Red-Hot CPI Reading Pressures Stock Futures Lower

Big Tech stocks are reacting negatively to the inflation news

Digital Content Manager
Feb 13, 2024 at 9:16 AM
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Hotter-than-expected inflation data is pressuring stocks ahead of the open, with Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) futures pointed sharply lower. The consumer price index (CPI) for January ticked 0.3% higher, bringing the annual rate to 3.1%, compared to the anticipated 0.2% rise. The 10-year Treasury yield is surging in response, as Big Tech plummets.

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

  • A pre-earnings look at Occidental Petroleum stock.
  • What's next for the SPX, per Senior V.P. of Research Todd Salamone.
  • Plus, Coca-Cola's revenue beat; BIIB moves lower; and activist investor reveals JBLU stake.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts and 990,580 million put contracts traded on Monday. The single-session equity put/call ratio rose to 0.55, while the 21-day moving average remained at 0.71.
  2. Coca-Cola Co (NYSE:KO) came in line with fourth-quarter earnings expectations, and also reported a revenue beat amid higher prices and strong demand. Shares are up 1.3% ahead of the open, but have fallen more than 6% over the last nine months.
  3. Biogen Inc (NASDAQ:BIIB) stock is down 3.9% in premarket trading, after the company announced a top- and bottom-line miss for the fourth quarter. Falling multiple sclerosis drug sales and Alzheimer’s drug Aduhelm losses contributed to these dismal results. BIIB already carries a 14.5% year-over-year deficit.
  4. Activist investor Carl Icahn called JetBlue Airways Corporation (NASDAQ:JBLU) stock "undervalued," and also reported a nearly 10% stake in the airline yesterday. The security is up 15.5% in premarket trading, but over the last 12 months dropped 27%.
  5. Retail sales and inflation data are on tap next week.

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Nikkei Hits Milestone; European Markets Muted

Japan’s Nikkei crossed above 38,000 for the first time since 1990 today, before paring those gains to settle just below that level with a 2.9% pop. The country’s producer price index (PPI) and exports were unchanged from last month, while imports rose 1.1%. The South Korean Kospi rose today as well, adding 1.1%, while China’s markets remained closed for the Lunar New Year holiday.

European bourses are slipping, as all eyes point to stateside inflation data. London’s FTSE 100 is down 0.2% at last glance, while the French CAC 40 is off 0.4%, and the German DAX falls 0.5%.

 

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