The major benchmarks could snap a six-week win streak
Wall Street is looking to close a volatile week on a high note, with stock futures higher on Friday morning. The three major benchmarks are still pacing for weekly losses, however, as they look to snap six-week win streaks. Meanwhile, Treasury yields continue to cool off, while orders at U.S. factories dropped nearly 1% last month. Later today, investors will unpack a consumer sentiment report.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 864,516 put contracts exchanged on Thursday. The single-session equity put/call ratio fell to 0.55 and the 21-day moving average stayed at 0.63.
- Spirit Airlines Inc (NYSE:SAVE) is 24.4% higher before the bell, and looking to take a chunk out of its 85.2% year-to-date deficit. The discount airliner considered filing for bankruptcy, but recently announced staff cuts, flight reductions, and the sale of 23 planes for roughly $519 million.
- Glucose monitoring systems maker DexCom Inc (NASDAQ:DXCM) reported adjusted earnings and revenue that beat Wall Street's expectations for the third quarter, and reaffirmed its fiscal-year revenue outlook. Despite the upbeat results, DXCM is 4.8% lower in electronic trading, and set to extend a 39.2% year-to-date deficit.
- Shares of Coursera Inc (NYSE:COUR) are down 18.2% in premarket trading, after the online learning name said it will cut its workforce by 10%. The company also said it anticipates revenue for the year to come in below its previous guidance. Coming into today, COUR was down 60.5% since the start of 2024.
- Employment data and earnings are just around the corner.
Japan's Headline Inflation Rate Falls
Asian markets finished mostly higher, with the exception of the Nikkei in Japan, which fell 0.6% ahead of the country’s general election. Tokyo’s headline inflation rate fell to 1.8% in October from September’s 2.2%, while core inflation came in at 1.8% as well. Meanwhile, according to Reuters, Japan’s Prime Minister Katsunobu Kato met with U.S. Treasury Secretary Janet Yellen and discussed exchange rates. Elsewhere, the South Korean Kospi rose 0.09%, Hong Kong’s Hang Seng added 0.5%, and China’s Shanghai Composite tacked on 0.5% after The People’s Bank of China kept the interest rate on medium-term loans to banks unchanged at 2%.
Over in Europe, bourses are struggling for direction as earnings continue to roll in. London’s FTSE 100 and the French CAC 40 were both down 0.2% at last glance, while the German DAX carries a 0.04% lead.