The Dow is up triple digits before the bell
Stock futures are pointed higher this morning, after the major benchmarks yesterday snapped their three-day win streaks. Dow Jones Industrial Average (DJI) futures are up triple digits ahead of the open, while futures on the S&P 500 (SPX) and Nasdaq-100 (NDX) sit firmly in the black as well. Investors are unpacking inflation data this morning, after the consumer price index (CPI) rose 6.8% year-over-year -- its fastest rate since 1982 and slightly above Wall Street's estimates of 6.7% -- while the core CPI, excluding food and energy, rose a hefty 4.9%.
Continue reading for more on today's market, including:
- Car rental stock could stage a bounce off this trendline.
- Behind this electric vehicle stock's brand-new bull note.
- Plus, AVGO rises after earnings; PTON drops on a downgrade; and analysts chime in on surging ORCL.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts traded on Thursday, compared to 867,829 put contracts. The single-session equity put/call ratio rose to 0.53, and the 21-day moving average stayed at 0.48.
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Broadcom Inc (NASDAQ:AVGO) is up 6.4% before the bell, after the
semiconductor name announced a strong fiscal fourth-quarter report, beating both top- and bottom-line estimates. To follow, no fewer than 13 analysts lifted their price targets, including Rosenblatt Securities to $750 from $600.
- Credit Suisse downgraded Peloton Interactive Inc (NASDAQ:PTON) to "neutral" from "outperform," with a price-target cut to $50 from $112, citing a number of headwinds for the stock. At last glance, PTON is down 3.9% in electronic trading, and looking to open at an annual low after dipping below recent support at the $40 level.
- Oracle Corporation (NYSE:ORCL) is surging 13.4% pre-market, after the tech company's upbeat fiscal second-quarter report and raised forecast. Plus, the board added another $10 billion to its share repurchase program. In response, Deutsche Bank upgraded the stock to "buy" from "hold," while no fewer than nine other analysts raised their price targets.
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Today will bring the Michigan consumer sentiment index and the federal budget balance.
Markets Lower in Asia, Europe
Asian markets fell on Friday, as investors looked ahead to today’s much-watched inflation reading out the U.S. The Nikkei in Japan shed 1%, the Hang Seng in Hong Kong dropped 1.1%, the Shanghai Composite in China took a 0.2% haircut, and the South Korean Kospi fell 0.6%.
Over in Europe, markets are also taking a breather, as concerns over the impact of the Covid-19 omicron variant continue to loom. The London FTSE 100 was last seen down 0.02%, as investors pore over several bits of economic data out of the region, including the U.K.’s muted 0.1% economic growth in October, which fell just below expectations. Plus, British industrial output dropped 0.6% for October, coming in well below the 0.1% rise expected by economists. Elsewhere in the region, the German DAX is down 0.03% as traders keep an eye on automotive stock Daimler, which earlier lost over 16% on news of its publicly traded spin-off company, Daimler Truck. The stock was last seen up 3.4%. Rounding out the region, the French CAC 40 is 0.1% lower.