Stock Futures Add to Thursday's Comeback After Inflation Reading

Oil futures, meanwhile, are waffling

Deputy Editor
Feb 25, 2022 at 9:12 AM
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Stocks staged a massive comeback in the final hours of trading on Thursday, as investors weighed the implications of the escalating conflict between Russia and Ukraine. Stock futures are looking to extend this bounce today, with the Dow Jones Industrial Average (DJI) pointed 192 points higher, while the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also signaling solid gains -- though all three indexes still remain in correction territory and are eyeing weekly losses.

Oil prices, which have been surging recently, are taking a breather. West Texas Intermediate crude was last seen down 0.7% at $92.19 per barrel. Investors are also sifting through an update to the core personal consumption expenditures (PCE) index -- known as the Federal Reserve's primary inflation gauge -- which rose by 5.2% to its highest level since April 1983, slightly higher than estimates. 

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

  • The battered EV stock options bears are targeting right now.
  • The ins and outs of covered call trading
  • Plus, CNK shares surprise profits; COIN issues current-quarter warnings; and KAR surges on acquisition news. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 1.61 million call contracts traded on Thursday, and 1.08 million put contracts. The single-session equity put/call ratio rose to 0.67, and the 21-day moving average stayed at 0.56.
  2. The shares of Cinemark Holdings, Inc. (NYSE:CNK) are up 2.4% in premarket trading, extending yesterday's 6.6% pop, after the movie theater company reported a surprise fourth-quarter profit, and revenue that topped analysts' estimates, thanks to loosening Covid-19 restrictions and a jump in attendance. The security is making its way back up the charts, but still suffers a 22.1% year-over-year deficit. 
  3. Coinbase Global Inc (NASDAQ:COIN) is also enjoying a post-earnings pop this morning after its fourth-quarter profits of $3.32 per share handily topped analysts' expectations. COIN also shared a revenue beat, though it did issue a current-quarter warning concerning its transaction volume. The stock yesterday hit a record low of $155.92 during intraday trading, but settled with a win. 
  4. KAR Auction Services Inc (NYSE:KAR) stock is upa whopping 65.6% this morning after the company agreed to be bought by sector peer Carvana (CVNA) in a $2.2 billion deal. KAR is set to open at its highest level in over two years, while CVNA is up 2.5% in pre-market trading. 
  5. Investors can expect data on personal income, consumer spending, and the University of Michigan consumer sentiment report. There will also be more inflation data to dig through, including monthly core inflation for January, and 5-year inflation expectations. 

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European, Asian Markets Join Rebound 

Markets in Asia were mostly higher today, taking their cues from the stunning market rebound in the U.S. Japan's Nikkei led the winners with a 2% gain, while China's Shanghai Composite rose 0.6%, and the South Korean Kospi added 1.1%. Hong Kong's Hang Seng was the only loser, shedding 0.6%.

European bourses are higher midday, as investors continue to monitor Ukraine. London's FTSE 100 is up 2.8%, while the French CAC 40 and German DAX both rose 2.6%. Going forward, investors will be keen to see how more economic sanctions against Russia imposed by the European Union and the United States impact global markets.

 




 
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