The Dow and Nasdaq are eyeing triple digit opens
Stock futures are finally on the move higher, as cooler-than-expected inflation data eases market concerns. Trade tensions remain high though, after Trump’s 25% steel and aluminum tariffs took effect. Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) futures are eyeing triple-digit opens, while S&P 500 Index (SPX) futures are higher as well, as investors digest the latest consumer price index (CPI) report and escalating trade disputes.
The CPI rose 0.2% in February, bringing annual inflation to 2.8%, while core CPI increased 3.1% year-over-year, both below expectations. Meanwhile, the European Union (EU) plans $28.3 billion in counter-tariffs, and Trump initially threatened to double Canadian metal tariffs to 50% before walking back the move after Ontario paused its electricity surcharge. The 25% duty on Canadian steel and aluminum remains in place.
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5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts and 1 million put contracts exchanged on Tuesday. The single-session equity put/call ratio fell to 0.57, while the 21-day moving average stayed at 0.60.
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Groupon Inc (NASDAQ:GRPN) stock was last seen 21.3% higher before the bell, after issuing full-year revenue guidance that topped Wall Street expectations. The e-tail company forecast revenue between $493 million and $500 million, surpassing the $491.5 million consensus estimate, while also delivering stronger-than-expected fourth-quarter revenue. GRPN is down 19.6% year-to-date, meaning today's gains could push it back back above its 2025 breakeven mark.
- Intel Corp (NASDAQ:INTC) stock is up 7.3% premarket, after a Reuters report revealed that Taiwan Semiconductor Manufacturing (TSMC) proposed a joint venture with U.S. chipmakers Nvidia (NVDA), Advanced Micro Devices (AMD), and Broadcom (AVGO) to operate Intel’s foundry division. Coming into today, INTC was down 1.4% since the start of the year.
- Loop Capital upgraded shares of Crocs Inc (NASDAQ:CROX) to "buy" from "hold," citing attractive valuation and a buying opportunity amid market volatility linked to tariff uncertainty. Up 3.9% in electronic trading at last glance, CROX has still shed 36.4% over the last nine months.
- More inflation data and retail earnings reports are on tap.
European Markets Eye Recovery
Asian stocks were a mixed bag. South Korea’s Kospi bounced back with a 1.5% gain, while Japan’s Nikkei finished flat. Among the laggards, Hong Kong’s Hang Seng and China’s Shanghai Composite fell 0.8% and 0.2%, respectively.
In Europe, stocks are in bounce back mode, brushing off heavy losses in the broader retail sector. At last check, London’s FTSE 100 is up 0.6%, the French CAC 40 is 1.4% higher, and the German DAX has gained 1.7%.