Stock futures mixed ahead of PPI report

Markets have more room to the upside: Investment researcher

Ken Leon, Center for Financial Research and Analysis research director, argues large-cap high quality growth stocks are driving markets. 

U.S. stock futures were little changed Tuesday as investors await the latest reading on inflation.

Dow Jones Industrial Average futures fell 81 points, or 0.21%, while S&P 500 futures slipped 0.09% and Nasdaq 100 futures ticked up 0.11%. The mixed session comes a day after all three of the major averages closed at all-time highs. 

The producer price index is expected to have risen 0.6% in October, which would be a 0.1-percentage-point increase from the September reading. 

Ahead of the report, the yield on the 10-year note was down three basis points to 1.46%. 

In stocks, General Electric Co. announced plans to break up into three separate companies focused on aviation, health care and energy. The aviation company will use the General Electric name once the split is complete. 

Robinhood Markets Inc. said a security incident that occurred last week resulted in a hacker obtaining the personal information of 7 million customers. The company says it doesn’t believe any customer social security, bank account numbers or debit card numbers were exposed.  

In earnings, AMC Entertainment Holdings Inc. reported a smaller than expected loss and revenue that exceeded Wall Street estimates but said attendance was below pr-pandemic levels. The theater chain said it is exploring launching its own nonfungible tokens.  

PayPal Holdings Inc. missed on revenue and gave a disappointing sales outlook for the remainder of the year. The payments company announced a partnership with Amazon that will allow Amazon customers to use the Venmo app to make purchases on the e-commerce site. 

Palantir Technologies Inc. said quarterly revenue spiked 36% year over year, topping estimates, as the data-analytics firm landed more government contracts and deals. Earnings were in line with analysts’ expectations. 

Coinbase Global Inc., Krispy Kreme Inc. and Wynn Resorts Ltd. are among the companies set to report after Tuesday’s closing bell. 

In commodities, West Texas Intermediate crude oil jumped 35 cents to $82.28 a barrel while gold slipped $2.20 to $1,825.80 an ounce. 

Overseas markets were mostly higher.

European bourses rallied across the board with Britain’s FTSE 100 rising 0.05%, Germany’s DAX 30 advancing 0.2% and France’s CAC 30 climbing 0.25%. 

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In Asia, Japan’s Nikkei 225 lost 0.75% while Hong Kong’s Hang Seng index and China’s Shanghai Composite index edged up 0.2% and 0.24%, respectively. 

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