Stock Futures Stay Strong Despite Hot Inflation Reading

Wall Street is unpacking September's producer price index (PPI), which rose 0.5%, compared to estimates of a 0.3% pop. This rise in wholesale inflation may inspire the Federal Reserve to continue pursuing interest rate hikes. Futures on the Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) are still above breakeven after the event, as the 10-year Treasury yield pulls back from recent highs.

Continue reading for more on today's market, including: 

• How Domino's Pizza stock is faring pre-earnings.
• What the SPX's extended dip could bring.
• Plus, Ozempic's new application; Exxon to buy Pioneer; and Plug Power's revenue projections.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 717,649 puts traded on Tuesday. The single-session equity put/call ratio dropped to 0.63 and the 21-day moving average stayed at 0.67.
2. The shares of Novo Nordisk A/S (NYSE:NVO) are up 3.6% in premarket trading, after the company's Ozempic drug successfully treated kidney failure in diabetes patients in a recent study. In the last 12 months, NVO has added more than 69%.
3. Exxon Mobil Corp (NYSE:XOM) announced earlier it will acquire Pioneer Natural Resources (PXD) for close to $60 billion, which is the equivalent of $253 per share. XOM is down 2.8% before the bell, and now carries a 6.1% quarter-to-date deficit.
4. Hydrogen fuel cell name Plug Power Inc (NASDAQ:PLUG) is up 11.7% ahead of the open, after a regulatory filing showed the company expects revenue to rise to nearly $6 billion by 2027. PLUG sports a 42.1% lead in 2023.

5. Tomorrow will bring more inflation data. 

Stocks Rise in Asia; Mixed in Europe

Asian markets closed higher across the board on Wednesday. The South Korean Kospi rose 2%, after chip giant Samsung Electronics staged a post-earnings pop, while China’s Shanghai Composite climbed 0.1%, and Hong Kong’s Hang Seng added 1.3%. Japan’s Nikkei jumped 0.6%, after the Reuter’s Tankan survey showed the country’s business morale stayed largely unchanged.

Meanwhile, European markets are mixed at last glance, with several luxury stocks moving lower after Louis Vuitton’s (LVNH) slowed revenue growth. London’s FTSE 100 is up 0.2%, while the French CAC 40 slips 0.2%, and the German DAX rises 0.3%.