- Andrew Garfield on Getting Notes From a Ghost for ‘Tick, Tick Boom,’ His Love for Spider-Man: ‘I Need to Nourish That Child Who Is Out There Watching’ Variety
- Spider-Man: No Way Home’s Andrew Garfield on the Spontaneity of the Spider-Men’s Interactions Yahoo Entertainment
- How Andrew Garfield Really Feels About Fans Favoring Other Spider-Mans E! NEWS
- Andrew Garfield Talks Brit Pack In Hollywood, Prepping To Play Spider-Man & How Red Sea Fest Reminds Him Of Sundance – Red Sea Film Festival Deadline
- Andrew Garfield Shares How He Prepared for Amazing Spider-Man ComicBook.com
Tag Archives: Tick
Chipotle says it may need to tick its food prices up to pay California wages – CNN
- Chipotle says it may need to tick its food prices up to pay California wages CNN
- Chipotle Mexican Grill easily tops earnings estimates, as higher prices help offset food inflation CNBC
- Chipotle Mexican Grill Non-GAAP EPS of $11.36 beats by $0.73, revenue of $2.5B beats by $30M (NYSE:CMG) Seeking Alpha
- Chipotle beats earnings as price hikes help offset higher food costs Yahoo Finance
- ‘Everything going up but my salary’: Chipotle worker begs customers not to ‘come for him’ after another price increase The Daily Dot
- View Full Coverage on Google News
Stock futures tick lower as traders await the Federal Reserve’s latest rate hike decision
Traders on the floor of the NYSE
Source: NYSE
Stock futures slipped Wednesday as investors looked ahead to the Federal Reserve’s Wednesday meeting.
Futures tied to the Dow Jones Industrial Average shed 70 points or 0.2%. S&P 500 futures and Nasdaq Composite futures were down 0.24% and 0.35%, respectively.
The moves come after stocks jumped to end January on a strong note. The Dow Jones Industrial Average ended the day nearly 369 points higher, rising by 1.09%. The S&P 500 gained 1.46% to cap its best January performance since 2019. The tech-heavy Nasdaq Composite rose 1.67%, its best January performance in 22 years.
On Wednesday, the Federal Reserve will announce how much it is increasing interest rates in its latest effort to tame high inflation. Markets are expecting a 25 basis point, or 0.25 percentage point, bump from the central bank. On Tuesday, the employment cost index, a measure of wage increases, showed compensation rose 1% in the fourth quarter, less than the 1.1% estimate by Dow Jones.
Still, traders may be getting ahead of themselves in expecting a more dovish tone from the Fed, or looking for signs that a pause in hikes or even a pivot is coming soon.
“Aggressive tightening in 2022 has led to signs of decelerating inflation but from levels that remain unacceptably high,” Ron Temple, chief market strategist at Lazard said in a Tuesday note. “With a 25bps hike already discounted by markets, Powell’s task is to unambiguously signal the Fed’s commitment to tame inflation.”
The Federal Reserve will announce its decision Wednesday afternoon, followed by Chairman Jerome Powell’s comments.
Earnings season continues as well. Peloton and Meta Platforms are scheduled to report quarterly results on Wednesday.
Stock futures tick lower as investors look to corporate earnings
Traders work on the floor of the New York Stock Exchange.
Getty Images
Stock futures were down slightly Monday night as investors attempted to keep building on early 2023 momentum and looked ahead to more corporate earnings.
Futures tied to the Dow Jones Industrial Average lost 15 points, near flat. S&P 500 futures dropped 0.1%, while Nasdaq-100 futures slid 0.2%.
All three of the major indexes are up coming off a positive first two weeks of trading in the new year. The Nasdaq Composite is leading the way up 5.9%, as investors bought beat-up technology shares amid rising hopes of an improving landscape for growth stocks. The S&P 500 and Dow have advanced 4.2% and 3.5%, respectively, since the start of the year.
Gains have come on the back of the first crop of inflation-related data that investors saw as indicating a contracting economy, with hopes that will give the Federal Reserve justification to slow interest rate hikes once again. Last week, the consumer price index for December showed prices cooled 0.1% from the prior month, but prices were still 6.5% higher than the same month a year ago.
Investor focus now turns to corporate financials as earnings season kicks off. Banks took center stage Friday as investors digested comments about the likelihood of a recession. Goldman Sachs and Morgan Stanley are set to report before the bell Tuesday, followed by United Airlines after the market close.
“The economic data has been kind, to say the least, which is not something we were afforded for the vast majority of the year just gone,” said Craig Erlam, senior market analyst at OANDA. “The question now is whether earnings season will enhance that new sense of hope or spoil the party before it really gets going.”
Investors will also be closely watching for news out of the World Economic Forum’s summit in Davos taking place this week.
S&P 500 futures tick higher after Monday’s sell-off
Carson Block says systemic failures within crypto is not surprising
Short seller Carson Block said the fallout in the crypto industry didn’t come as a surprise to him.
“This is a whole edifice that was built on a lot of leverage and there are probably just so many cockroaches hidden within the wall,” the CIO of Muddy Waters Capital said on CNBC’s “Squawk Box.” “The fact that you see these systemic failures within the crypto is not surprising to me given how much leverage existed between these firms.”
Distressed crypto firm BlockFi filed for Chapter 11 bankruptcy protection following the implosion of putative acquirer FTX. BlockFi had already halted withdrawals of customer deposits and admitted that it had “significant exposure” to the now-bankrupt crypto exchange FTX and its sister trading house, Alameda Research.
— Yun Li
JPMorgan management’s `central case’ is for modest recession next year, Credit Suisse says
Daniel Pinto, JPMorgan’s chief executive of corporate and investment bank.
Simon Dawson | Bloomberg | Getty Images
JPMorgan Chase is preparing for a recession that starts in 2023 as the most likely current path for the U.S. economy, Credit Suisse analyst Susan Roth Katzke said Tuesday in a research note.
The New York-based bank’s management considers that its “central case” for the upcoming year, with a so-called soft landing or a severe crisis seen as less likely, Katzke said after meeting with JPMorgan President and Chief Operating Officer Daniel Pinto last week.
The recession scenario is likely to either be a mild downturn in 2023 that sees the Federal Reserve’s benchmark lending rate hit about 5%, or a deeper contraction “occurring somewhat later” that would stretch into 2024 and would see the Fed raising rates to as high as 6%, Katzke said.
JPMorgan’s earning power, reserves for loan losses, diverse business lines and moves to lower risk “ought to render JPMorgan well prepared and well positioned to manage through” the expected downturn, she said.
The bottom line is that the bank wasn’t wavering from its target of a 17% return on tangible common equity, said Katzke.
She reaffirmed her “outperform” rating on JPMorgan shares and her $145 price target and kept her EPS estimates unchanged.
—Hugh Son
Stocks making the biggest early moves: Hibbett, Silvergate Capital and more
These are the stocks making the biggest moves in pre-market trading:
- Hibbett: The sporting goods retailer’s stock slid 5.7% in the premarket after it missed top and bottom line estimates for its latest quarter. The company said it was hit by higher expenses that cut into its profit margins, although the company did reaffirm its full-year forecast.
- Silvergate Capital: The digital assets bank’s shares fell another 2.4% in the premarket, extending yesterday’s 11.1% loss. Yesterday’s decline followed the bankruptcy filing by cryptocurrency lender BlockFi, and the further drop for Silvergate comes despite a statement that it has minimal exposure to BlockFi.
- Chemours: Chemours tumbled 6.1% in premarket trading after the chemical maker said its full-year adjusted earnings were tracking slightly below the low end of its prior guidance range. It pointed to a significant decline in demand for titanium dioxide, particularly in Europe and Asia.
- Generac: Generac fell 2.6% in premarket action after Jefferies downgraded the stock to “underperform” from “hold,” citing the potential impact of electric vehicle bidirectional charging on sales of Generac’s backup power products.
See the full list here.
— Peter Schacknow, Alex Harring
Deutsche Bank upgrades UPS
Deutsche analyst Amit Mehrotra upgraded UPS to buy from hold, noting that macro concerns surrounding the stock are now priced in.
“In the near-term, we think market participants are overly focused on volume growth and not on mix and productivity initiatives, which we think can drive positive revenue growth and solid contribution margins despite modestly lower domestic volumes by market participants,” he wrote in a note Monday.
UPS shares rose more than 1% in the premarket.
CNBC Pro subscribers can read the full story here.
— Sam Subin
Shares of U.S.-listed Chinese companies rise in pre-market trade
U.S.-listed shares of Chinese technology companies rose in pre-market trade after Chinese health authorities reported a recent uptick in senior vaccination rates.
Alibaba rose 5.6%, JD.com rose 7.43% in pre-market trading, while Pinduoduo rose 5.08% and Baidu rose 5.39%. Bilibili rose more than 10%.
Hong-Kong listed tech companies also surged after the press briefing by health authorities — the wider Hang Seng Tech index ended its session more than 7.6% higher.
– Jihye Lee
European markets nudge higher as China’s Covid policy takes center stage
European markets were slightly higher on Tuesday as investors continued to monitor news from China over Covid restrictions.
The pan-European Stoxx 600 was up 0.3% in early trade, with basic resources adding 1.6% to lead gains while chemicals fell 0.7%.
Stocks in Hong Kong jumped more than 5% by afternoon trade, leading gains in the Asia-Pacific region alongside Chinese indexes, as Chinese health authorities encouraged the country’s elderly to get vaccinated.
Chinese indexes pop ahead of Covid briefing
Indexes in China jumped more than 2% as investors closely watched for developments in the nation’s zero-Covid policy after seeing losses in the previous session.
China’s CSI 300 index rose 2.97% in the morning session, while the Shanghai Composite climbed 2.2%. The Shenzhen Component Index gained 2.172%.
Local media reported that the Chinese State Council will hold a press conference on Covid measures at 3 p.m. local time, or 2 a.m. ET.
The nation saw a drop in the number of daily infections for the first time in more than a week.
– Evelyn Cheng, Jihye Lee
CNBC Pro: Asset manager names 9 ‘cheap’ stocks to buy as recession fears grow
It’s “critical” for investors to be looking at valuations right now as a recession is looming and inflation looks likely to continue, said Steven Glass, managing director of Pella Funds Management.
In this environment, Glass selected a list of nine stocks that he said, “look particularly cheap given their growth outlook.”
CNBC Pro subscribers can read more here.
— Weizhen Tan
CNBC Pro: Goldman Sachs names the global automakers exposed to a China slowdown
Many global companies are heavily exposed to China, including some of the world’s biggest automakers, which generate between 20% and 40% of their worldwide sales in the country, according to Goldman Sachs.
In a note to clients on Nov. 22 — before the latest protests — the investment bank mapped out the global auto industry’s exposure to Chinese consumers.
CNBC Pro subscribers can read more here.
— Ganesh Rao
Don’t expect dovish language from Federal Reserve Chair Jerome Powell, Trivariate Research’s Adam Parker says
Investors shouldn’t expect a dovish tone out of Federal Reserve Chair Jerome Powell this Wednesday, according to Trivariate Research’s Adam Parker. Powell is scheduled to speak at the Hutchins Center on Fiscal and Monetary Policy at Brookings.
“There’s no way he’s going to get dovish language in the near term, in my view. So we had a fake dovish rally, but we’re not going to get, ‘we’re pivoting here and we’re slowing,'” Parker said Monday on CNBC’s “Closing Bell: Overtime.”
“There’s too many places where they’ve got to try to control inflation,” he added. “I would be surprised if they got dovish.”
— Sarah Min
Investors ramped up bets against crypto-connected firms in November
Investors raised their bets against stocks connected to crypto during the first half of November, according to FactSet data.
As of Nov. 15, short interest in business intelligence company MicroStrategy, which has bought bitcoin, spiked 15% to 3.8 million shares, which is about 40% of their total float. Short interest as a percentage of float refers to the amount of shares available for trading that are being bet against the company.
Meanwhile, short interest in Marathon Digital, which mines cryptocurrencies, rose more than 18% to 38.5 million shares, or about 35% of its total float.
Other companies that experienced a surge in short interest include Beauty Health Company, which saw short interest jump 26% to 32.8 million shares as of mid-November or 32% of float. Meanwhile, short interest in Groupon rebounded 10% to 5.3 million shares or 28% of float. Short interest in the e-commerce name had declined in the latter half of October.
— Sarah Min, Nicholas Wells
Stock futures open flat
U.S. stock futures were flat on Monday night after the major averages came under pressure from Covid protests in China, and as investors anticipated more economic data and commentary from Federal Reserve leaders this week.
Dow Jones Industrial Average futures fell by 11 points, or 0.03%. S&P 500 and Nasdaq 100 futures climbed 0.03% and 0.04%, respectively.
— Sarah Min
Stock futures tick higher on Tuesday morning
Wall Street cuts price targets for Zoom Video after weak guidance
Shares of Zoom Video fell about 9% in premarket trading after delivering weak guidance for the fourth quarter.
The video conferencing company reported a better-than-expected $1.07 in adjusted earnings per share for the third quarter, but that didn’t win over Wall Street analysts. Several cut their price targets for Zoom last night and this morning.
“We struggle to find a near-term upside catalyst, with the Online business likely pressured the next several quarters, and our estimates implying further downside risk to street revenue numbers from here,” wrote Deutsche Bank analyst Matthew Niknam, who lowered his price target on the stock to $75 per share from $95.
Piper Sandler, MoffettNathanson, Mizuho, UBS and Wells Fargo also cut their price targets on Zoom Video.
MoffettNathanson analyst Sterling Auty, in lowering his price target to $80 from $85, said Zoom’s “turn is still quarters away.”
“There are breadcrumbs being laid to get a sense of when the overall growth of the business might inflect, and, if all goes well, that is still three quarters into the future. However, it is not completely clear if a worsening macro environment (layoffs) would extend the timeline to a turn, or just result in a lower growth rate prior to the turn,” Auty said in a note to clients.
— Jesse Pound, Michael Bloom
Stock picking opportunities are bullish for the market, Wilson says
One of the top strategists on Wall Street says the next boom cycle for stocks won’t look like the top-heavy run of the last decade but instead be a rich environment for stock pickers.
Morgan Stanley chief U.S. equity strategist Mike Wilson said Tuesday that, while he expects the S&P 500 to fall from here before bottoming in 2023, stocks are starting to separate from one another in a preview of the next sustained rally.
“Probably one of the most bullish things we see going forward is it’s not going to be a stock market of 10 stocks any more. There’s going to be more opportunities. It’s going to be more democratic across the stock market,” Wilson said on “Squawk Box.”
“That doesn’t mean it’s going to be easy as a stock picker, but there’s going to be many more participants. The breadth is improving. And that’s what we’re seeing,” he added.
Wilson released his 2023 outlook last week. Read more about his forecast on CNBC Pro.
— Jesse Pound
Best Buy jumps after raising full-year guidance
Best Buy shares popped more than 7% in the premarket after the electronics retailer hiked its fiscal 2023 outlook.
“We are updating our FY23 outlook to flow through our better-than-expected Q3 results while keeping our Q4 expectations unchanged,” CFO Matt Bilunas said. “We now expect comparable sales to decline approximately 10% and our non-GAAP operating income rate2 to be slightly higher than 4.0%.”
The company also posted fiscal third-quarter earnings and revenue that beat analyst expectations.
— Fred Imbert
Carvana gets another downgrade
Analysts continued bailing on Carvana, with Cowen being the latest firm to downgrade the used car seller. Cowen lowered its rating on the stock to market perform from outperform and slashed its price target to $10 from $55.
“CVNA has not met ’22 profit targets while carrying a significant debt load,” the firm wrote, adding that it now estimates the company won’t achieve EBITDA profitability until 2024. “Overall, we are less confident in CVNA’s timeline for reaching positive free cash flow.”
Carvana shares have plummeted 97% in 2022.
CNBC Pro subscribers can read more here.
— Sam Subin
European markets cautiously higher as investors assess economic fears
European markets were fractionally higher on Tuesday as investors in the region tracked concerns among their U.S. and Asia-Pacific counterparts over China’s tightening of Covid restrictions, which are continuing to pressure output.
The pan-European Stoxx 600 was up 0.3% in early trade. Oil and gas stocks added 3.2% after Saudi Arabia denied a report that OPEC+ may boost oil output, while tech stocks slid 0.5%.
– Elliot Smith
CNBC Pro: Morgan Stanley’s Wilson says inflation is set to slide, but warns of a ‘new era’ ahead
Morgan Stanley’s Chief U.S. Equity Strategist Mike Wilson said he expects a “pretty steep decline in inflation,” and predicts when this could happen.
But he said there are two areas that are exceptions, where inflation could be “stickier.”
CNBC Pro subscribers can read more here.
— Weizhen Tan
CNBC Pro: Amazon’s down 40% this year — is it time to buy? Market pros give their take
Once a Wall Street darling, Amazon has lost some of its luster this year. The e-commerce giant’s stock has fallen more than 40%, well underperforming the S&P 500, which has declined about 15% in the same period.
Is it time for investors to pile back in? Two market pros faced off on CNBC’s “Street Signs Asia” on Thursday to make a case for and against buying the stock.
CNBC Pro subscribers can read more here.
— Zavier Ong
Oil hits lows not seen since January in Monday trading
Crude oil dropped to prices not see since January in Monday trading.
West Texas Intermediate was down 0.4% to $79.73 per barrel after hitting a low of $75.08. That hasn’t been hit since Jan. 3, when it traded as low as $74.27.
Brent lost 0.2%, ending at $87.45 after moving as low as $82.31. It was the lowest level since Jan. 11.
Prices for both have cooled since jumping earlier this year with the Russian invasion of Ukraine.
Stocks making the biggest moves after hours
These are the stocks making the biggest moves after hours:
- Zoom – The pandemic darling slid 4.4% after giving a weak outlook for the fourth quarter despite topping expectations for earnings and revenue.
- Dell – The technology company popped as much as 6% after it beat anticipated revenue and earnings per share in its third quarter.
- Urban Outfitters – Shares went up 2.6% after reporting better-than-expected revenue growth in its latest quarter, despite earnings per share falling a penny short of estimates.
See the full list here.
— Alex Harring
Stock futures open near flat
Stock futures opened near flat Monday night.
Futures for the Dow were down 0.01%.
S&P 500 futures lost 0.01%, while Nasdaq 100 futures added 0.01%.
— Alex Harring
New device may offer a better way to prevent tick bites
PLOS ONE (2022). DOI: 10.1371/journal.pone.0269150″ width=”800″ height=”530″/>
The controlled-release device (CRD). Credit: PLOS ONE (2022). DOI: 10.1371/journal.pone.0269150
When it comes to preventing tick bites—especially in light of the dramatic, decade-long rise in tick-borne diseases—bug sprays help but are less than optimal.
For example, DEET was designed to keep quick-moving mosquitoes from landing on their host, where they bite and fly off in seconds. Ticks, on the other hand, don’t fly, but rather ambush and then climb slowly up their host until they embed, feed and may remain for days.
“Unfortunately, most repellents were developed for mosquitoes 75-plus years ago and not for ticks,” says vector-borne disease expert Stephen Rich, professor of microbiology at the University of Massachusetts Amherst and executive director of the UMass Amherst-based New England Center of Excellence in Vector-Borne Diseases (NEWVEC). “DEET, the gold standard, works fairly well, but a holy grail would be to have another repellency tool—not a contact repellent like DEET but a spatial repellent—that works as good as or better than DEET against ticks.”
Experiments at Rich’s Laboratory of Medical Zoology used a new controlled-release device developed by scientist-entrepreneur Noel Elman. Rich and colleagues tested the effects on ticks after releasing the synthetic pyrethroids transfluthrin and metofluthrin into a small, transparent chamber equipped with three vertical climbing sticks. Ticks don’t come in direct contact with the repellents; rather, the active ingredients create more of a “force field” that alters and slows the ticks’ progress toward their target.
The results, published today, Nov. 8, in the journal PLOS ONE, found that the two spatial repellents were effective at changing the behavior of ticks, making them less likely to climb vertically and more likely to detach or fall off the stick.
“While we still have much work to do, these innovative findings prove the principle that these spatial repellents alter the behavior in ticks in a way we hope will lead to fewer tick bites,” says Rich, senior author.
The paper’s lead author, Eric Siegel, helped design the vision system that precisely tracked tick movement in the experiment chamber. “People throw the word ‘repellency’ around a lot, and we made it a goal to redefine repellency in tick protection and find ways to measure it,” says Siegel, a lab technician about to begin his Ph.D. studies in microbiology under Rich. “There’s so much we still don’t know about tick olfactory [smell] and gustatory [taste] mechanisms, and this was the biggest challenge in these experiments, as is the case overall in the development of protective products.”
The compounds were tested against the three main human-biting ticks in the U.S.: I. scapularis (black-legged or deer tick), which can spread Lyme disease and anaplasmosis, among other diseases; D. variabilis (American dog tick), which can transmit Rocky Mountain spotted fever and tularemia; and A. americanum (lone star tick), which can spread ehrlichiosis and has been associated with an allergy to red meat.
The experiments found that transfluthrin deterred 75% of D. variabilis, 67% of A. Americanum and 50% of I. scapularis. Metofluthrin was slightly more effective, deterring 81% of D. variabilis, 73% of A. americanum and 72% of I. scapularis.
“We were impressed with not just the repellency but the behavioral changes in the tick,” says co-author Elman, founder and CEO of GearJump Technologies, who designed a controlled-release device that can attach to the boot of soldiers. Many of the ticks in the experiments became slower-moving, less mobile, and appeared to be in a “drunken-like state,” according to the paper.
Elman approached Rich a few years ago to design and run experiments using the device with various repellents. A next step is to conduct experiments with actual animal hosts.
“Repellents probably won’t stop ticks from getting on us,” Rich says. “We hope the repellents will help keep them from staying on us, and that’s where the battle lines really should be drawn.”
The researchers can envision a day when such devices will be commercially available to the general population. Until then, the research will continue. “We still mostly don’t know how the chemicals we use work,” Siegel says. “When we do, we can develop and refine these measures in a more targeted way.”
More information:
Eric L. Siegel et al, Spatial repellents transfluthrin and metofluthrin affect the behavior of Dermacentor variabilis, Amblyomma americanum, and Ixodes scapularis in an in vitro vertical climb assay, PLOS ONE (2022). DOI: 10.1371/journal.pone.0269150
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New device may offer a better way to prevent tick bites (2022, November 8)
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Nintendo’s YouTube Channel Gets Renamed, Loses Verification Tick
Verification ticks are an important part of social media and websites like YouTube nowadays – allowing users to easily identify legitimate channels and accounts. With this in mind, it seems Nintendo’s American YouTube channel has recently lost its tick.
As highlighted in a post on the Nintendo subreddit (via GoNintendo), the Nintendo channel for America, simply called “Nintendo” has recently been renamed to “Nintendo of America”. In the process, it has lost its verification badge.
The Nintendo of America channel will no doubt get its check mark back sooner or later. Until then, this is essentially a heads-up that it’s had a name change, and that it’s still the official channel and not a fake account. Another easy way to work this out is by looking at the subscriber count. The real channel has around 8.61 million subs.
As some comments in the same thread suggest, this name change could possibly be due to new YouTube policies or even tied to Nintendo wanting particular branding on certain channels. If you aren’t already subscribed to Nintendo’s YouTube channels, it’s well worth it – with new trailers normally uploaded every week.
If we hear any updates about this story, we’ll let you know.
Stock futures tick higher as Wall Street tries to resume rally
Stock market futures were slightly higher Thursday as investors tried to regain their footing a day after the Dow Jones Industrial Average snapped a five-day winning streak and a recent market rally appeared to fade.
Futures contracts tied to the Dow were 23 points higher, or 0.07%. S&P 500 futures gained 0.15%, while Nasdaq 100 futures added 0.18%.
Investors continued to monitor retail earnings for insight into the health of the consumer, which continued Thursday with reports from Kohl’s, Bath & Body Works and BJ’s Wholesale. Kohl’s shares slid in the premarket after the company cut its guidance.
Initial jobless data released Thursday showed claims drop to 250,000 for the week ended Aug. 13.
On Wednesday, the Dow fell roughly 172 points, or 0.5%. The S&P 500 declined 0.7% for its first negative session in four. The Nasdaq Composite was the relative underperformer, dipping 1.25%. The tech-heavy index and S&P 500 are now both on track to snap a four-week winning streak.
Those moves came as traders parsed through the minutes from the Federal Reserve’s July meeting. The central bank remains committed to fighting inflation, but indicated it could adjust its pace of tightening based on market conditions.
Investors have been hoping that the Fed might slow the pace of its rate hikes after July’s consumer price index reading showed inflation cooling slightly. But not everyone is convinced.
“We’re in the camp that the Fed is not going to pivot,” Scott Wren, senior global market strategist for Wells Fargo Investment Institute, said on CNBC’s “Closing Bell.” “The minutes didn’t make us change our mind at all. We think a 75 basis point hike is likely in September, and we’ll see more hikes at the end of the year … we think the market is a little lofty right here,” he added.
Some key economic data will also be released Thursday, including weekly jobless claims and existing home sales.
Dow futures tick higher after Wednesday’s market rally
Dow futures were higher early on Thursday after all the major averages posted sharp gains on the back of a better-than-expected July inflation report.
Futures tied to the Dow Jones added 0.29% or 95 points, while S&P 500 futures and Nasdaq 100 futures inched 0.27% and 0.38% higher, respectively.
Disney added 6.7% in late trading after posting stronger-than-anticipated subscriber numbers and topping earning estimates on the top and bottom lines. Shares of Sonos slumped more than 19% after missing analysts’ expectations.
Wednesday’s regular trading session saw all the major indexes rally, with the Dow Jones Industrial Average jumping 535.10 points, or 1.63%, to close at 33,309.51. The S&P 500 added 2.13% to 4,210.24 and hit its highest level since early May, while the Nasdaq Composite gained 2.89% to 12,854.80, its highest close since late April.
The moves came after the headline consumer price index for July came in at 8.5%, slightly cooler than the 8.7% expected by analysts surveyed by Dow Jones, and raised questions as to whether inflation has hit its peak and the Federal Reserve will need to hike rates as aggressively as anticipated when it meets next month.
Beaten-up tech shares that have borne the brunt of this year’s selloff drove Wednesday’s market rally as shares of Meta Platforms and Netflix jumped 5.8% and 6.2%, respectively. Battered chip names such as Nvidia and Advanced Micro Devices jumped nearly 6% and 4%, respectively.
“For today, we’re rallying, and I think it’s really because inflation has been such an overhang for investors and for the market,” Lindsey Bell, Ally Invest’s chief markets and money strategist told CNBC’s “Closing Bell” on Wednesday. “And I think what investors are thinking today is maybe the peak really has been put in the past.”
Earnings season continues Thursday with reports from Rivian, Warby Parker, Poshmark and more. July producer price index data is also slated for Thursday.