: POSH) is sinking before the bell, last seen down 32.7%, after the online consignment store reported a third-quarter earnings and revenue miss. In addition, the company's revenue forecast came in below Wall Street's estimates for the holiday quarter. In the last six months, POSH has shed 66%.
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Asian Markets Drop on Chinese Inflation Data
Asian markets closed Wednesday’s session lower, following the release of Chinese inflation data for October. The inflation figures were in-line with estimates, while the consumer price index rose 1.5% year-over-year, verses an expected 1.4% pop. Producer prices, meanwhile, surged 13.5% from last year, which was well above forecasts. Hong-Kong listed real estate firm Fantasia Holdings plunged nearly 36.6% after the company failed to repay a $206 million bond, while other real estate shares in the country moved higher. In response, the Hong Kong’s Hang Seng added 0.7%, and the Shanghai Composite in China shed 0.4%. Rounding out the region, South Korea’s Kospi and Japan’s Nikkei fell 1.1% and 0.6%, respectively.
Stocks in Europe are mixed this afternoon, as investors in the region busied themselves with a deluge of corporate earnings ahead of the release of the consumer price index in the U.S. At last check, the London FTSE 100 is 0.5% higher, while France’s CAC 40 is off 0.3%, and Germany’s DAX is 0.09% lower.