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
facebook X logo linkedin

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.

Futures 0213

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.


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%.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI