Dow Futures Sharply Lower After Retail Sales Data

Fears of a hawkish Fed are sending stocks lower once more

Digital Content Manager
Feb 15, 2023 at 9:14 AM
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Stock futures are pointed firmly lower this morning, as traders unpack retail sales data. The number for January jumped 3% -- instead of analysts' anticipated 1.9% pop -- marking its quickest monthly rise in nearly two years.

The upbeat report underscores robust demand, and fears of an increasingly hawkish Federal Reserve have stocks heading lower. At last check, Dow Jones Industrial Average (DJIA) futures are eyeing a 92-point drop, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are also lower.

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

  • Don't buy these stocks during President Day's week.
  • Tailwinds abound for Exxon Mobil stock.
  • Plus, ABNB pops after earnings; apparel stock downgraded; and Analog Devices raises quarterly dividends.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 679,385 put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.61 and the 21-day moving average stayed at 0.79.
  2. Airbnb Inc (NASDAQ: ABNB) reported a fourth-quarter earnings and revenue beat, and also issued an upbeat current-quarter forecast as travel demand stays strong amid recession fears. The stock is surging in response, last seen up 8.1% in premarket trading, while looking to add to its 41.4% year-to-date lead.
  3. Jefferies downgraded American Eagle Outfitters Inc (NYSE: AEO) to "hold" from "buy" and cut its price target to $16 from $18, sending shares 3.9% lower ahead of the open. The analyst in coverage cited the apparel sector's dismal performance in the last eight recessions. Year-over-year, AEO is down 29.3%.
  4. The shares of Analog Devices, Inc. (NASDAQ: ADI) is up 4.3% ahead of the open, after the semiconductor giant reported better-than-expected first-quarter earnings and revenue, amid strength in the industrial and automotive business. The company also raised its quarterly dividend by 13%. ADI has added 18.5% over the last 12 months.
  5. Today also brings the industrial production index, the National Association of Home Builders (NAHB) home builders' index, and business inventories. 

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European Markets Higher After U.K. CPI Data

Asian markets slipped on Tuesday, following hotter-than-expected inflation data stateside. Hong Kong’s Hang Seng fell 1.4%, with consumer and healthcare names dragging the index, while China’s Shanghai Composite dropped 0.4%, amid news that China’s Central Bank kept its interest rates unchanged at 2.75%. Elsewhere, the South Korean Kospi dropped 1.5%, while Japan’s Nikkei fell 0.4%.

European markets are on the rise midday, after U.K. CPI data for January showed inflation falling for the third month in a row, coming in at 10.1%. London’s FTSE 100 is inching up 0.06% at last glance, while the French CAC 40 and German DAX are up 1.1% and 0.5%, respectively.

 

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