Inflation data continues to circle investors
Stock futures are moving higher as the onslaught of economic data continues to circle investors. The producer price index (PPI) for last month saw a larger-than-expected 0.7% rise, suggesting a tempering in price increases, while core PPI rose 0.2%. Eyes are also on the European Central Bank (ECB), after it moved to hike rates 25 basis points -- just as expected.
Continue reading for more on today's market, including:
- Oil stock straddle yields won investors impressive gains.
- FDA buzz sends pharma stock surging.
- Plus, a fresh semiconductor IPO; cruise giant lands upgrade; and Buffett rids of HP stock.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.2 million call and more than 1.4 million put contracts exchanged on Wednesday. The single-session equity put/call ratio rose to 1.14 and the 21-day moving average stayed at 0.66.
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Taiwan Semiconductor Mfg. Co. Ltd (NYSE:TSM) stock is 0.9% higher before the bell, riding sector tailwinds from the Arm Holdings (ARM) initial public offering (IPO) this morning. ARM was priced at the upper range of $51, and the entire semiconductor sector is higher in response. TSM sports a 22% year-to-date lead.
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Carnival Corp (NYSE:CCL) stock is up 1.9% ahead of the open, after Redburn upgraded the cruise stock to “buy” from “neutral,” with a price target of $23. The analyst in coverage noted the cruise sector has ‘exited intensive care.’ Heading into today, CCL is up 86% in 2023, one of the top gainers on the NYSE year-to-date.
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The shares of HP Inc (NYSE:HPQ) are 3.3% lower in electronic trading, after an SEC filing revealed Warren Buffett’s Berkshire Hathaway (BRK.A) sold 5.5 million shares of the computer tech giant. HPQ will face off with its year-to-date breakeven level if today’s losses accumulate.
- See what economic data is scheduled for the rest of the week.
Markets in Asia Enjoy Rate-Hike Tailwinds
Markets in Asia took were higher Thursday, after the U.S. inflation rate rose more than expected in August. South Korea’s Kospi snapped a three-day losing streak after rising 1.5%, while Japan’s Nikkei added 1.4%, breaking above the 33,000 level for the second time in more than two months. Elsewhere, Hong Kong’s Hang Seng and China’s Shanghai Composite jumped 0.2% and 0.1%, respectively.
Stocks in Europe are mixed this afternoon, after the ECB hiked its main interest rate for a 10th-straight time. In response, the FTSE 100 in London is 0.8% higher, France’s CAC 40 is flat, and Germany’s DAX is 0.1% lower.