Stock Futures Pivot Higher After CPI Data

Consumer prices rose 0.4% in February, in line with expectations

Deputy Editor
Mar 12, 2024 at 9:09 AM
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All eyes are on inflation data this morning, after the U.S. consumer price index (CPI) rose 0.4% in February and 3.2% on an annual basis. Analysts had forecasted a 0.4% rise for February and a 3.1% year-over-year increase, and it seems investors are largely content with the steady numbers. After a choppy and initial turn into the red, futures on all three major indexes turned higher after the reading. Nasdaq-100 Index (NDX) futures are even indicating a triple digit pop, with Big Tech poised to shrug off its recent struggles. 

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

  • Evidence of a short-term breather is mounting, says Schaeffer's Senior Market Strategist, Matthew Timpane. 
  • Are options traders shifting their Nvidia stock stance?
  • Plus, two stocks making large post-earnings moves; and bull notes for VTYX.   

Futures March12

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and more than 1 million put contracts exchanged Monday. The single-session equity put/call ratio rose to 0.68, while the 21-day moving average remained at 0.71.
  2. Oracle Corp (NYSE:ORCL) stock is up 13.3% premarket, after the software company's fiscal third-quarter results beat expectations thanks to a boost from the artificial intelligence (AI) boom. A flood of analysts lifted their price targets after the event, with the highest from Mizuho to $160 from $140. Heading into today, the equity is up 35.8% year over year. 
  3. Retail stock On Holding AG (NYSE:ONON) is down 12.6% before the bell, after the footwear company's disappointing fourth-quarter results and net sales forecast. Since last March, the equity is up 64%. 
  4. Ventyx Biosciences Inc (NASDAQ:VTYX) stock is up 13.3% in electronic trading, after Wells Fargo upgraded the stock to "overweight" from "equal weight," while Oppenheimer raised its rating to "outperform" from "perform." The stock only was only recently lifted out of penny stock territory, but year to date is up 225.5%. 
  5. There's more economic data due out this week than the CPI reading! 

buzzmarch12

Inflation Rises in Japan

Markets in Asia closed mixed, with Japan’s Nikkei adding to yesterday's steep drop, closing 0.06% lower. The region’s February corporate inflation data rose to 0.6%, above expectations and January’s reading. Meanwhile, Hong Kong’s Hang Seng added 3.1%, South Korea’s Kospi tacked on 0.8%, and China’s Shanghai Composite fell 0.4%.

European bourses are moving mostly higher today. In the U.K., wage growth saw a 6.1% rise from November to January, while year-over-year numbers slowed to 2022 lows. The employment rate in the U.K. dropped 0.1 percentage points to read 75% for January. At last check, London’s FTSE 100 is up 1.2%, Germany’s DAX has added 0.4%, and France’s CAC 40 is flat.

 

 

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