Investors are eyeing the Fed's preferred inflation gauge
Stock futures are struggling for direction this morning, as investors await the latest personal consumption expenditures (PCE) price index -- the Fed's preferred inflation gauge -- due out at 10 a.m. ET. Personal income and consumer spending data are also slated for release, while weekly jobless claims came in early due to the Thanksgiving holiday. New claims dropped to 213,000 for last week, marking a seven-month low.
Continue reading for more on today's market, including:
- Schaeffer's Senior Quantitative Analyst Rocky White breaks down historical SPX performance over Thanksgiving week.
- Behind this chip stock's two-year highs.
- Plus, 2 stocks making outsized moves after earnings; and MSTR rebounds.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 2.3 million call contracts and more than 1.2 million put contracts exchanged on Tuesday. The single-session equity put/call ratio stayed at 0.48 and the 21-day moving average remained at 0.62.
- Urban Outfitters Inc (NASDAQ:URBN) stock is up 13.9% premarket, after the apparel retailer's better-than-expected third-quarter results, which included record profits. To follow, Citigroup upgraded the stock to "buy" from "neutral," while several other analysts lifted their price targets. Year to date, the equity is up 12.5%.
- Shares of Dell Techologies Inc (NYSE:DELL) are down 12.3% before the bell, after the company's weak fourth-quarter forecast. The computer hardware name also posted a third-quarter earnings beat, though revenue came in below estimates. Since the start of the year, DELL is up 85.3%.
- Crypto stock MicroStrategy Inc (NASDAQ:MSTR) is rebounding after yesterday's slide on Bitcoin's (BTC) retreat, up 8% in electronic trading. MSTR is up 460% year to date, and hit a record high last week.
- What's coming up this Thanksgiving week.
European Markets Dip Amid Consumer Sentiment Data
Asian markets were a mixed bag yet again. Hong Kong’s Hang Seng paced the region with a 2.3% pop. The Shanghai Composite added 1.5%, even though China’s industrial profits dropped by 10% year-over-year. South Korea’s Kospi shed 0.7%, weighed down by a gap lower from Samsung, while Japan’s Nikkei lost 0.8%.
Stocks in Europe are moving lower. London’s FTSE 100 is off by 0.1% at last check, while the French CAC 40 is down 0.9%. The DAX is 0.4% lower, after German consumer sentiment fell past expectations in November.