Investors are anxiously awaiting tomorrow's inflation data
Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) futures are pointed sharply lower this morning, while S&P 500 Index (SPX) futures are also looking to open in the red. Traders are unpacking a gross domestic product (GDP) revision, which was adjusted lower for the fourth quarter, as they await tomorrow's release of the personal consumption expenditure (PCE) reading for January.
Continue reading for more on today's market, including:
- Why investors should buy Apple stock's dip.
- Senior Quantitative Analyst Rocky white dives into the implications of long-term large-cap outperformance.
- Plus, retailer draws cash-strapped consumers; NVAX sinks on quarterly miss; and Apple scraps EV plans.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 825,302 put contracts exchanged Tuesday. The single-session equity put/call ratio fell to 0.61, while the 21-day moving average remained at 0.70.
- The parent of retail giants TJ Maxx, Home Goods, and Marshall’s, TJX Companies Inc (NYSE:TJX), reported a earnings and revenue win for the fourth quarter, thanks to demand from cash-strapped consumers that drove sales 13% higher. TJX is up 0.3% ahead of the open, and sports a 30.7% year-over-year lead.
- Novavax Inc (NASDAQ:NVAX) missed top- and bottom-line estimates for the fourth quarter. The company noted it plans to cut costs, and still narrowed losses from the fourth quarter despite slowing Covid-19 vaccine demand. NVAX is down 20.6% before the bell, and shed 30.6% in the last 12 months.
- Apple Inc (NASDAQ:AAPL) reportedly scrapped plans to build electric vehicles (EV) to compete with Tesla (TSLA). AAPL is near breakeven in premarket trading, and is just below breakeven year-to-date.
- Fed remarks and the personal consumption expenditures (PCE) index are on tap this week.
Asian Markets Fall Despite China Real Estate Efforts
At its budget announcement, Hong Kong said it would scrap property curbs in an effort to buoy the real estate sector. Nevertheless, Hong Kong’s Hang Seng finished the day 1.5% lower, while China’s Shanghai Composite fell 1.9%, and Japan’s Nikkei shed 0.08%. The South Korean Kospi bucked the trend though, rising 1% on Wednesday.
European bourses are mixed in afternoon trading. London’s FTSE 100 is down 0.7% at last glance, while the French CAC 40 inches 0.05% lower, and the German DAX rises 0.2%.