Stock futures sweep better than expected jobs data
Stock futures for all three benchmarks are down today
Futures on Wall Street pull back today, after major benchmarks set an impressive rally at the previous session. Meanwhile, stronger than expected jobless claims fail to boost sentiment. Initial jobless claims for the week ending September 24 were 193,000, down 16,000 and the lowest number since April. Instead, investors are focused on the impact that the Federal Reserve’s aggressive rate hikes will have on the labor market going forward.
Keep reading to learn more about the current market, including:
- Aeronautics and Defense the stock rebounds from a plunge.
- The bullish signal could help this ecommerce stock pop next month.
- Additionally, BofA downgrades Apple; Bed Bath & Beyond Sweeps Dismal Quarterly Report; and shareholders are suing Warner Bros Discovery.
5 things you need to know today
- The Cboe Options Exchange (CBOE) recorded more than 1.03 million buy contracts and 777,261 sell contracts traded on Wednesday. The single-session sell-to-buy ratio fell to 0.75, while the 21-day moving average remained at 0.68.
- Apple Inc. (NASDAQ: AAPL) was last seen down 2.2% before market and reduced its slim 5.6% year-over-year lead. The catalyst for today’s negative move is a bearish rating from Bank of America, which just downgraded AAPL to “neutral” to “buy” on expectations that weakening consumer demand will soon reduce attractiveness. of action.
- Bed Bath and Beyond Inc (NASDAQ:BBBY) just posted bigger-than-expected losses and lost revenue for the fiscal second quarter, with sales plummeting 28% year-on-year as the company seeks to eliminate excess inventory. Despite this, BBBY was last seen up 3.7% before the bell, although it enters the session with a 71.6% 12-month deficit.
- Last seen down 0.6% before the open and adding to a nearly 50% drop since the start of the year, Warner Bros Discovery Inc. (NASDAQ: WBD) is now being sued by shareholders for allegedly making misleading comments about the performance of its streaming service, HBO Max. This lawsuit comes just before a merger between AT&T’s (T) former Discovery Communications and Warner Media unit.
- A revision of the gross domestic product (GDP) is on the agenda for later in the session.
China warns traders against betting on the yuan
Asian markets had a mixed day of trading as investors kept a close eye on the global economy. As US markets rallied, the People’s Bank of China warned traders against betting on the yuan in any direction after the currency hit a 14-year low yesterday. In response, the Nikkei in Japan rose 1% and the South Korean Kospi added 0.08%. As for the laggards, the Hong Kong Hang Seng fell 0.5% and the Shanghai Composite in China lost 0.1%.
In Europe, stocks tumble once again as traders appeared to dismiss news that the Bank of England (BoE) would roll out a temporary bond-buying program to appease choppy markets . Meanwhile, the European Commission’s economic sentiment indicators fell to 93.7, its lowest level since November 2020. At last check, London’s FTSE 100 is down 1.1%, France’s CAC 40 fell 1.3% and the German DAX was down 1.5%.