Retail sales for September rose 0.7%
Futures on the Dow Jones Industrial Average (DJIA) are 87 points lower this morning, while S&P 500 (SPX) and Nasdaq-100 Index (NDX) futures are also in the red, despite yesterday's rally. Investors continue to sift through corporate earnings and unpack retail sales data for September, which rose a whopping 0.7% -- easily besting estimates.
Continue reading for more on today's market, including:
- Pessimism has peaked, now what?
- Bear notes could not stop Netflix stock.
- Plus, 2 earnings reports to unpack; and Choice Hotels' move to buy out Wyndham.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 711,539 puts traded on Monday. The single-session equity put/call ratio stayed at 0.70 and the 21-day moving average rose to 0.68.
- Johnson & Johnson (NYSE:JNJ) is up 1.1% at $159.30 before the open, after the pharmaceutical giant surpassed third-quarter earnings and revenue expectations, while also lifting its 2023 full-year outlook. So far this year, JNJ has shed over 10%.
- Higher interest income helped Bank of America Corp (NYSE:BAC) beat top- and bottom-line estimates for the third-quarter. BAC is still down more than 18% in 2023, but sports a 0.8% premarket lead.
- Choice Hotels International Inc (NYSE:CHH) is down 6% before the bell, after offering to buy Wyndham Hotels & Resorts (WH) for $90 per share, or about $7.8 billion. Since the start of the year, CHH is up 10.9%.
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Industrial production data, capacity utilization, business inventories, and the home builder confidence index are due out today.
Asian Markets Enjoy Sweeping Wins
Asian markets closed higher Tuesday. Japan’s Nikkei paced the gainers with a 1.2% win, while the South Korean Kospi’s 1% gain followed close behind. Elsewhere, Hong Kong’s Hang Seng and China’s Shanghai Composite added 0.8% and 0.3%, respectively.
The major European bourses are mostly lower this afternoon, as investors keep an eye on mounting tension in the Middle East. At last glance, London’s FTSE 100 was 0.4% higher, while France’s CAC 40 was down 0.3%, and Germany’s DAX was off 0.5%.