Stock Futures Cool From Tuesday's Rebound

Retail sales saw a bigger-than-expected jump in January

Digital Content Manager
Feb 16, 2022 at 9:05 AM
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Stock futures are taking a step back after staging an impressive rebound that saw all three major indexes snapping a three-day losing streak on Tuesday. The Dow Jones Industrial Average (DJI) is pointed 20 points lower, while futures on the S&P 500 (SPX) and Nasdaq-100 Index (NDX) are also eyeing muted losses. Attention is still very much fixed on the turmoil happening between Russia and the Ukraine, with signs that tension may be easing cropping up earlier this week. However, the North Atlantic Treaty Organization (NATO) just accused Russia of continuing to build up troops at the Ukrainian border, which in turn is sending energy and oil prices skyrocketing this morning. 

The Federal Reserve's meeting minutes release is also at the forefront of Wall Street's collective consciousness, with more interest rate hikes expected from the central bank. Meanwhile, retail sales saw a 3.8% surge last month, coming in much higher than anticipated amid the recent balloon in inflation. 

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

  • Why analysts are looking toward small caps right now, according to Schaeffer's Senior Quantitative Analyst Rocky White. 
  • Another look at Avis Budget stock's post-earnings pullback
  • Plus, WYNN shares wider-than-expected Q4 losses; SHOP drops after earnings; and ABNB's upbeat current-quarter forecast. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.24 million call contracts traded on Tuesday, and 620,915 put contracts. The single-session equity put/call ratio fell to 0.50, and the 21-day moving average stayed at 0.55.
  2. Wynn Resorts, Limited (NASDAQ:WYNN) stock is down 2.8% in premarket trading after the casino name posted a wider-than-expected fourth-quarter loss. The company's revenue beat estimates but dropped 28%. 
  3. The shares of Shopify Inc (NYSE:SHOP) are down 6.2% ahead of the bell after the company warned that its 2022 revenue growth would slow down, overshadowing a top- and bottom-line beat for its fourth quarter. 
  4. Airbnb Inc (NASDAQ:ABNB) had better luck in the earnings confessional, posting better-than-anticipated fourth-quarter earnings and revenue, as well as a sunny current-quarter forecast. ABNB is up 3.3% in premarket trading. 
  5. Things will pick up today, with data on retail sales and the import price index out before the open, Industrial production numbers, business inventories data, and the National Association of Homebuilders (NAHB) index is also due out. Plus, the Federal Open Market Committee (FOMC) meeting minutes will be released.

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Asian Markets Rise as Investors Sift Through Inflation Data

Stocks in Asia were higher today, led by Japan's Nikkei, which posted a 2.2% pop. China's consumer price index (CPI) rose 0.9% in January, which was slightly less than the 1% expected by analysts. Its producer price index (PPI) came in below expectations as well, rising 9.1%, with both readings nevertheless boosting sentiment. Rounding out the region, China's Shanghai Composite added 0.6%, Hong Kong's Hang Seng jumped 1.5%, and the South Korean Kospi tacked on 2%.

European markets, on the other hand, are slipping midday, as investors eye corporate earnings as well as the ongoing situation between Russia and the Ukraine, with potential sanctions against Russia still looming. At last check, London's FTSE 100 is down 0.4%, while the French CAC 40 and German DAX are both 0.2% lower.

 

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