CNBC: UPDATED TUE, FEB 13 20248:43 AM EST Dow futures fall 300 points after hotter-than-expected U.S. inflation data: Live updates Lisa Kailai Han Brian Evans. https://www.cnbc.com/2024/02/12/stock-market-today-live-updates.html

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UPDATED TUE, FEB 13 20248:43 AM EST

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Dow futures fall 300 points after hotter-than-expected U.S. inflation data: Live updates

Lisa Kailai Han

Brian Evans

NEW YORK, NEW YORK - JANUARY 26: Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on January 26, 2023 in New York City. The stock market opened slightly higher this morning as investors awaited the release of fourth-quarter Gross Domestic Product (GDP) report. The report showed that the economy grew at an annual rate of 2.9 percent in the fourth-quarter with the rate decreasing slightly from a 3.2 percent growth rate in the third quarter. (Photo by Michael M. Santiago/G

Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on January 26, 2023 in New York City. 

Michael M. Santiago | Getty Images

Stock futures were lower Tuesday as traders fretted over a stronger-than-expected U.S. inflation report.

Futures tied to the Dow Jones Industrial Average

 lost 300 points, or 0.8%. S&P 500 futures

 slid 1.1%, while Nasdaq 100 futures

 dropped 1.5%.

The consumer price index rose 0.3% in January month over month. On an annualized basis, CPI was up 3.1%. Economists polled by Dow Jones expected CPI to have increased by 0.2% month over month in January and 2.9% from a year earlier.

Core prices, which exclude volatile food and energy components, rose 0.4% month over month and 3.9% form a year ago. Core CPI was expected to have increased 0.3% in January and 3.7% from a year earlier, respectively.

The 2-year Treasury yield

 jumped above 4.6% and the 10-year yield

 topped 4.27% following the CPI data. Tech shares including Nvidia, Microsoft and Amazon, which have led the market run to record highs as rates declined, led the losses in early trading Tuesday. All three were off by more than 1% in premarket trading.

Wall Street is coming off a mixed session in which the Dow

 closed at a record, while the S&P 500

 ended the day down slightly along with the Nasdaq

. All three of the major averages are riding a five-week winning streak.

“I think if anything, all this talk about how narrow the market has been [is] overstated,” Strategas head of technical and macro research Chris Verrone said on CNBC’s “Closing Bell: Overtime” on Monday. “The small caps are getting better, the equal-weight S&P just made a two-year high, [so] this idea that it’s just been five six or seven stocks driving this whole thing I think is misleading.”

In corporate news, JetBlue Airways

 spiked 15% after activist investor Carl Icahn reported a nearly 10% stake in the airline. Toymaker Hasbro

 plunged more than 12% after missing analyst expectations for the fourth quarter. Similarly, shares of Avis Budget Group

 slipped 1.8% in premarket on the back of disappointing fourth-quarter revenue.

8 MIN AGO

January’s strong CPI data sends stock futures down

Stock futures slid on Tuesday morning, following a stronger-than-expected read on the latest consumer price index, a key measure of inflation.

Consumer prices increased 0.3% in January, higher than the 0.2% rise expected by economists polled by Dow Jones. The annualized change of 3.1% was also higher than the estimated 2.9%.

— Lisa Kailai Han

43 MIN AGO

This week’s inflation data will be key to sustaining market rally, UBS says

The pressure is on for this week’s economic data releases to deliver some good news, according to UBS.

A strong earnings season has propelled a market rally so far in 2024, with the Dow Jones Industrial Average

 cinching another record close on Monday afternoon. UBS’ Mark Haefel believes the rally has so far been “well supported by healthy economic fundamentals and profit growth,” but there’s still no guarantee that it will last.

“Inflation data this week could help determine whether market confidence in the health of the US economy should mount further,” he wrote. “We will be looking for further evidence of slowing US inflation and resilient economic growth before concluding markets should price in a ‘Goldilocks’ scenario rather than a soft landing.”

Traders will also keep a close eye on January’s retail sales data — set for release on Thursday morning — to track the strength of the U.S. consumer.

“The S&P 500 is now trading close to the 5,000 level where we would expect it to end the year in the event of a soft landing. To reach our upside outcome of 5,300 by the end of 2024, we would need to see further positive signs on inflation, Fed policy, and growth, including from data and earnings releases this week,” Haefele added.

— Lisa Kailai Han

1 HOUR AGO

Hasbro falls as earnings underwhelm Wall Street

Hasbro

 tumbled more than 12% in premarket trading after the toymaker missed financial expectations for the fourth quarter.

The company behind My Little Pony and Dungeons & Dragons earned 38 cents per share, excluding items, on $1.29 billion in revenue. Those figures came in below the forecasts of analysts polled by LSEG, who anticipated 66 cents per share and $1.36 billion.

Hasbro also said to brace for a weak gross margin and drop in full-year revenue tied to consumer products.

Shares have underperformed in 2024, adding just about 0.5% since the new year began.

— Alex Harring

1 HOUR AGO

Coca-Cola posts mixed fourth-quarter results

Coca-Cola

 shares were little changed after the beverage giant posted mixed results for the fourth quarter.

The company earned an adjusted 49 cents per share, matching an LSEG estimate. Revenue came in at $10.85 billion, beating a forecast of $10.68 billion. The stronger-than-expected sales were driven in part by higher prices.

— Fred Imbert

6 HOURS AGO

A cautious open in Europe

European markets were mostly lower on Tuesday morning, as investors assessed incoming corporate earnings reports and awaited a key U.S. inflation print.

The pan-European Stoxx 600 index

 slipped 0.3% in early trade, with tech stocks shedding 1.9% to lead losses while health care stocks added 0.4%.

7 HOURS AGO

Nikkei briefly surpasses 38,000 mark for the first time since 1990

Japan’s benchmark Nikkei 225

 crossed the 38,000 mark on Tuesday, marking the first time the index was at these levels since 1990.

The index surpassed 38,000 points just minutes before its close, but slipped slightly to end the day at 37,963.97 with a 2.89% gain.

The broad-based Topix also gained 2.12% to close at 2,612.03, also at a 34-year high.

hide content

Nikkei 225 Index

.N225:Nihon Keizai Shinbun

+

VIEW QUOTE DETAILS

37,963.97

quote price arrow up+1,066.55 (+2.89%)

Last | 9:00 AM JST

— Lim Hui Jie

9 HOURS AGO

India’s weightage on MSCI Global Standard index rises to record high: Reuters

Index provider MSCI has raised India’s weightage in its Global Standard index to 18.2% in its February review, a record high, according to Reuters.

The report added that India’s weightage in the index has nearly doubled since November 2020.

MSCI said that it had added five Indian securities to the index in the February review. In total, MSCI will add 24 securities to the index and remove 101 securities.

Most notably, 66 China securities were taken off the index, with only five added. The changes will take effect on Feb. 29, after market close.

— Lim Hui Jie

13 HOURS AGO

SoftBank rises as much as 10% as Arm rally continues, leads Nikkei

Shares of Japanese investment holding company SoftBank

 jumped as much as 10.2% as Arm shares continued their rally into a second week.

The chip designer saw its shares soar 29% on Monday. It has gained 93% since it reported quarterly financials on Feb. 8. SoftBank holds about 90% of Arm’s outstanding stock.

With the rise, SoftBank is the largest gainer on the Nikkei

 on Tuesday, with the index also gaining almost 2% and leading gains among Asian markets.

hide content

SoftBank Group Corp

9984.T-JP:Tokyo Stock Exchange

+

VIEW QUOTE DETAILS

8,492.00

quote price arrow up+501.00 (+6.27%)

Last | 3:00 PM JST

— Lim Hui Jie

14 HOURS AGO

January slowdown in credit card spending is normal, Bank of America says

Credit card spending may have declined in January, but this is normal behavior, according to Bank of America.

January spending activity dropped 0.8% year-over-year and 10.6% from December.

“While there have been headlines about January softness, we note that our data suggests spending historically declines by 14.6% m/m in January. As such, we view the data as better than expected,” analyst Mihir Bhatia wrote.

— Lisa Kailai Han

14 HOURS AGO

Small-cap benchmark Russell 2000 pops for a 3rd straight day

The Russell 2000

 index just wrapped up its third consecutive winning session.

The small-cap benchmark closed higher by 1.75% on Monday, its best day since Jan. 22. That follows gains of 1.53% on Friday and 1.5% Thursday. Over the past week, the Russell 2000 has surged more than 5%.

Even with the recent string of positive days, the Russell 2000 continues to lag the three major averages for the year. It’s up 0.9% in 2024, while the S&P 500

 has a 5.3% gain. Tech continues to dominate, with the Nasdaq Composite

 up more than 6% this year. The Dow Jones Industrial Average

 is up just shy of 3% in the period.

-Darla Mercado, Chris Hayes

14 HOURS AGO

Stocks making the biggest moves after hours

Check out some of the companies making headlines in extended trading.

JetBlue Airways

 — The airline’s stock jumped more than 15% after activist Carl Icahn reported a nearly 10% stake in the company. He said JetBlue shares are undervalued.

Avis Budget Group

 — Shares slipped about 1% after the rental car company’s fourth-quarter revenue of $2.76 billion in the fourth quarter missed estimates. Analysts polled by LSEG, formerly known as Refinitiv, forecast $2.81 billion.

ZoomInfo Technologies

 – Shares of the market intelligence company soared nearly 23%. ZoomInfo posted adjusted earnings of 26 cents per share on revenue of $316 million in the fourth quarter. Analysts polled by LSEG called for earnings of 25 cents a share and revenue of $311 million.

Read the full list here.

— Brian Evans

15 HOURS AGO

Stock futures open lower

Stock futures were lower on Monday as Wall Street turned its attention to the January consumer price index report.

Futures tied to the Dow Jones Industrial Average

 fell 24 points or 0.06%. S&P 500 futures

 pulled back 0.1%, while Nasdaq 100 futures

 ticked down 0.2%.

— Brian Evans

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