U.S. futures edged lower on Thursday morning, as investors looked forward to another key inflation data and several corporate earnings releases. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were down 0.12%, 0.12%, and 0.21%, respectively, at 3:39 a.m. EST, February 13.
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On Wednesday, all three major indices witnessed a dull performance. The S&P 500 and the Dow Jones declined 0.2% and 0.5%, respectively, while the Nasdaq Composite (NDAQ) rose less than 0.1%.
A hotter-than-expected January Consumer Price Index (CPI) report weighed on broader market sentiment. The data raised concerns about the Federal Reserve’s ongoing fight against inflation and raised expectations that the central bank will maintain current interest rates.
In major after market action, Reddit (RDDT) stock declined 13.3% yesterday following disappointing user growth figures. Also, The Trade Desk (TTD) stock dropped 27.1% after fourth-quarter revenue and outlook fell short of expectations.
Looking ahead, investors will closely monitor the release of January’s Producer Price Index (PPI) on Thursday. Currently, economists anticipate headline inflation to have grown 0.3% month-over-month. This data, along with Initial Jobless Claims report for the week ended February 8, will provide guide investor expectations for future interest rate moves.
Moreover, several companies, including Airbnb (ABNB), Coinbase (COIN), Roku (ROKU), DraftKings (DKNG), Twilio (TWLO), and Palo Alto Networks (PANW), are scheduled to report earnings today.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.605% as of writing. Simultaneously, WTI crude oil futures are trending lower, hovering near $70.71 per barrel as of the last check.
Elsewhere, European indices opened higher on Thursday as investors digested several key earnings and economic reports. Also, US-led efforts to resolve the war in Ukraine helped improve market sentiment.
Asia-Pacific Markets Traded Mixed on Thursday
Asia-Pacific indices were mixed today. Japanese stocks gained ground, buoyed by a weaker yen that boosted optimism among the country’s export-oriented industries. On the other hand, Chinese stocks declined amid concerns over Trump’s plans to impose reciprocal tariffs on countries that impose duties on U.S. imports.
Notably, the Hang Seng Index closed lower by 0.2%. Further, China’s Shanghai Composite and Shenzhen Component indices declined 0.42% and 0.77%, respectively. However, Japan’s Nikkei and Topix indices were up 1.28% and 1.18%, respectively.
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