Stock Futures Look to Extend Losses After Holiday Break

Fed meeting minutes are due out later this week

Digital Content Manager
Feb 20, 2024 at 9:23 AM
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Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) futures are looking to return from the Presidents' Day holiday to additional losses, after the major benchmarks snapped a five-week win streak following hot inflation data. Investors are wary of the consequences the hotter-than-expected consumer price index (CPI) and consumer price index (PPI) readings for January could have on interest rates, with minutes from Federal Open Market Committee (FOMC) meeting due out later this week.

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

  • Red-hot inflation was in focus last week.
  • Upbeat forecast boosted Trade Desk stock.
  • Plus, IOVA surges on FDA approval; Walmart's blowout earnings; and dismal forecast dings Home Depot stock.

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2 million call contracts and 1 million put contracts traded on Friday. The single-session equity put/call ratio fell to 0.53, while the 21-day moving average remained at 0.71.
  2. Iovance Biotherapeutics Inc (NASDAQ: IOVA) stock is up 24.9% ahead of the open, after the company received accelerated approval from the Food and Drug Administration (FDA) for its cell therapy for adults with advanced melanoma. The biopharma name also priced its $211 million common stock offering at $9.15 per share. IOVA added more than 30% in the last 12 months.
  3. In addition to announcing it will buy television maker Vizio (VZIO) for $2.3 billion,  retailer Walmart Inc (NYSE:WMT) shared a top- and bottom-line win for the fourth quarter, a strong annual sales outlook thanks to high inflation driving consumers to its stores, and a 9% dividend hike. WMT is up 3.2% in premarket trading, and sports a 18.1% year-over-year lead.
  4. While Home Depot Inc (NYSE:HD) surpassed fourth-quarter earnings and revenue expectations, its 2024 sales forecast came in below analysts' estimates. The home improvement stock is down 2% before the bell, but has added more than 24% in the past nine months.
  5. Fed meeting highlights this week. 

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Asian Markets Rise After China Rate Cut

China’s central bank cut its five-year loan rate by 25 basis points to 3.95% today, the first key loan-rate cut since June, while the country’s state-owned banks sold dollars to help revive the sliding yuan. China’s Shanghai Composite, back from last week’s holiday, rose 0.4%, while Hong Kong’s Hang Seng added 0.6%. Elsewhere, the South Korean Kospi and Japan’s Nikkei fell 0.8% and 0.3%, respectively.

European markets are struggling for direction today, as investors eyes Barclays’ (BCS) surge after the lender announced an operational overhaul. London’s FTSE 100 is up 0.2% at last glance, while the French CAC 40 rises 0.3% and the German DAX dips 0.1%.

 

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