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Stock Market News Today, 02/13/24 – Futures Muted Ahead of Key Inflation Data – TipRanks Financial Blog

Stock Market News Today, 02/05/24 – Futures Muted on Interest Rate Woes – TipRanks Financial Blog

U.S. futures traded near the flatline on Tuesday early morning as investors awaited key inflation data today. Futures on the Nasdaq 100 (NDX), S&P 500, and the Dow Jones Industrial Average (DJIA) were down about 0.1%, 0.08%, and 0.02%, respectively, at 3:22 a.m. EST, February 13.

The Consumer Price Index (CPI) data for January is due for release at 8:30 a.m. EST today. Economists expect the inflation rate to have fallen to 2.9% in January from 3.4% in December 2023. This key report sheds light on price trends in the economy and holds significance for the Federal Reserve’s monetary policy decisions.

Moving to corporate earnings, several key companies, including, Airbnb (ABNB), Coca-Cola (KO), Shopify (SHOP), Robinhood (HOOD), Hasbro (HAS), Instacart (CART), Lyft (LYFT), and MGM Resorts (MGM), are slated to release results today.

In stock-specific news, JetBlue Airways (JBLU) stock surged over 16% in the extended trading session following the announcement of activist investor Carl Icahn acquiring a nearly 10% stake. On the contrary, Avis Budget (CAR) witnessed a 2% decline in its share price after its Q4 revenues fell short of analysts’ expectations.

Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.18%. At the same time, the WTI crude oil futures trended higher, hovering near $77.14 per barrel as of the last check, on expectations of oil supply disruptions due to the geopolitical tensions in the Middle East.

Elsewhere, European indices opened on a mixed note on Tuesday as traders looked forward to the U.S. key economic report. Also, investors were surprised by higher-than-expected wage growth in the last quarter in Britain. This has lowered expectations for an interest rate cut by the Bank of England later this year.

Asia-Pacific Markets End in Green

Japan’s Nikkei and Topix indices ended higher by 2.89% and 2.12%, respectively, buoyed by a strong rally in technology stocks. The Japanese indices hit a new 34-year high, propelled by various factors, such as strong corporate earnings and a weaker yen currency.

Investors should note that China and Hong Kong markets remained closed for the Lunar New Year holidays.

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