Futures on all three major indexes are inching lower
It's a fairly quiet morning on Wall Street following yesterday's rally, but with quadruple witching looming, it could be a choppy day for investors. Stock futures are inching lower at last glance, though all three major benchmarks are eyeing weekly wins. The New York Fed’s Empire State business conditions index rebounded 21 points to 1.9 in September, reversing August's steep loss and wiping out analyst expectations of negative 10. Elsewhere, U.S. import prices rose 0.5% for the biggest gain so far this year.
Continue reading for more on today's market, including:
- Smooth sailing for these 2 cruise stocks.
- Semiconductor stocks get halo lift from Arm's IPO.
- Plus, NKLA extends gains; auto workers strike; and another airline lowers forecast.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.3 million call and more than 1.1 million put contracts exchanged on Thursday. The single-session equity put/call ratio fell to 0.85 and the 21-day moving average stayed at 0.66.
- Nikola Corp (NASDAQ:NKLA) is up 13.9% premarket, after news that the company is partnering with ITD Industries to expand in Canada. The stock is extending yesterday's 32.3% pop, after newly appointed CEO Steve Girsky addressed key investor concerns. Year-to-date, the equity is down 46.8%.
- General Motors Company (NYSE:GM) is down 0.3% before the bell, while Ford Motor Co (NYSE:F) drops 1%, as workers continue to strike at key auto plants. Since the start of the year, GM is flat, while F sports a 14% lead.
- Delta Air Lines Inc (NYSE:DAL) has been in the spotlight this week. The airline yesterday cut its earnings forecast amid higher fuel costs, and earlier this week made it harder for customers to get into exclusive airport lounges. Delta stock is down 0.1% premarket and up 19.7% since the start of the year.
- See what economic data is scheduled next week.
China Posts Upbeat Economic Data
Stocks in Asia closed out the week mostly higher, bolstered by upbeat economic data out of China. Specifically, the country’s retail sales and factory output beat expectations in August, but fixed asset investment missed the mark. Surprisingly, China’s Shanghai Composite was the only laggard, losing 0.3%, while Hong Kong’s Hang Seng tacked on 0.8%. Rounding out the region, South Korea’s Kospi and Japan’s Nikkei both rose 1.1%, the latter nearing 33-year highs.
European markets are higher midday, as investors continue bask in rumors that the European Central Bank (ECB) may have just issued its last interest rate hike. In a statement, the ECB said, “Based on its current assessment, the Governing Council considers that the key ECB interest rates have reached level that… will make a substantial contribution to the timely return of inflation to the target.” At last glance, London’s FTSE 100 was 0.8% higher, while France’s CAC 40 and Germany’s DAX were up 1.7% and 1%, respectively.