Stock Futures Seek Direction Ahead Of August Inflation Data Report
Stock futures appear to be on the rise on Tuesday morning. For the most part, investors would be keeping a close eye on a key inflation metric today. That is the consumer price index (CPI) figures for August. Currently, consensus estimates suggest that the CPI could climb by 0.4% month-over-month. Even as the broader stock market gains, investors should note that treasury yields are also following suit today. Namely, the yield on the 10-year Treasury note climbed by 1.34% earlier today.
Given the current uncertainty in the market, investors could be looking for some direction. Well, MJP Wealth Advisors president, Brian Vendig, has this to say, “It’s been consistent since the pandemic has started, to buy on dips. I definitely don’t see that behavior changing any time soon … I’d still say stay balanced toward equities, but be very selective in making sure that you’re picking the areas that can provide protection to margin, profitability growth, and also as a means to hedge off any unnecessary inflation.” As of 6:25 a.m. ET, the Dow, S&P 500, and Nasdaq futures are up by 0.11%, 0.11%, and 0.02% respectively.
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Apple Event Taking Center Stage Today
To begin with, consumer tech giant Apple (NASDAQ: AAPL) would be in focus in the stock market today. Naturally, this would be due to its annual fall event happening at 1:00 p.m. ET. later today. For the uninitiated, this is usually when the company releases its latest line of flagship smartphones, among other things. As such, it would be a highly anticipated occasion by consumers and investors alike.
Understandably, the main highlight of the event would be Apple’s iPhone 13. The company’s latest offering is expected to have a faster 120Hz display and satellite communications features to name a few. Alongside its latest iPhones, Apple could also be announcing the newest iteration of its operating system, iOS 15. The likes of which usually bring about software refinements throughout Apple’s massive tech ecosystem. Additionally, other next-gen Apple wares that are expected to drop include the Apple Watch Series 7 and a new set of AirPods. All of which would be major attention grabbers in their own regard.
Now, with AAPL stock up by 15% year-to-date, would investors be wise to jump on? If anything, Oppenheimer (NYSE: OPY) head of technical analysis Ari Wald seems to believe so. Wald said, “For us looking out the next three to six months, Apple really checks all the boxes for us. It’s got a bullish trend, bullish fundamentals according to our analyst that covers it, in a bullish sector as well.” Regardless, there will likely be plenty of attention on Apple today.
Cloudflare Seeing New Trends In The Crypto Security Space
In other news, Cloudflare (NYSE: NET) provided an alarming update on the newest target in the cybercriminal world. Yesterday, Cloudflare CEO Matthew Prince noted that crypto exchanges are becoming increasingly popular targets for cyberattacks. Prince cited an old adage saying, “Why do robbers rob banks? It’s because it’s where the money is.” In the current age, most would argue that crypto exchanges and cryptocurrencies are where the money is going now. This would especially be the case given the overall hype around digital currencies among millennial investors now.
Notably, Cloudflare has this information because of its work with several cryptocurrency exchanges and digital currencies. This includes the Ethereum network among others. Luckily for Cloudflare’s crypto exchange customers, Prince assured them that even as attacks get more innovative in the space, Cloudflare is “staying ahead of it”.
By and large, this would be yet another contributing factor to the rise in digital crimes now. As investor interest in the sector and general adoption of cryptocurrencies rise, the trend could continue. As a result, I could see more organizations turning towards top names in the cybersecurity space. This would include the likes of Cloudflare, CrowdStrike (NASDAQ: CRWD), and Zscaler (NASDAQ: ZS), to name a few. All in all, this could be another reason for investors to look out for the best cybersecurity stocks now.
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FuelCell Energy Earnings On Tap Before Opening Bell
FuelCell Energy (NASDAQ: FCEL) is set to report earnings before today’s opening bell. Overall, consensus estimates suggest that FuelCell could report a loss per share of $0.05 on revenue of $20.69 million for the quarter. This would be in comparison to a loss of $0.08 per share on revenue of $18.73 million in the year-ago quarter.
In brief, FuelCell, as the name suggests, is in the business of providing fuel cell tech to customers of varying sizes. Namely, the company is an upcoming player in the global sustainable clean energy tech field. Through its sustainable wares and related services, FuelCell caters to the clean energy needs of businesses, utilities, governments, and municipalities. According to the company, its fuel cell solutions offer a clean, efficient alternative to traditional combustion-based power generation. Not to mention, FuelCell’s offerings are also complementary to hybrid energy systems consisting of intermittent sources of energy. This would include energy generated by both solar and wind turbines.
Given the overall focus on the renewable energy industry throughout the past year, FCEL stock could be a viable play for eagle-eyed investors. Sure, the company’s operations would still have a ways to go. However, some would argue that FuelCell’s hydrogen-based operations would stand to benefit from the Democrat’s trillion-dollar infrastructure bill. Should things go as planned, we could see $8 billion being invested towards hydrogen-based projects. Even with gains of over 140% in the past year, there could yet be room for FCEL stock to run.
Notable Earnings To Watch Today
In terms of earnings, there are several names across the board that would be in focus today. For those keen on pre-market earnings, the likes of AstroNova (NASDAQ: ALOT), Mytheresa (NYSE: MYTE), and Core & Main (NYSE: CNM) are on tap.
On the other hand, if you’re looking for potential after-market movers, there are several notable tech names reporting earnings as well. This includes but is not limited to Aspen Group (NASDAQ: ASPU), Ibex (NASDAQ: IBEX), Skillsoft (NYSE: SKIL), and Kaspien (NASDAQ: KSPN). All in all, there are plenty of happenings in the stock market today to keep you on your feet.
