All three major indexes are higher before the open
Stock futures were lower across the board this morning before consumer price index (CPI) data gave the market a boost. Futures on the Dow Jones Industrial Average (DJI) are up 82 points at last glance, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) sit comfortably higher as well.
Inflation rose 0.2% in October and 2.6% on an annualized basis -- in line with expectations and the first year-over-year increase since March -- while core CPI also matched estimates with a 0.3% monthly rise.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 1.9 million call contracts and 982,742 put contracts exchanged on Tuesday. The single-session equity put/call ratio rose to 0.50 and the 21-day moving average remained at 0.62.
- Spotify Technology SA (NYSE:SPOT) is up 8.5% premarket, despite disappointing third-quarter earnings and revenue, after the music streaming name posted record subscriber growth and an upbeat fiscal fourth-quarter profit outlook. Brokerage firms chimed in with several price-target hikes after the news. Year to date, the equity is 123.2% higher, and on track to open at fresh record highs.
- Cava Group Inc (NYSE:CAVA) is soaring up 17.9% before the bell, after the fast-casual restaurant giant's better-than-expected third-quarter results and improved full-year outlook. On track for new all-time highs, CAVA is up an impressive 237.4% in 2024.
- Shares of Spirit Airlines (NYSE:SAVE) are down 58.5% in electronic trading, after the Wall Street Journal reported the budget airliner could file for bankruptcy very soon following its failed merger with Frontier Airlines. Since the start of the year, SAVE is down 79.8%.
- More key inflation data due out this week.
Stocks Fall in Asia, Europe
Asian markets cooled off today, taking their cues from U.S. equities. Japan’s Nikkei shed 1.7%, after wholesale inflation data hit its highest level since July 2023. South Korea’s Kospi paced the region with a 2.6% drop, while Hong Kong’s Hang Seng lost 0.1%. The Shanghai Composite bucked the trend with a 0.5% gain, as investors monitor President-elect Donald Trump’s cabinet appointees for their hawkish nature toward China.
In Europe, bourses are also lower, brushing off news of Just Eat Takeaway’s $650 million sale of its U.S. Grubhub branch to Wonder Group. At last check London’s FTSE 100 is 0.2% lower, the French CAC 40 is off by 0.4%, and the German DAX is down 0.5%.