Stock Futures Sink as Inflation Fears Fester

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Schaeffer

Dow futures are down triple digits at last check

After a rough start to 2022, futures on the Dow Jones Industrial Average (DJI) are once again poised to move lower. Yesterday, Goldman Sachs (GS) analysts upped their rate-hike prediction for 2022 to four from three, creating some tension on Wall Street. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also both deep in the red, as the 10-year Treasury yield ticks up to 1.77% at last check. Looking ahead, investors are eager to unpack the latest inflation data later this week, as well as an uptick in earnings reports.

Continue reading for more on today’s market, including:  

  • Ditch this drug stock in January.
  • Cannabis stocks had a busy start to 2022.
  • Plus, SolarEdge lands on esteemed list; buyout drama from the video game sector; and the weed stock soaring premarket.   

Stock Futures Chart Jan 10

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.65 million call contracts traded on Friday, and 967,508 put contracts. The single-session equity put/call ratio fell to 0.59, and the 21-day moving average rose to 0.49.
  2. SolarEdge Technologies Inc (NASDAQ:SEDG) stock is in focus this morning, after the alternative energy company was added to Goldman Sachs’s “conviction buy” list. The analyst in coverage are bullish on SolarEdge’s battery storage capacity and profit margins. SEDG is down 32% year-over-year.
  3. Take-Two Interactive Software Inc (NASDAQ:TTWOstock is down 10.4% in electronic trading, after the video game maker agreed to buy Zynga (ZNGA) for $9.86 per share in a cash-and-stock deal. The implied total value comes out to $12.7 billion. TTWO is down 21% in the last 12 months.
  4. The shares of Tilray Inc (NASDAQ:TLRY) are up 13.7% before the bell, after the Canadian marijuana producer reported a 20% year-over-year jump in second-quarter revenue. Tilray stock was down nearly 68% in the last nine months heading into today.
buzz jan 10

Ukraine Border Crisis Weighs on European Markets

Asian markets were mixed on Monday, as investors monitored rising bond yields in the U.S. and surging Covid-19 infections across the globe. Still, Hong Kong’s Hang Seng added 1.1%, thanks in part to property developer Shimao Group, which is reportedly selling its residential and commercial real estate projects. Elsewhere, China’s Shanghai Composite added 0.4%, Japan’s Nikkei was slightly below breakeven with a 0.03% loss, and South Korea’s Kospi shed 1%.

European markets are pointed lower ahead of key stateside inflation data, with both the U.S. consumer price index (CPI) and producer price index (PPI) slated for release later this week. Investors are also eyeing talks between U.S. and Russia over Ukraine tensions. At last check, France’s CAC 40 is 0.7% lower, the German DAX is down 0.6%, and London’s FTSE 100 is pacing for a 0.2% drop.

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