Investors Bet on Strong Earnings To Offset Inflation Fears

U.S. stock futures were up in premarket trading Wednesday, as investors bet on strong earnings to offset any worries about inflation.

Inflation concerns are still in focus, however, ahead of January’s CPI numbers due out Thursday at 8:30 am. Economists expect prices to increase by 7.3%.

Inflation is already the highest clocking in at the highest rate in the last 40 years. An increase will put pressure on the Fed to raise rates at a faster clip which could have an adverse reaction on the stock market.

Level Chg. Chg. %
DOW Futures 35,544.00 202 0.57%
S&P 500 Futures 4,549.00 36.5 0.81%
Nasdaq Futures 14,912.00 177.5 1.20%

U.S. Dollar and Treasuries

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The yield on the 10-year Treasury fell three basis points. The dollar weakened against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 95.47 -0.17 -0.18%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.853% -0.012 0.865%
U.S. 5 Year Treasury Note 1.795% -0.025 1.820%
U.S. 10 Year Treasury Note 1.934% -0.031 1.964%

 

Stocks To Watch

Shares of ridesharing company Lyft were down on a muted near-term outlook following strong Q4 numbers. The company posted $970 million in Q4 revenues, with a full-year loss of $1 billion. Lyft expects March earnings to come in between $800 million and $850 million, 15% below prior levels.

Its competitor Uber was up in premarket trading, ahead of its earnings reports.

Enphase Energy soared 20% in premarket trading after the solar energy company reported record revenue in the fourth quarter.

Pelton was up 2.9%, adding to Tuesday’s 25% rally after replacing its CEO and cutting 2,800 jobs.

Symbol Company Name Price Chg. % Volume
PTON Peloton Interactive Inc. $37.84 1.53% 671.88K
UBER Uber Technologies Inc. $38.32 -0.05% 108.86K
LYFT Lyft Inc. Cl A $39.53 -4.05% 67K

 

Commodities To Watch

Oil prices are stable at $90, as Iran talks add to uncertainty. Gold futures were stable despite a falling dollar. 

Resource Price Chg. %
WTI Crude Oil $89.16 -0.22%
Brent Crude Oil $90.63 -0.17%
Natural Gas $4.10 -3.58%
Gold $1,827.40 -0.03%
Silver $23.23 0.13%
Copper $4.48 0.46%

 

Crypto

The global crypto market cap is $2.02T, a 2.32% increase over the last day. Bitcoin’s dominance is currently 41.44%, a decrease of 0.27% over the same period.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $44,119.25 +1.76% 836.19b
Etherium ETH $3,186.27 +3.82% 379.59b
Binance coin BNB $423.99 +1.08% 62.97b
Solana SOL $114.69 +2.34% 36.39b
Cardano ADA $ 1.207 +3.00% 37.55b

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