Dow Futures Lower After Another Hot Inflation Report

Treasury yields are back on the rise

Digital Content Manager
Feb 16, 2024 at 9:23 AM
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Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) futures are below breakeven this morning, after the producer price index (PPI) for January showed a 0.3% jump, compared to expectations of a 0.1% rise. This reading brings the future of interest rates into question, and follows another hot inflation report earlier this week. Though the 10-Year Treasury yield is surging again in response, Nasdaq-100 Index (NDX) futures still boast a slim lead.  

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

  • How nervous investors can hedge with options.
  • Tailwinds could keep blowing for this casino stock.
  • Plus, Toast announces layoffs; Coinbase sees first profit in 2 years; and DraftKing's quarterly miss.

Futures 0216

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.6 million call contracts and 915,867 million put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.54, while the 21-day moving average remained at 0.71.
  2. Toast Inc (NYSE:TOST) stock is up 9.9% in premarket trading, after the software concern beat fourth-quarter expectations and announced it will lay off 550 workers. No fewer than seven brokerages lifted their price objectives in response, including Needham to $26 from $20. In the last six months, TOST shed 15%.
  3. Crypto exchange Coinbase Global Inc (NASDAQ:COIN) shared a surprise fourth-quarter earnings beat -- its first profit in two years -- as well as better-than-expected revenue, thanks to higher interest income and strong trading volume. At least seven analysts already raised their price targets, pushing COIN 14.1% higher before the bell. The equity already sports a 174.9% nine-month lead. 
  4. DraftKings Inc (NASDAQ:DKNG) missed top- and bottom-line expectations for the fourth quarter, despite a 44% year-over-year jump in revenue. DKNG is down 0.4% ahead of the open, but has amassed an impressive 150.1% in the past 12 months.
  5. Fed meeting will highlight next week. 

buzzfeb16

Nikkei Near Record; European Markets Higher

Japan’s Nikkei hit a 34-year high today, nearing record territory after closing 0.9% higher, as investors closely watch the weakened yen. Hong Kong’s Hang Seng surged 2.5%, while the South Korean Kospi added 1.3%. China’s Shanghai Composite remained closed to end the week.

European bourses are higher as well. London’s FTSE 100 is up 1.3% at last glance, after U.K. retail sales rose 3.4% on a monthly basis in January -- the largest monthly pop since April 2021. The French CAC 40 and German DAX are up 0.5% and 0.6%, respectively.

 

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