All three major indexes are higher before the bell
Stock futures are on the rise ahead of the open this morning, as the market looks to extend last week’s rebound. Wall Street is eagerly awaiting August’s consumer price index (CPI) reading, a key piece of inflation data due out tomorrow. In other news, a report from Reuters revealed that the White House has plans to further expand the recent curbs on semiconductor exports to China, with the Biden administration aiming “to protect U.S. national security and foreign policy interests.”
Continue reading for more on today’s market, including:
- 2 cannabis stocks made moves last week.
- Keep an eye on this undervalued e-commerce stock.
- Plus, Alphabet unveils secret project; another Twitter acquisition update; and a surprising problem at Goldman Sachs.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.76 million call contracts traded on Friday, and 919,122 put contracts. The single-session equity put/call ratio fell to to 0.52, while the 21-day moving average stayed at 0.66.
- Alphabet Inc (NASDAQ:GOOGL) is marginally higher before the open, after the tech giant announced that its team has been secretly working on a high-speed telecom project called Aalyria, which the company says will “radically” improve satellite communications, Wi-Fi on planes and ships, and cellular connectivity. GOOGL is 23.6% lower year-to-date.
- Twitter Inc (NYSE:TWTR) is 0.9% lower premarket, after the social media concern said Elon Musk’s third attempt to call off his $44 billion acquisition invalid. Still, TWTR continues to pull away from its 2022 breakeven level.
- A surprising subprime problem is popping up at Goldman Sachs Group Inc (NYSE:GS), with the firm experiencing the worst loss rate on credit card loans among the big U.S. card issuers. GS is brushing off the news so far, up 0.4% premarket, but remains down nearly 16% in the last 12 months.
- The week kicks off with the New York Federal Reserve’s 3-year inflation expectations.
Stocks Higher Overseas as Well
Japan’s Nikkei added 1.2% on Monday, with travel stocks leading the charge amid reports that the country is set to resume individual travel and remove a daily limit on overseas arrivals. China’s Shanghai Composite, Hong Kong’s Hang Seng, and South Korea’s Kospi were closed for a holiday.
European stocks are higher at last check, as investors await U.S. inflation data for August later this week, especially after the European Central Bank’s (ECB) interest rate hike last week. In other news, surging inflation in the U.K. continues to limit economic growth, with the British economy growing a narrower-than-expected 0.2% in July. Nevertheless, London’s FTSE 100 and France’s CAC 40 are both 1.3% higher, while the German DAX was last seen up 1.7%.