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. 


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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