Dow Futures Down After Inflation Data

Dow Jones Industrial Average (DJI) futures are trading below fair value, with stocks set to snap a five-day winning streak. Investors this morning are digesting the latest inflation data, with the consumer price index (CPI) for December matching expectations, dipping 0.1% for the month. But even if the pre-market losses hold, and with trade and political uncertainties lingering, the Dow, S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) should be safe to notch weekly wins.

Continue reading for more on today's market, including: 

• How options traders are playing the cannabis craze.
• A biotech flashing a bearish signal.
• Short-term traders flocked to retail ETF XRT during the sector's sell-off.
• Plus, another Netflix upgrade; a China warning for Starbucks; and 2 notable losers.

5 Things You Need to Know Today

1. The Chicago Board Options Exchange (CBOE) saw 895,503 call contracts traded on Thursday, compared to 584,037 put contracts. The single-session equity put/call ratio jumped to 0.65, and the 21-day moving average slipped to 0.71.
2. Netflix, Inc. (NASDAQ:NFLX) received another bull note this morning, with UBS upgrading the shares to "buy" from "neutral" and lifting its price target to $410 from $400. Raymond James also upgraded NFLX to "strong buy" from "outperform" and boosted its price target to $450 from $435. The FAANG stock is pointed 2.1% higher in electronic trading.
3. Another analyst note grabbing attention this morning comes from Goldman Sachs. The firm pointed to potential weakness out of China that could hurt Starbucks Corporation (NASDAQ:SBUX), and it downgraded the coffee giant to "neutral" from "buy" and cut its price target by $7 to $68. While SBUX is set to dip at the open, it should hold above the 80-day moving average that's provided strong support in recent weeks. 
4. Taking a quick look at two other notable pre-market losers, Activision Blizzard, Inc. (NASDAQ:ATVI) is pointed 9% lower after the video game company transferred the rights to its "Destiny" game to publisher Bungie. Meanwhile, Weight Watchers International, Inc. (NASDAQ:WTW) stock could hit fresh lows after a downgrade to "neutral" at J.P. Morgan Securities. So much for those diet season tailwinds.
5. The Treasury budget will come out. Earnings are due out from Aphria (APHA). Next week traders will digest Netflix earnings.

Asian Markets Rise; Europe Down on Brexit Questions

Asian stocks finished higher, with markets taking their bullish cues from Wall Street. Japan's Nikkei outpaced its peers, adding 1% even after data showed household spending fell for a third straight month in November, though income for salaried households rose for the first time in five months. China's Shanghai Composite climbed 0.7% as the yuan wrapped up its best week since July 2005, while Hong Kong's Hang Seng and South Korea's Kospi rose 0.6% apiece.

European markets have turned lower at midday on fresh Brexit anxiety. Most recently, reports surfaced the withdrawal of Britain from the European Union (EU) could be delayed past its scheduled date of Thursday, March 29, due to a backlog of unpassed bills. Plus, U.K. gross domestic product (GDP) slowed in the three months through November. At last check, London's FTSE 100 is down 0.3%, the German DAX is off 0.6%, and the French CAC 40 is flirting with an 0.8% loss.