Stock Futures Move Higher Ahead of Thursday Inflation Data

Stock futures are modestly higher, following yesterday's three-day win streak captured by the Nasdaq Composite Index (IXIC). Comments from U.S. Federal Reserve Chairman Jerome Powell had investors fatigued Tuesday, but tomorrow is looking to be a major day for inflation and big name bank earnings. At last check, futures on the Dow Jones Industrial Average (DJIA) are up 70 points, while futures on the S&P 500 Index (SPX) and Nasdaq-100 (NDX) eye a more neutral open.

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

• Schaeffer's Senior Quantitative Analyst Rocky White on why the third year of a Biden presidency could be a boon for stocks.
• A look at another Schaeffer's 2023 Top Stock Pick.
• Plus, two stocks suffering downgrades; and Tesla's latest production buzz.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 720.896 put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.64 and the 21-day moving average stayed at 0.80.
2. CarMax, Inc (NYSE:KMX) is down 1.3% before the bell, after a downgrade to "underweight" at J.P. Morgan Securities. The analyst in coverage said traders are not being cautious enough toward recovery risks for the auto retailer. CarMax stock has shed 43% over the past 12 months. 
3. Just one day off its latest layoff announcement, Coinbase Global Inc (NASDAQ:COIN) stock is down 2.7% in electronic trading following a bear note out of Bank of America. The brokerage downgraded COIN to "underperform" from "neutral," saying consensus estimates are "way too high." COIN has shed nearly 40% in the past three months.
4. The shares of Tesla Inc (NASDAQ:TSLA) are up 2.1% premarket, after the electric vehicle (EV) name registered to widen its factory production in Austin, Texas. Additionally, Tesla stock was named a "top pick" for 2023 at Goldman Sachs. TSLA has backpedaled more than 60% year-over-year. 
5. No notable updates are scheduled for today.

Unemployment Climbs to 11-Month High in South Korea

Stocks in Asia were mostly higher, as investors await the U.S. consumer price index (CPI) data tomorrow. Japan’s Nikkei led the region’s gainers, jumping 1%. South Korea’s Kospi added 0.4%, despite the unemployment rate in the country climbing 3.3% in December to an 11-month high. Rounding out the region, the Hong Kong Hang Seng added 0.5%, while China’s Shanghai Composite shed 0.2%.

European traders are also looking stateside, with the major bourses trading higher ahead of the release. The German DAX is leading the charge, last seen up 1.1%, while London’s FTSE 100 is 0.7% higher. In France, the CAC 40 is up 1%, after the Bank of France said the French economy is holding up better than expected and should be able to avoid a “hard landing.”