Stock Futures Rise Despite Spiked Inflation Data

The producer price index, retail sales, and jobs data all missed estimates

Deputy Editor
Mar 14, 2024 at 9:15 AM
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Stock futures appear to be brushing off this morning's hotter-than-expected inflation report. Futures on the Dow Jones Industrial Average (DJIA) up triple digits, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) future sit modestly higher. 

The producer price index (PPI) rose 0.6% last month, compared to Wall Street expectations of a 0.3% rise, and is the last significant piece of economic data before the Federal Reserve's meeting next week. The core PPI reading of 0.3% also beat estimates of a 0.2% increase. Elsewhere, retail sales rose a slightly lower-than-expected 0.6% last month -- a welcome shift from the previous month's 1.1% decline -- while jobless claims came in at 209,000, below the 218,000 estimates. 

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

  • 2 rising fintech stocks in focus. 
  • Stocks to buy at a bargain. 
  • Plus, two retailers moving higher after earnings; and UAA dips after CEO update.

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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 859,058 put contracts exchanged Wednesday. The single-session equity put/call ratio fell to 0.59, while the 21-day moving average remained at 0.71.
  2. Dick's Sporting Goods Inc (NYSE:DKS) stock is up 5.7% premarket, after the athletic retailer's strong fourth-quarter results and full-year forecast, naming the quarter its "largest sales quarter in history." The company also raised its quarterly dividend to 10%. Should these gains hold, DKS will hit fresh record highs. 
  3. Dollar General Corp (NYSE:DG) stock is also on the rise after an upbeat fourth-quarter report and 2024 sales forecast, up 5% before the bell. Heading into today, the discounter retailer is up 16.4% since the start of the year. 
  4. The shares of Under Armour Inc (NYSE:UAA) are down 4.9% in electronic trading, after company's cofounder, Kevin Plank, announced his return as CEO. In response, Evercore ISI also downgraded the stock to "underperform" from "in line." UAA sports minor year-over-year and year-to-date deficits. 
  5. Handful of economic data due out tomorrow as well. 

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Nikkei Snaps Losing Streak

Following a multi-day drop, Japan’s Nikkei enjoyed a 0.3% rebound for today’s session, thanks to defense stocks and spring wage negotiations that indicated a forthcoming shift in monetary policy. South Korea’s Kospi rose as well, settling up 0.9%, after the National Pension Service backed resolving the "Korea discount" for the region’s stock market. The remaining indexes ended in the red, China’s Shanghai Composite down 0.2% and Hong Kong’s Hang Seng dropping 0.7%.

European markets are moving mostly higher this afternoon. The European Central Bank (ECB) is in focus, after Chief Economist Phillip Lane noted in an interview that they must take their time with rate hikes. At last check, London’s FTSE 100 is off 0.1%, Germany’s DAX is up 0.3% thanks to a surge from renewable energy stock Encavis, and France’s CAC 40 is 0.8% higher.

 

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