Stock futures were higher Tuesday as investors waited for an important inflation data point ahead of the Federal Reserve’s September meeting.
Dow Jones Industrial Average futures were up 207 points, or 0.6%. S&P 500 futures were up 0.7%, and Nasdaq 100 futures gained 0.7%.
At 8:30 a.m. ET, all eyes will be on the August consumer price index report, which is expected to show a 0.1% decrease in headline inflation on a monthly basis, according to estimates from Dow Jones. On a year-over-year basis, the index is expected to show an 8% increase — down slightly from the previous month.
The report is one of the last the Fed will see ahead of their Sept. 20-21 meeting, where they’re expected to deliver their third consecutive 0.75 percentage point interest rate hike to tamp down inflation.
“The durability of the rally will likely be determined by Tuesday’s CPI report this week and the tone of the FOMC meeting next week,” said Mark Hackett, chief of investment research at Nationwide.
U.S. stocks rose Monday, continuing a relief rally that began last week when all three major averages snapped three-week slumps. The Dow Jones Industrial Average gained nearly 230 points, or 0.7%. The S&P 500 rose close to 1.1%, and the Nasdaq Composite added about 1.3%.
Investors’ confidence has been bolstered by the belief that inflation has already peaked. A weaker dollar and military success in Ukraine also supported stocks.
STOCK FUTURES CURRENTLY:
YESTERDAY’S MARKET MAP:
TODAY’S MARKET MAP:
YESTERDAY’S S&P SECTORS:
TODAY’S S&P SECTORS:
TODAY’S ECONOMIC CALENDAR:
THIS WEEK’S ECONOMIC CALENDAR:
THIS WEEK’S UPCOMING IPO’S:
THIS WEEK’S EARNINGS CALENDAR:
THIS MORNING’S PRE-MARKET EARNINGS CALENDAR:
EARNINGS RELEASES BEFORE THE OPEN TODAY:
EARNINGS RELEASES AFTER THE CLOSE TODAY:
YESTERDAY’S ANALYST UPGRADES/DOWNGRADES:
YESTERDAY’S INSIDER TRADING FILINGS:
TODAY’S DIVIDEND CALENDAR:
THIS MORNING’S STOCK NEWS MOVERS:
Rent the Runway — Shares dropped 22% after the fashion rental company said it’s laying off 24% its corporate workforce. Additionally, Rent the Runway said it’s cutting $25 million to $27 million in fixed costs to deal with an uncertain macro backdrop.
STOCK SYMBOL: RENT
Oatly — The stock declined 1.8% after Credit Suisse downgraded Oatly to neutral from outperform, saying rising inflation in Europe and Asia will hurt the Swedish dairy-alternative food company’s ability to compete.
STOCK SYMBOL: OTLY
Dow — Dow dipped 0.9% after Jefferies downgraded the chemicals company to hold from buy, citing excess supply and demand risks.
STOCK SYMBOL: DOW
Nintendo — The gaming stock jumped 5% after Nintendo said its new title beat a domestic sales record. Sales of the action shooting game Splatoon 3 topped 3.45 million units in Japan.
Wolfspeed — The semiconductor stock advanced 1.6% in the premarket after Evercore ISI initiated coverage of the stock with an outperform rating, saying Wolfspeed “is one of the greatest ways to invest in the Electric Vehicle transition underway today.”
STOCK SYMBOL: WOLF
Oracle — The stock gained 1.6% in premarket trading after Oracle reported revenue that was in line with expectations. Revenue jumped 18% in its most recent quarter from the year-ago period, boosted by a recent acquisition in software maker Cerner.
STOCK SYMBOL: ORCL
Twilio — The stock added 1.1% after KeyBanc Capital Markets resumed coverage on the stock with an overweight rating, saying communications software company is “well positioned” to use its engagement strategy to raise gross margins.
STOCK SYMBOL: TWLO
Twitter — The social media stock nearly 1% as a Twitter whistleblower, previously an executive, is set to testify on his claims of security lapses at the company before a U.S. Senate committee on Tuesday. Twitter shareholders are also expected to vote on Elon Musk’s deal to buy the company.
STOCK SYMBOL: TWTR
Adobe — Shares fell 0.4% after BMO Capital Markets downgraded Adobe to market perform from outperform, saying there are concerns on the long-term durability of Adobe’s Creative Cloud.
STOCK SYMBOL: ADBE
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!
What’s on everyone’s radar for today’s trading day ahead here at r/stocks?
I hope you all have an excellent trading day ahead today on this Tuesday, September 13th, 2022! 🙂
