Magical Trade
Thursday, August 18, 2022
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

Stock futures inch higher after sell-off induced by hot inflation data

by
November 11, 2021
in Trade News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Here are Thursday’s biggest analyst calls: Sunrun, Zoom, Mattel, Starbucks, Bed Bath & Beyond & more

Seattle CEO who cut his pay so workers could earn $70,000 minimum resigns

U.S. stock futures inched higher in early morning trading on Thursday following a tech-driven sell-off on Wall Street.

Dow Jones Industrial Average futures rose about 40 points, or 0.1%. S&P 500 futures added 0.4% and Nasdaq 100 futures gained 0.7%.

Disney shares fell more than 5% in premarket trading after the media giant missed on the top and bottom lines of its quarterly results. Disney+ subscribers also came in short of estimates.

The major averages dipped on Wednesday after a hot inflation report pushed up bond yields. The rise in yields especially pressured growth pockets of the market.

The Dow Jones Industrial Average lost 240 points. The S&P 500 fell 0.8%. The Nasdaq Composite was the relative underperformer, dipping 1.7% as Facebook-parent Meta Platforms, Amazon, Apple, Netflix, Microsoft and Google-parent Alphabet all closed lower.

The small-cap benchmark Russell 2000 dropped 1.6% on Wednesday.

Fresh economic data released Wednesday showed persistent inflation. The consumer price index, which tracks a basket of products ranging from gasoline and health care to groceries and rents, rose 6.2% in October from a year ago, hitting its highest level in three decades. On a monthly basis, the CPI increased 0.9% against the 0.6% estimate.

“Inflation remains stubbornly high, to the surprise of many that expected prices to come back to earth sooner,” said Ryan Detrick, chief market strategist for LPL Financial. “The truth is you can’t shut down a $20 trillion economy and not feel some bumps as it restarts, but we are hopeful the supply chain issues will resolve over the coming quarters and inflation should calm down as well.”

Following the CPI data, traders moved up their expectations for when the first Fed rate hike would occur. The Fed funds futures market now sees greater odds of the central bank’s first full rate hike coming in July 2022.

Investors also took refuge in inflation hedges on Wednesday, like gold and bitcoin.

ShareTweetPin

Related Posts

Here are Thursday’s biggest analyst calls: Sunrun, Zoom, Mattel, Starbucks, Bed Bath & Beyond & more

by
August 18, 2022
0

Here are Thursday's biggest calls on Wall Street: Baird reiterates Zoom as outperform Baird said Zoom earnings should be "solid"...

Seattle CEO who cut his pay so workers could earn $70,000 minimum resigns

by
August 18, 2022
0

SEATTLE — A Seattle CEO who announced in 2015 that he was giving himself a drastic pay cut to help...

Missed BBBY? 10 ‘Meme Stocks’ Are Next Gold Mines, Analysts Say

by
August 18, 2022
0

Post Content

Weekly Initial Unemployment Claims decrease to 250,000

by
August 18, 2022
0

by Calculated Risk on 8/18/2022 08:34:00 AM The DOL reported: In the week ending August 13, the advance figure for...

Needham downgrades Analog Devices to hold, sees start of larger slowdown in semiconductors

by
August 18, 2022
0

The semiconductor industry is poised to slow in the coming quarters, which could put especially pressure shares of Analog Devices,...

Next Post

"The deal of the Century ..."

7 Cryptos to Buy That Have Millionaire-Maker Potential

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • ‘Conviction sell’: UBS says avoid these global stocks amid rising headwinds

    0 shares
    Share 0 Tweet 0
  • Goldman Sachs "Will Higher Rates Put Out the Housing Fire?"

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net