Futures Point Lower Wednesday as Fed Squashes Dovish Pivot Speculation

Last Updated: Wednesday, October 5, 2022 8:35 AM | Nick Dey

First Look

Futures are pointed lower Wednesday morning as doubts rise over a dovish pivot in monetary policy after Fed officials suggested a high bar for slowing the pace of rate hikes. The ISM non-manufacturing index is expected to slow to a reading of 56% in September from 56.9% in July. Twitter (TWTR) is slightly lower in pre-market trading after surging yesterday on news Elon Musk will acquire the company at the original price. Meanwhile, Helen of Troy (HELE) is down 13.24% despite topping earnings estimates as full-year 2023 earnings and revenue guidance fell below consensus. The S&P is down -0.85%, the Nasdaq is down -0.86%, the Dow Jones is down -0.87%.

Today's Sentiment

Neutral

Quote of the Day

Our history is not our destiny.
Alan Cohen

Stocks on the Move

Higher

  • Emerson Electric Co. (EMR)
  • Church & Dwight Co., Inc. (CHD)
  • Ford Motor Company (F)
  • Walmart Inc (WMT)
  • Tyson Foods, Inc. (TSN)

Lower

  • Lumen Technologies Inc (LUMN)
  • Nucor Corporation (NUE)
  • Carnival Corp (CCL)
  • PG&E Corporation (PCG)
  • Freeport-McMoRan Inc (FCX)

Upgrades & Downgrades

Upgrades

  • Ford Motor Company (F)
  • Avantor Inc (AVTR)
  • Silicon Motion Technology Corp. (SIMO)
  • Church & Dwight Co., Inc. (CHD)

Downgrades

  • Cross Country Healthcare, Inc. (CCRN)
  • Penumbra Inc (PEN)
  • Poshmark Inc (POSH)
  • Sotera Health Co (SHC)
  • Morgan Stanley (MS)
  • Laredo Petroleum Inc (LPI)

International Markets

Stocks in Asia are mixed. The Hang Seng is up 5.9%, the Mumbai Sensex is up 2.25%, the Australia ASX All Ordinaries is up 1.82% the Nikkei 225 is up 0.48% and the Shanghai SE Composite Index is down -0.55%. Stocks in Europe are down. The FTSE 100 is down -0.9%, the DAX is down -0.86%, the Euro Stoxx 50 is down -0.85% and the CAC 40 is down -0.66%.

Futures & Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is down -0.05 at 86.47 per barrel. Brent crude is up 0.03 at 91.83 per barrel. Natural Gas is down -0.09 at 6.74. Precious metals are down this morning. Gold is down -21 at 1705.13 per ounce. Platinum is down -16.82 at 917.93 while silver is down -0.75 at 20.35. The dollar is up compared to the major currencies today. The greenback is up against the euro, up against the Yen and up against the Pound. Bitcoin is up 0.44% to $20,025.84 while Ethereum is down -1.09% to $1,335.42.

Put/Call Ratio

Yesterday, 1,144,008 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 733,697 put contracts. The single-session put/call ratio was 0.64.

Today's Economic Calendar

No. What's Happening? Period Release Time
1 ADP Employment Change Sep 08:15 ET
2 ISM Non-Manufacturing Index Sep 10:00 ET
3 EIA Crude Oil Inventories 10/01 10:30 ET

Earnings Expected Today

BYRN, HELE, LW, RELL, RGP, RPM

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