Stock futures are on the rise this morning, ready to build off the record closes from the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) last night. Futures on the Dow Jones Industrial Average (DJI) are up triple digits this morning, as the blue-chip index looks for a fifth-straight triple-digit move. Investors are optimistic yesterday's softer-than-expected consumer price index (CPI) reading will result in Federal Reserve rate cuts; CME's FedWatch tool now shows a 94% chance the central bank cuts rates at its September meeting.
Continue reading for more on today's market, including:
- Analysts are loving this cybersecurity stock ahead of earnings.
- ICYMI: airline sector boosted by CPI data.
- Plus, 2 restaurant stocks making big moves; and SAIL upgraded.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 2.2 million call contracts and more than 1.3 million put contracts traded on Tuesday. The single-session equity put/call ratio came in at 0.60, while the 21-day moving average stayed at 0.59.
- Fast-casual restaurant stock Cava Group Inc (NYSE:CAVA) is down 24.6% premarket, after the fast casual restaurant chain lowered its annual sales growth target. Though earnings beat estimates, the firm also posted a revenue miss, while same-store sales came in below expectations. Several analysts lowered their price targets after the event. Heading into today, CAVA is down 25.1% year to date.
- Brinker International Inc (NYSE:EAT) stock is up 8.8% before the bell, after the Burger King parent reported mixed fiscal fourth-quarter results and a raised full-year revenue forecast. Ahead of today's trading, EAT is up 17% since the start of the year.
- Software stock SailPoint Inc (NASDAQ:SAIL) is 6.5% higher in electronic trading, after an upgrade from J.P. Morgan Securities to "overweight" from "neutral." Publicly traded since February of this year, today's pop should cut into the stock's 15.2% August deficit.
- Most of this week's economic data is scheduled for this Friday.
Nikkei Hits All-Time Highs
Asian markets finished higher across the board after U.S. inflation data quelled concerns and bolstered expectations for interest rate cuts. Japan’s Nikkei was the clear winner, however, climbing 1.3% to break above the 43,000 mark for the first time. Hong Kong’s Hang Seng jumped 2.6%, fueled by strong Q2 earnings from streaming leader Tencent Music Entertainment (TME). China’s Shanghai Composite added 0.5%, while South Korea’s Kospi rose 1.1% after news that two new leaders will be appointed to head the Financial Services Commission (FSC).
In Europe, markets are making up ground after losses earlier this week. London’s FTSE 100 was last seen up 0.2%, while France’s CAC 40 is gaining 0.5%, and Germany’s DAX is eyeing a 0.8% increase, lifted by travel group Tui’s optimistic fiscal third-quarter results.
