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Stock futures rise as traders look ahead to November wholesale inflation report
Carmen Reinicke
Markets set for slightly higher open ahead of wholesale inflation reportWATCH NOW
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Markets set for slightly higher open ahead of wholesale inflation report
Stock futures rose slightly Friday as investors looked ahead to new inflation data.
Futures tied to the Dow Jones Industrial Average climbed 112 points, or 0.3%. S&P 500 futures and Nasdaq 100 futures were up 0.5% and 0.6%, respectively. Shares of Lululemon fell more than 6% after the company gave a weaker-than-expected fourth-quarter outlook.
The S&P 500 on Thursday rallied to snap five days of losses — its longest streak since October. The broad-market index gained 0.75%, and the Dow gained 183.56 points, or 0.55%. The Nasdaq posted the strongest performance of the day, rallying 1.13%.
Even with Thursday’s gains, all three major averages are on track for weely losses. The S&P 500 is off by 2.6%, while the Nasdaq is down more than 3%. The Dow shed 1.8%.
Investors are awaiting the Friday release of the November producer price index report, poised to offer further information regarding how the Federal Reserve’s interest rate hikes are working to tame high inflation.
″[The stock market] really has been so dependent on inflation this year and it’s likely to continue to depend on inflation,” said Courtney Garcia, senior wealth advisor at Payne Capital Management, on CNBC’s “Fast Money” on Thursday.
Next week, one more inflation print and a Federal Reserve meeting are top of mind for traders. The November consumer price index report due Dec. 13 will further show if inflation is subsiding.
The central bank is widely expected to deliver a smaller interest rate hike of 50 basis points at the conclusion of its December policy meeting next week.
35 MIN AGO
Lululemon falls on soft holiday forecast
Shares of Lululemon tumbled 7% before the bell Friday after sharing a weak outlook for the fourth quarter.
The popular athletics apparel retailer beat analysts’ top and bottom line estimates, with earnings beating expectations by 3 cents a share. Revenue came in at $1.86 billion versus the expected $1.81 billion.
For the holiday period, Lululemon said it expects earnings to range between $4.20 and $4.30 a share, compared to estimates of $4.30. It also expects revenue between $2.605 billion and $2.655 billion, compared to the expected $2.649 billion.
The company modestly raised its forecast for the full year.
Lululemon shares fall
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The chart has 1 X axis displaying Time. Range: 2022-12-08 16:00:00 to 2022-12-09 07:57:00.
The chart has 1 Y axis displaying values. Range: 320 to 380.
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cnbc.com
Thursday, Dec 8, 7:05 pmLULU: 347.05
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14 HOURS AGO
Economists expect slight increase in producer price index
Economists expect that wholesale prices ticked up slightly in November, in-line with the pace of the previous month.
The consensus for November’s producer price index, due Friday, is a seasonally-adjusted 0.2% increase on a monthly basis, according to FactSet data. On the year, economists surveyed by FactSet expect a 7.2% increase.
In October, the index rose 0.2% on the month, less than anticipated. It also notched an 8% yearly gain, according to data from the Bureau of Labor Statistics.
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14 HOURS AGO
Stock futures are little changed ahead of Friday inflation report
Stock futures were flat Thursday evening as Wall Street looks ahead to the November producer price index report, which will give more information on inflation when it’s released Friday.
Futures tied to the Dow Jones Industrial Average rose 2 points, or 0.01% at the start of futures trading. S&P 500 futures and Nasdaq 100 futures were up 0.01% and down 0.002%, respectively.
Shares of Lululemon fell nearly 7% after the company gave a weaker-than-expected fourth-quarter outlook, even though it beat Wall Street expectations with its third-quarter results.
—Carmen Reinicke