Futures on all three major indexes are modestly lower
Stock futures are tentatively lower this morning in the wake of hotter-than-expected inflation data. U.S. consumer prices rose 0.6% in August and 3.7% year-over-year, its biggest increase in 14 months, with red-hot oil prices the culprit. The core consumer price index (CPI) -- the Fed's preferred inflation indicator that sets aside food and energy -- dropped to 4.3% on an annual basis from the previous month's 4.7%.
Continue reading for more on today's market, including:
- Window dressing season is almost here; Schaeffer's Senior Quantitative Analyst Rocky White has you covered.
- Don't sweat this energy stock pullback.
- Plus, airlines slash guidance; F's fresh bull note; and AAPL debuts new models.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.4 million call and more than 1.1 million put contracts exchanged on Tuesday. The single-session equity put/call ratio rose to 0.84 and the 21-day moving average rose to 0.66.
- American Airlines Group Inc (NASDAQ:AAL) is down 3.8% premarket, while Spirit Airlines Inc (NYSE:SAVE) is down 3.9%, after both companies cut their third-quarter forecasts. AAL has closed eight of the last nine weeks in the red, with pressure at its 10-day moving average, though the stock still sports a 10.9% year-to-date lead. SAVE is down 7.6% since the start of the year.
- Ford Motor Co (NYSE:F) is up 1.4% in electronic trading, after UBS initiated coverage with a "buy" rating and $15 price target. Since the start of 2023, the auto stock is up 12.5%.
- Apple Inc (NASDAQ:AAPL) is in the spotlight, after the tech giant debuted the iPhone 15 and other updates. Down 1.9% before the bell, AAPL is up 35.7% so far this year, with support at its 140-day moving average.
- See what economic data is scheduled for the rest of the week.
Flood of Economic Data Overseas
Stocks in Asia closed Wednesday’s session in the red, as investors in the region digested economic data out of Japan and South Korea. Japan’s corporate confidence fell in September, while wholesale inflation slowed for its eighth-straight month, dragging the country’s Nikkei 0.2% lower. In South Korea, the unemployment rate hit 2%, or its lowest level since June 1999, though the country’s Kospi finished the day with a marginal loss. Elsewhere, Hong Kong’s Hang Seng dipped 0.09%, while China’s Shanghai Composite fell 0.5%.
European markets are lower as well, especially after data showed the U.K. economy contracted by 0.5% in July – larger than economists expected. At last glance, Germany’s DAX, France’s CAC 40, and London’s FTSE 100 were down 0.6%, 0.5%, and 0.2%, respectively.