Stock futures fell Friday after wholesale prices rose more than expected in November.
Futures tied to the Dow Jones Industrial Average fell 155 points, or 0.5%. S&P 500 futures and Nasdaq 100 futures shed 0.5% and 0.6%, respectively
November’s producer price index report, poised to offer further information regarding how the Federal Reserve’s interest rate hikes are working to tame high inflation.
The S&P 500 on Thursday rallied to snap five days of losses — its longest streak since October. The broad-market index gained 0.75%, and the Dow gained 183.56 points, or 0.55%. The Nasdaq posted the strongest performance of the day, rallying 1.13%.
Even with Thursday’s gains, all three major averages are on track for weekly losses. The S&P 500 is off by 2.6%, while the Nasdaq is down more than 3%. The Dow shed 1.8%.
″[The stock market] really has been so dependent on inflation this year and it’s likely to continue to depend on inflation,” said Courtney Garcia, senior wealth advisor at Payne Capital Management, on CNBC’s “Fast Money” on Thursday.
In other news, shares of Lululemon fell more than 6% after the company gave a weaker-than-expected fourth-quarter outlook.
Next week, one more inflation print and a Federal Reserve meeting are top of mind for traders. The November consumer price index report due Dec. 13 will further show if inflation is subsiding.
The central bank is widely expected to deliver a smaller interest rate hike of 50 basis points at the conclusion of its December policy meeting next week.
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THIS MORNING’S STOCK NEWS MOVERS:
Lululemon (LULU) – Lululemon slid 7.1% in the premarket after the athletic apparel maker issued a weaker-than-expected outlook. Lululemon reported better-than-expected profit and revenue for its latest quarter, but it saw a smaller-than-expected increase in comparable store sales.
STOCK SYMBOL: LULU
Costco (COST) – Costco missed estimates on both the top and bottom lines for its latest quarter as inflation-hit consumers cut back on spending. The warehouse retailer also saw increased operating expenses.
STOCK SYMBOL: COST
Broadcom (AVGO) – Broadcom shares rallied 3.6% in premarket action after the chip maker reported better-than-expected quarterly results and an upbeat outlook. The company also raised its dividend and said it would resume share buybacks.
STOCK SYMBOL: AVGO
Netflix (NFLX) – Netflix gained 3% in the premarket following two positive analyst reports. Wells Fargo upgraded the streaming service’s stock to overweight from equal weight, saying content growth would lessen customer churn. Cowen named the stock a “best idea” for 2023, pointing to additional monetization avenues including the new ad-supported tier.
STOCK SYMBOL: NFLX
DocuSign (DOCU) – DocuSign posted an 11.3% premarket jump following upbeat quarterly results for the electronic signature technology company. DocuSign also reported better-than-expected billings — a metric that tracks sales to new customers — plus subscription renewals and additional sales to existing customers.
STOCK SYMBOL: DOCU
AmerisourceBergen (ABC) – Walgreens (WBA) has cut its stake in the drug distributor, selling $1 billion in AmerisourceBergen shares. The move cuts Walgreens’ stake to about 17% from 20% and will give Walgreens funds to pay down debt and fund strategic priorities. Walgreens remains AmerisourceBergen’s largest shareholder. AmerisourceBergen fell 2.6% in the premarket.
STOCK SYMBOL: ABC
Bath & Body Works (BBWI) – Bath & Body Works shares jumped 4.9% in the premarket following news that Daniel Loeb’s Third Point has a more than 6% stake in the personal care products retailer. An SEC filing also revealed that Third Point is pushing the company to appoint new board members.
STOCK SYMBOL: BBWI
RH (RH) – The company formerly known as Restoration Hardware beat top and bottom line estimates in its latest quarterly report. But the luxury lifestyle retailer also said its business would continue to deteriorate because of accelerating weakness in the housing market. RH rose 1% in premarket action.
STOCK SYMBOL: RH
FULL DISCLOSURE:
/u/bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk.
DISCUSS!
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I hope you all have an excellent trading day ahead today on this Friday, December 9th, 2022! 🙂
