Fed commentary is still weighing on stocks
Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), Nasdaq-100 Index (NDX) futures are firmly in the red this morning, with comments from Federal Reserve Chairman Jerome Powell noting lower economic growth may be needed to bring down inflation in focus. Plus, the 10-year Treasury yield conquered 5% for the first time in 16 years after yesterday's close, putting the major benchmarks on track for weekly losses.
Continue reading for more on today's market, including:
- Options bears love this struggling REIT.
- Pultegroup stock soon could resume rally.
- Plus, AXP brushes off earnings beat; SEDG sinks on slashed outlook; and crypto stock surging.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 1 million puts traded on Thursday. The single-session equity put/call ratio rose to 0.78 and the 21-day moving average stayed at 0.68.
- American Express Company (NYSE:AXP) stock is down 0.4% before the open, despite the credit card name reporting better-than-expected earnings and revenue for the third quarter. Should these losses hold, AXP could slip for a third straight session.
- SolarEdge Technologies Inc (NASDAQ:SEDG) yesterday slashed its outlook for the third quarter amid cancellations, and attracted a downgrade from Deutsche Bank to "hold" from "buy" as demand weakens. The shares are down 29.8% in premarket trading, and shed more than 10% in just the last two days.
- Marathon Digital Holdings Inc (NASDAQ:MARA) is up 4.2% ahead of the bell, as the crypto sector enjoys tailwinds from Bitcoin's (BTC) surge. MARA is up 125.4% so far in 2023.
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Check out what's coming next week.
Notable Losses Across Asian, European Markets
Markets in Asia closed with notable losses, following stateside inflation comments. and Japan’s inflation rising above the Bank of Japan’s (BOJ) 2% goal – its 18th consecutive month above the mark. In China, central banks kept rates unchanged. Japan’s Nikkei dropped 0.5%, China’s Shanghai Composite and Hong Kong’s Hang Seng both slid 0.7%, and South Korea’s Kospi fell 1.7%.
Sights remain grim over in Europe, too, with all the major indexes suffering steep drops. In Germany, the country’s producer pricing for industrial products suffered a record drop for September, sending the DAX off 1.3% at last glance. London’s FTSE 100 was last seen 0.9% lower, while France’s CAC 40 suffers a 1.2% midday drop.