Stock futures inched higher Thursday as investors awaited new inflation data and eyed U.S. election results.
Futures connected to the Dow Jones Industrial Average rose 28 points, or 0.1%. S&P 500 futures added 0.1%, while Nasdaq 100 futures gained 0.2%.
It follows a day of losses with the Dow dropping 646.89 points, or 1.95%. The Nasdaq Composite and S&P 500 shed nearly 2.5% and about 2.1%, respectively.
The declines came amid uncertainty stemming from U.S. midterm elections. The market had hoped Republicans would take sweeping control of the House of Representatives and the Senate on Tuesday – a situation that would create gridlock in Washington, D.C. Instead, key Senate races in Arizona, Georgia and Nevada remain tightly contested. Indeed, the Senate race between Raphael Warnock, the Democratic incumbent, and Herschel Walker will head to a December runoff.
Stocks’ suffering worsened late Wednesday after crypto exchange Binance said it’s backing out of plans to acquire its rival FTX. This dragged down the tech sector and pulled bitcoin’s price to lows last seen in 2020.
Lack of clarity around the election, as well as uncertainty around incoming October consumer price index data and corporate earnings reports were the drivers around the selloff, said Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance.
“Those three things are leading to uncertainty,” he said. “And, as everyone knows, markets really don’t like uncertainty.”
October’s CPI report, due Thursday at 8:30 a.m. ET, is the next focal point for investors. Economists polled by Dow Jones expect that headline CPI rose in October by 0.6% from September, or 7.9% over a year ago. It’s a key report for the Federal Reserve, which will meet again in mid-December.
Weekly jobless claims are also due out on Thursday morning.
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Tapestry (TPR) – The company behind the Coach and Kate Spade brands beat top and bottom line estimates for its latest quarter, but cut its full-year forecast for the impact of the strong U.S. dollar and China’s Covid-19 restrictions. Tapestry slid 2% in premarket trading.
STOCK SYMBOL: TPR
Nio (NIO) – The China-based electric car maker posted a wider-than-expected quarterly loss, but said it expected deliveries to nearly double in the current quarter from a year ago. Nio shares jumped 5.5% in premarket trading.
STOCK SYMBOL: NIO
WeWork (WE) – The office-sharing company’s stock fell 1.7% in the premarket after it reported a wider-than-expected quarterly loss. WeWork also plans to exit about 40 underperforming locations this month.
STOCK SYMBOL: WE
Six Flags (SIX) – The theme park operator’s stock initially dipped in premarket trading after it missed top and bottom line estimates for its latest quarter. However, it rebounded to a 2.9% gain after announcing an agreement with investment firm H Partners that raised the cap on H Partners’ stake in the company to 19.9% from 14.9%.
STOCK SYMBOL: SIX
Rivian (RIVN) – Rivian rallied 8.2% in off-hours trading after the electric vehicle maker reported a narrower-than-expected quarterly loss and kept its production schedule intact, even in the face of supply chain issues.
STOCK SYMBOL: RIVN
Dutch Bros (BROS) – Dutch Bros stock jumped 3.8% in the premarket after the operator of hand-crafted beverage shops reported better-than-expected profit and revenue for its latest quarter. The company also raised its full-year revenue outlook.
STOCK SYMBOL: BROS
AstraZeneca (AZN) – AstraZeneca gained 4.8% in premarket trading after the drug maker reported upbeat quarterly results and raised its full-year profit forecast. AstraZeneca’s results got a boost from strong sales of its cancer drugs.
STOCK SYMBOL: AZN
Bumble (BMBL) – Bumble slumped 14% in premarket action after issuing a weak current-quarter revenue forecast. The dating service operator said its users are renewing subscriptions at a slower rate as consumers cut back on discretionary spending in the face of inflation.
STOCK SYMBOL: BMBL
Fair Isaac (FICO) – Fair Isaac staged a 10.4% rally in the premarket after its quarterly earnings beat analyst estimates and revenue grew in both its credit score and software units. The company, known for FICO credit scores, also gave an upbeat full-year forecast.
STOCK SYMBOL: FICO
ZipRecruiter (ZIP) – ZipRecruiter surged 12.6% in premarket trading after the online jobs site operator posted better-than-expected quarterly results and raised its full-year forecast. ZipRecruiter also announced a $200 million increase in its share repurchase program.
STOCK SYMBOL: ZIP
FULL DISCLOSURE:
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DISCUSS!
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I hope you all have an excellent trading day ahead today on this Thursday, November 10th, 2022! 🙂
