Stock Futures Attempt to Brush Off Tuesday Losses

Futures on the S&P 500 are also sharply higher

Digital Content Manager
Feb 14, 2024 at 9:16 AM
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Wall Street is trying to offset some of yesterday's major losses, with futures on the Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) leading the pack, while S&P 500 Index (SPX) futures are also higher. A higher-than-expected consumer price index (CPI) reading for January and surging Treasury yields were to blame for the blue-chip benchmark's worst session in nearly 12 months, with more inflation data on tap this week.

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

  • Worst stocks to own during Presidents' Day week.
  • Bull signal has never failed Peabody stock.
  • Plus, Airbnb stock brushes off earnings beat, and 2 ridesharing stocks surging today.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 933,766 million put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.65, while the 21-day moving average remained at 0.71.
  2. Airbnb Inc (NASDAQ:ABNB) stock is brushing off a fourth-quarter revenue beat and a better-than-expected fiscal first-quarter guidance, down 3.9% in premarket trading. Over the last nine months, the security added 43.%, but still carries a 29% year-over-year deficit.
  3. LYFT Inc (NASDAQ: LYFT) announced a fourth-quarter top- and bottom line win amid cost cuts this morning, and also adjusted its 2024 forecast error, though the figure remained above estimates. Plus, the company expects to generate positive free cash flow for the first time this year. Ahead the bell, LYFT stock is up 20.7%.
  4. Uber Technologies Inc (NYSE:UBER) revealed a $7 billion stock buyback plan today, citing strong demand for ridesharing and food delivery services. UBER is up 7.6% before the open, and already sports a healthy 106.3% year-over-year lead.
  5. Retail sales and inflation data are on tap this week.

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Asian Markets Respond to Stateside Inflation Data

Stateside inflation data weighed on Asian markets today, though Hong Kong’s Hang Seng came back from holiday with a 0.8% gain. Japan’s Nikkei fell 0.7%, as yields on 10-year Japanese government bonds rose to the highest level since mid-December, while the South Korean Kospi shed 1.1%. China’s Shanghai Composite remained closed for the Lunar New Year.

European bourses are on the rise at last check. London’s FTSE 100 is up 1.0%, after U.K.’s consumer price index (CPI) remained at 4% year over year in January, while the French CAC 40 and German DAX are 0.6% and 0.4% higher, respectively.

 

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