Dow futures are comfortably higher before the open
Futures on the Dow Jones Industrial Average (DJI) are up 71 points this morning, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures slip into the red on the heels of producer price index (PPI) data. Wholesale prices rose 0.2% in October and 2.4% year-over-year, while core wholesale prices -- subtracting food and energy -- rose 0.3% for the month and 3.1% in the last 12 months. These numbers were roughly in line with estimates and could drive another interest rate cut in December. Meanwhile, weekly jobless claims dropped to 217,000, the lowest level since May.
Continue reading for more on today's market, including:
- Gold mining ETF sees huge bump in options activity.
- Behind Cava stock's newest record high.
- Plus, 2 stocks moving after earnings; and CPB upgraded.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 2.4 million call contracts and 1.3 million put contracts exchanged on Wednesday. The single-session equity put/call ratio rose to 0.54 and the 21-day moving average remained at 0.62.
- Advance Auto Parts Inc (NYSE:AAP) is up 3.2% before the bell, brushing off a surprise third-quarter earnings miss, slashed full-year outlook, and plans to close 500 stores. Coming into today, AAP is down 32.9% year to date.
- Walt Disney Co (NYSE:DIS) is up 9.3% premarket, after the blue-chip giant beat fiscal fourth-quarter earnings and revenue estimates, with help from its streaming segment. Since the start of 2024, the equity is up 13.8%.
- Shares of Campbell Soup Company (NASDAQ:CPB) are up 1.2% in electronic trading, after an upgrade from Piper Sandler to "overweight" from "neutral." Year to date, CPB is up 2.4%.
- Manufacturing and services data on tap next week.
Europe's GDP Increases
Asian markets finished in the red today, reacting to stateside inflation data that reinforced expectations for a Federal Reserve interest rate cut next month. Hong Kong’s Hang Seng shed 2%, as authorities issue a typhoon warning. China’s Shanghai Composite lost 1.7% as property stocks weighed, while Japan’s Nikkei pared earlier gains to finish 0.5% lower, after the yen fell against the U.S. dollar. South Korea’s Kospi finished flat.
European stocks are moving higher, after euro zone gross domestic product (GDP) for the third quarter increased by 0.4% and struggling retailer Burberry surged 15%, following the announcement of its overhaul plan. At last check, London’s FTSE 100 is 0.4% higher, while the French CAC 40 and German DAX are 1.1% and 1.3% higher, respectively.