To The Moon

U.S. stock index futures fell on Thursday after weak economic data fueled recession worries, while investors await comments from more Federal Reserve officials for clues on the central bank's path of monetary tightening. Market Snapshot At 7:55 a.m. ET, Dow e-minis were down 279 points, or 0.84%, S&P 500 e-minis were down 35 points, or 0.89%, and Nasdaq 100 e-minis were down 117.75 points, or 1.03%. Pre-Market Movers Apple (AAPL) was falling 1.2%. The price target on shares of the iPhone maker was reduced to $180 from $190 by analysts at J.P. Morgan. Tesla (TSLA) fell 2.2% in premarket trading. Piper Sandler cut the target price on electric-vehicle maker Tesla's stock to $300 from $340. Netflix (NFLX) was down 1.2% in premarket trading ahead of quarterly earnings after the closing bell Thursday from the streaming giant. Alcoa (AA) was falling 6.5% after the aluminum maker reported that fourth-quarter revenue declined 20% on lower aluminum prices. Roblox (RBLX) shares fell 6.4% after Morgan Stanley downgraded the gaming company to underweight from equal weight and said theupside is limited following the stock's recent outperformance. Ford (F) fell 1.2% after Evercore ISI cut its price target on the stock, noting that automakers could struggle if a recession comes but see sales come back in the three to six months following. Procter & Gamble (PG) shed 3.8% after reporting mixed quarterly results before the bell. P&G’s adjusted earnings per share for the fiscal second quarter matched expectations at $1.59, but total revenue of $20.77 billion slightly topped estimates of $20.73 billion. Discover Financial Services (DFS) dropped 7.4% after the credit card company posted fourth-quarter earnings that beat estimates but also raised its provision for credit losses to $883 million in the period, up from $620 million a year earlier. Super Micro Computer (SMCI) was falling 2.4% although the server and computer products maker boosted its forecast for its fiscal second quarter. Charles Schwab (SCHW) fell 3.1% in premarket trading after the stock was downgraded to Underperform from Buy and the price target was lowered to $75 from $92. On Wednesday,Charles Schwabreported fourth-quarter earnings and revenue that missed analysts’ expectations. Chegg (CHGG) gained 2.3% following an upgrade to overweight from standard weight by KeyBanc. The firm cited the potential for EBITDA upside. Market News Fed Policymakers Call for Further Rate Hikes to Beat Inflation Federal Reserve policymakers on Wednesday signaled they will push on with more interest rate hikes, with several supporting a top policy rate of at least 5% even as inflation shows signs of having peaked and economic activity is slowing. "I just think we need to keep going, and we'll discuss at the meeting how much to do," Cleveland Fed President Loretta Mester said in an interview with the Associated Press. The remarks appeared to reflect a widely shared view among her fellow policymakers, most of whom as of December had penciled in a 5.00%-5.25% policy rate in coming months. New Zealand Prime Minister Ardern Announces Shock Resignation New Zealand Prime Minister Jacinda Ardern announced she is stepping down in a shock resignation ahead of a general election later this year. Ardern, 42, who became the world’s youngest female leader when she led her Labour Party to power in 2017, doesn’t have the energy or inspiration to seek re-election, she told reporters Thursday. She named the election date as Oct. 14. “I have given my absolute all to being prime minister but it has also taken a lot out of me,” she said in Napier, where Labour is holding a caucus meeting. “I know what this job takes, and I know that I no longer have enough in the tank to do it justice. It is that simple.” $(FT_SY_YM)$ $(FT_SY_NQ)$ $(FT_SY_ES)$ $(AA)$ $(DFS)$ $(SMCI)$ $(AAPL)$ $(SCHW)$ $(NFLX)$ $(RBLX)$ $(CHGG)$ $(PG)$ $(F)$ $(TSLA)$