Stocks look set for a mixed open as global economic data disappointed.
German industrial production missed estimates for the same reason many economic data have missed elsewhere: supply chain constraints. The result came in at a decline of 1% month-over-month, against expectations for a 0.5% rise. Companies around the world are having trouble meeting demand with the supplies needed.
“Stock futures are wavering between gains and losses this morning as traders digest mixed economic data and look ahead to a key inflation report due later in the week,” writes Tom Essaye, founder of Sevens Report Research.
The core U.S. consumer-price index will hit the wires Thursday. Recently, supply chain constraints have lifted materials costs for manufacturers, who have then lifted prices, resulting in higher-than-expected consumer inflation. Investors are vigilantly watching the incoming inflation data.
Here are five stocks making moves in Tuesday’s premarket action:
Wendy’s (WEN) stock rose 19% and may be a newly popular “meme stock.”
Target (TGT) stock added 1.4% after getting upgraded to Buy from Neutral at UBS.
Delta Air Lines (DAL) stock gained 1.7% after getting upgraded to Buy from Hold at Jefferies.
EOG Resources (EOG) stock dropped 0.3% after getting downgraded to Hold from Accumulate at Johnson Rice.
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