Red-Hot Inflation Data Pressures Index Futures Lower

Cleveland Fed President Loretta Mester said rates need to rise above 5%

Digital Content Manager
Feb 24, 2023 at 9:16 AM
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Futures on the Dow Jones Industrial Average (DJIA) are eyeing a 367-point drop this morning, as investors digest the core personal consumption expenditures (PCE) price index, which showed the 12-month inflation rate rising to a hotter-than-expected 5.4%, following a 0.6% pop in January. Plus, consumer spending picked up last month. This red-hot inflation data comes after comments from Cleveland Federal Reserve President Loretta Mester, who said interest rates need to rise above 5%. 

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

  • Healthcare REIT options bears love.
  • Buy the dip on Southern Copper stock.
  • Plus, Boeing pauses deliveries; and 2 stocks moving in opposite directions after earnings.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 962,903 put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.76 and the 21-day moving average stayed at 0.79.
  2. Boeing Co (NYSE:BA) paused deliveries of 787 Dreamliners to further analyze a fuselage issue. The blue-chip stock is down 2.7% ahead the bell, but has added 64% over the last nine months.
  3. The shares of Beyond Meat Inc (NASDAQ:BYND) are up 13.3% before the open, after the plant-based name posted smaller-than-expected fourth-quarter losses, as well as revenue beat. However, quarterly sales dipped over 20%. Year-over-year, the security is down 63.8%.
  4. Online used car retailer Carvana Co (NYSE:CVNA) is down 9.6% in premarket trading, following worse-than-expected fourth-quarter results, with revenue falling 24% year-over-year. In the last six months, CVNA has shed 73.8%, but in 2023 it boasts a 112.7% lead.
  5. The week closes out with personal income, new home sales, and consumer sentiment data. 

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European Markets Mixed on Earnings, Economic Data

Asian markets mostly fell on Friday, with the exception of Japan’s Nikkei, which added 1.3%, as investors unpacked remarks from Kazuo Ueda, the Bank of Japan’s (BoJ) nominated leader. Meanwhile, Japan’s Core inflation came in at 4.2%, its highest level since 1981. Hong Kong’s Hang Seng led the losses with a 1.7% drop, while China’s Shanghai Composite and the South Korean Kospi both shed 0.6%.

European Markets are mixed, as the bourses unpack corporate earnings as well as economic data. Germany’s economy contracted by 0.4% in the fourth quarter last year, while France and Germany’s consumer confidence declined in February. British consumers, on the other hand, turned slightly more optimistic. London’s FTSE 100 is up 0.1% at last glance, while the French CAC 40 falls 0.5%, and the German DAX drops 0.7%.

 

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