Stock Futures Muted Amid Disappointing Retail Sales Data

Futures on all three major benchmarks are hanging around breakeven this morning, as traders unpack retail sales data. Consumer spending was flat in December, down from a 0.6% jump in November and missing analyst estimates of a 0.4% increase. Wall Street is also sifting through the latest batch of corporate earnings, with Coca-Cola (KO) stock moving lower after its report. 

• SPX and RUT support levels to watch, per Schaeffer's Senior V.P. of Research Todd Salamone. 
• Options bulls targeting this streaming stock amid pullback. 
• Plus, KO slips after revenue miss; CRDO looking to extend rebound; and CHGG falls sharply. 

5 Things You Need to Know Today

1. The Cboe Options Exchange saw over 2.1 million call contracts and more than 1.3 million put contracts traded on Monday. The single-session equity put/call ratio came in at 0.60, while the 21-day moving average remained at 0.58. 
2. As mentioned above, Coca-Cola Co (NYSE:KO) stock is down 2.1% premarket, looking to further distance itself from Friday's record high, after the beverage giant's fourth-quarter revenue missed estimates, though earnings beat expectations by two cents. The company also forecast modest growth amid demand concerns. Heading into today, the equity is up 22.1% year over year. 
3. Credo Technology Group Holding Ltd (NASDAQ:CRDO) stock is up 15.2% before the bell, on track for its third-straight double-digit percentage gain. With its fiscal third-quarter report coming up, the company said it would raise its revenue guidance. Heading into today, CRDO is up 59.7% in the last 12 months. 
4. Chegg Inc (NYSE:CHGG) stock is down 7.88% in electronic trading, after posting fourth-quarter adjusted EBITDA of $12.9 million, a sharp downturn from the roughly $37 million from the same period a year ago. Year to date, CHGG is already down 19.4% coming into today. 
5. More on the earnings reports and economic data due out this week. 

'Takaichi Trade' Optimism Continues

Asian markets moved higher on Tuesday, with Japan’s Nikkei adding 2.3% to mark another record close, as investors bet on looser monetary policy amid “Takaichi trade” optimism. A 10.6% post-earnings pop from SoftBank after the conglomerate’s strong full-year forecast is also powering upbeat sentiment in Japan. Hong Kong’s Hang Seng rose 0.6%, while China’s Shanghai Composite and South Korea’s Kospi added 0.1% apiece.

European markets are mostly lower, with the latest batch of earnings in focus, including reports from Koninklijke Philips and BP (BP). Investors are also watching the political landscape in the U.K., where Prime Minister Keir Starmer is facing pressure to resign. At last glance, London’s FTSE 100 is 0.5% lower, the German DAX is down 0.2%, and France’s CAC 40 is slightly above breakeven.