Jobless claims came in at a lower-than-anticipated 210,000, while GDP topped estimates
Stock futures are moving modestly this morning, as the trading final day of the month and quarter begins, thanks to the holiday-shortened week. U.S. jobless claims came in at lower-than-expected 210,000 this morning, indicating continued strength in the labor market, while the final gross domestic product (GDP) reading for the fourth quarter was upwardly revised to 3.4%, with help from consumer spending. Though the market will be closed tomorrow, investors will still be keen to unpack the personal consumption expenditures (PCE) data.
Continue reading for more on today's market, including:
- 2 stocks to watch under $20: GameStop and Ford.
- Abercrombie stock still reaping the benefits of its rebrand.
- Plus, luxury retailer pops; WBA dips after earnings; and a chemical stock in focus.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 903,042 put contracts exchanged Wednesday. The single-session equity put/call ratio rose to 0.67, while the 21-day moving average remained at 0.71.
- Estee Lauder Companies Inc (NYSE:EL) stock is up 3.8% premarket, after the luxury retail stock received an upgrade from BofA Global Research to "buy" from "neutral." Should these gains hold, EL will break into positive territory for the year.
- Walgreens Boots Alliance Inc (NASDAQ:WBA) stock is down 2.1% before the bell, despite the drug-store chain reporting strong fiscal second-quarter results, with investors instead focusing on the narrowed 2024 guidance. Heading into today, WBA is down 19.5% since the start of the year.
- The shares of Chemours Co (NYSE:CC) are off 8.9% in electronic trading, after the company revealed financial revisions following an internal review with the Securities and Exchange Commission (SEC) and the U.S. Attorney’s Office, though fourth-quarter earnings topped estimates. Year to date, the equity is down 8.4%.
- There is still plenty of economic data tomorrow despite the closed market.
U.K. Confirms Technical Recession
Asian markets closed mixed today, with the Japanese yen hovering around 34-year lows as rumors of a government intervention to aid the currency circle. China’s central bank is considering restarting treasury bond buying for the first time in 20 years, while the tech index for the Hang Seng surged on the heels of Bilibili’s (BILI) upbeat full-year revenue outlook. In response, China’s Shanghai Composite climbed 0.6%, Hong Kong’s Hang Seng jumped 0.9%, while South Korea’s Kospi shed 0.3% and Japan’s Nikkei led the laggards with a 1.5% drop.
Indexes in Europe are moving higher at last check, after U.K. gross domestic product (GDP) indicated a 0.3% contraction for the fourth quarter of 2023, confirming a recession. Retail sales in Germany revealed a cautionary upward trend of 0.4% year-over-year in February, while Renault Group in France finalized the sale of 358 million euros of its Nissan shares. At last check, London’s FTSE 100 is up 0.3%, Germany’s DAX has climbed 0.1%, and France’s CAC 40 has added 0.2%.