The S&P 500 is coming off its biggest weekly jump of 2022
Stock futures are pointed toward muted gains on Monday, as investors look back at another volatile week. Despite some shakiness, all three indexes scored their second week of wins, and the S&P 500 Index (SPX) logged its best week of 2022. It looks like some of Friday's optimism has leaked into today, as the aforementioned S&P 500 and the Nasdaq-100 Index (NDX) head higher, while the Dow Jones Industrial Average (DJI) is signaling a quiet 38-point pop.
This relatively quiet trading comes just ahead of a key inflation report, with the Labor Department set to release January's consumer price index (CPI) data on Thursday, with Wall Street pricing in the number's fastest gain since February 1982 at 7.2%. Meanwhile, the 10-year Treasury yield, which weighed on stocks during Friday's session, is also relatively unchanged ahead of the market open.
Continue reading for more on today's market, including:
- These 17 cannabis names ran wild last week.
- The bearish ETF flashing a rare signal on the charts.
- Plus, HAS shares top- and bottom-line beat; SAVE soars on fresh acquisition; and BUMBL buys French dating app.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.56 million call contracts traded on Friday, and 950,859 put contracts. The single-session equity put/call ratio fell to 0.61, and the 21-day moving average stayed at 0.54.
- The shares of Hasbro, Inc. (NASDAQ:HAS) are up 2.2% ahead of the bell, following the toymaker's top- and bottom-line beat for its fourth quarter. HAS also lifted its quarterly dividend by 3% to $0.70 per share.
- Spirit Airlines Incorporated (NYSE:SAVE) just announced it would purchase sector peer and rival Frontier Airlines, owned by Frontier Group Holdings Inc (NASDAQ:ULCC), in a stock swap deal valued at roughly $6.6 billion, which includes assumed debt. SAVE is up 11.8% ahead of the bell, and ULCC is down 2.6%.
- Bumble Inc (NASDAQ:BMBL) said it acquired the French dating app company Fruitz, which is popular among Gen Z. Though it didn't state how much it paid for the app, this marks Bumble's first acquisition. BMBL was up 0.1% before the open.
- Data on consumer credit is due out today.
Investors Eye ECB Decision, Russia-Ukraine Tensions
Stocks in Asia were mostly lower today, as mainland markets returned from the Lunar New Year Holiday. China’s Shanghai Composite paced the region with a 2% gain, while Hong Kong’s Hang Seng gave back gains at the last minute to finish marginally lower. Elsewhere, South Korea’s Kospi and Japan’s Nikkei shed 0.2% and 0.7%, respectively.
Markets in Europe are marginally higher midday, with the German DAX sporting a 0.4% lead at last check. Investors are still weighing last week’s decisions from the European Central Bank (ECB), while cautiously eyeing the tensions between Russia and Ukraine. London’s FTSE 100 is 0.5% higher, while the French CAC 40 is up 0.3%.