Stock Futures Edge Higher on Revised Inflation Reading

The S&P 500 could move back above 5,000 today

Digital Content Manager
Feb 9, 2024 at 9:19 AM
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Futures on the Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) are pointed higher this morning, after encouraging inflation data was released. More specifically, the consumer price index (CPI) for December was revised lower, now showing a 0.2% increase. Treasury yields are falling in response, while the major indexes now on track for their fifth-straight weekly win, and the SPX eyes another move above the psychologically significant 5,000 level.

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

  • How to profit from short call spreads.
  • Shipping stock could finally conquer its ceiling.
  • Plus, behind Cloudflare stock's surge; PepsiCo misses on revenue; and a sinking social media name.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts and 1 million put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.62, while the 21-day moving average remained at 0.71.
  2. Cloudflare Inc (NYSE:NET) stock is up 22.3% in premarket trading, after the company reported a fourth-quarter earnings and revenue beat, in addition to an upbeat current-quarter forecast. The cybersecurity name attributed the positive results to contracts with new and existing costumers. In the last 12 months, NET added 55.5%.
  3. PepsiCo Inc (NASDAQ:PEP) missed revenue estimates for the fourth quarter, amid higher borrowing costs and slowing demand for its products thanks to increasing prices. PEP is down 1% ahead of the open, and has shed 11% over the past nine months.
  4. Social media concern Pinterest Inc (NYSE:PINS) issued a downbeat fiscal first-quarter outlook after yesterday's close, and reported a fourth-quarter revenue miss as ad spending competition ramps ups. Shares are down 8.5% before the bell, but still carry a 57.3% year-over-year lead.
  5. Retail, sales, and inflation data are all on tap next week.

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European Markets Muted; Nikkei Notches New High

Stocks in Asia were mostly closed for the holiday today. Japan’s Nikkei managed a marginal win, rising 0.09% after earlier eclipsing the 37,000 mark for the first time in 34 years. Hong Kong’s Hang Seng fell 0.8%, closed for a half-day amid the Lunar New Year holiday, while China’s Shanghai Composite and South Korea’s Kospi closed completely for the session.

European markets are muted this afternoon, as traders parse a batch of corporate earnings reports. At last glance, London’s FTSE 100 is 0.1% higher, while France’s CAC 40 is down 0.03%, and Germany’s DAX is up 0.04%.

 

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