U.S. Futures Hint At Market Rebound After Shock Inflation Reading

U.S. stocks looked to open Thursday in positive territory despite a shock inflation reading a day before.

On Wednesday, the S&P 500 dropped almost 40 points in the worst slump in more than a month. The markets slid on shocking inflation data.

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According to the read on the Consumer Price Index, a measurement of inflation, prices that consumers pay for goods and services jumped more than 6.2% in October. That was the highest inflation reading since 1990, and above consensus estimates of 5.9%.

Inflation doesn’t look that “transitory” anymore, and most investors now anticipate that the Fed will need to step in and tighten. The question then becomes, what will that mean for richly valued equity assets.

Level Chg. Chg. %
DOW Futures 36,039.00 36 0.10%
S&P 500 Futures 4,658.75 16 0.34%
Nasdaq Futures 16,079.25 97.25 0.61%

U.S. Dollar and Treasuries

The yield on the 10-year Treasury rose slightly. The dollar surged against other major currencies, as investors expected the Fed to tighten.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 95.03 +0.18 +0.19%
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Yield Change Previous close
U.S. 1 Year Treasury Bill 0.165% 0.003 0.163%
U.S. 5 Year Treasury Note 1.223% 0.000 1.223%
U.S. 10 Year Treasury Note 1.554% 0.000 1.554%

 

Stocks To Watch

Specialized payment platform Paysafe reported a net loss of $147.2 million on revenue of $353.6 million. Revenue missed expectations, and the stock tanked.

Shares of Tesla were up after an SEC filing showed that Elon Musk sold 5 billion in Tesla shares over the past few days.

Disney reported weak Q4 earnings and disappointing growth in Disney+ subscribers. Profits came at 37 cents per share, missing estimates by 15 cents. Disney added just 2.1 million subscribers in the last quarter, vs the expected 10.2 million.

Beyond Meat, a company producing vegan meat substitutes, reported disappointing Q3 earnings. Supply issues and logistics ate into the company’s revenue and profits. The company reported a loss of 87 cents per share.

Rivian (RIVN) — a competitor to Tesla — debuted in the largest U.S. IPO since 2014 on Wednesday. Shares are higher by nearly 8% in the premarket, after a near 30% surge in yesterday’s trading. The company makes electronic vehicles, including a truck, and is expected to be a big part of the EV market.

Symbol Company Name Price Chg. % Volume
PSFE Paysafe Ltd. $6.18 -14.99 751.7K
BYND Beyond Meat Inc. $76.30 -19.24 430.27K
TSLA Tesla Inc. $1,094.47 2.48% 411.39K
DIS Walt Disney Co. $164.78 -5.54% 239.73

 

Commodities To Watch

Oil extended losses due to U.S. inflation fears. Gold strengthened again amid the concerning inflation outlook. 

Resource Price Chg. %
WTI Crude Oil $80.64 -0.86%
Brent Crude Oil $82.12 -0.63%
Natural Gas $5.00 2.46%
Gold $1,860.30 0.65%
Silver $25.00 0.90%
Copper $4.39 1.64%

 

Crypto

The global crypto market cap is $2.83T, a 2.77% decrease over the last 24 hours. Bitcoin’s dominance is currently 43.35%, an increase of 0.06% in the same period.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $64,928.06 -2.20% 1.23t
Etherium ETH $4,705.54 -0.66% 555.00b
Cardano ADA $2.10 -4.50% 65.19b
Ripple XRP $1.22 -3.79% 53.77b
Dogecoin DOGE $0.2587 -4.15% 34.17b

 

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