Stocks Set For Lower Open Amid Worse Inflation Reading Since 1981

U.S. equity futures were down on Tuesday, with tech stock leading the decline, as rampant inflation caused concerns among investors.

The CPI rose a whopping 7.5%, the largest reading since 1981. The reading proved concerns that inflation is out of control. For comparison, the Fed’s target rate is 2%.

To make matters worse, high energy prices could drive inflation further. Oil is trading at $90 per barrel, and it could go up.

Level Chg. Chg. %
DOW Futures 35,555.00 -81 -0.23%
S&P 500 Futures 4,546.00 -30.75 -0.67%
Nasdaq Futures 14,860.00 -173.25 -1.15%

U.S. Dollar and Treasuries

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The yield on the 10-year Treasury rose one basis point. The dollar strengthened against a basket of major currencies.

Investors are concerned with the flattening yield curve, a signal for economic trouble. The yield curve flattens when the spread between long-term and short-term Treasury yields narrows.

Currently, the gap between 2-year and 10-year note yields is just 58.3 basis points.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 95.91 +0.42 +0.44%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.882% 0.002 0.880%
U.S. 10 Year Treasury Note 1.935% 0.010 1.947%

 

Stocks To Watch

Twitter was up in premarket trading despite posting worse-than-expected profits, after gaining 5.14% on Wednesday. The stock was up as the social media company dodged Apple’s privacy changes that are hurting Facebook.

Facebook’s parent Meta was stable in premarket trading, after Wednesday’s rally of 5.37% with other tech stocks.

Uber was up in premarket trading, after gaining 4.83% on Wednesday. The company posted higher Q4 revenue, as demand for takeout remains strong.

Entertainment company Walt Disney was up in premarket trading after earnings reports revealed 12 million new streaming subscriptions. Moreover, the company posted record revenue from U.S. parks and resorts.

Symbol Company Name Price Chg. % Volume
TWTR Twitter Inc. $39.36 4.04% 1.9M
UBER Uber Technologies Inc. $42.46 5.65% 364.12K
DIS Walt Disney Co. $158.55 7.69% 263.53K
FB Meta Platforms Inc. $232.51 0.22% 214.33K

 

Commodities To Watch

Oil rose on falling U.S. stockpiles. Gold dropped slightly ahead of January’s inflation reading. 

Resource Price Chg. %
WTI Crude Oil $90.37 0.79%
Brent Crude Oil $92.04 0.54%
Natural Gas $3.97 -1.10%
Gold $1,832.70 -0.21%
Silver $23.37 0.10%
Copper $4.68 1.62%

 

Crypto

The global crypto market cap is $2.04T, a 1% increase over the last day. Bitcoin’s dominance is currently 41.55%, an increase of 0.12% over the same period.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $44,820.98 +1.74% 849.53b
Etherium ETH $3,246.14 +2.07% 386.76b
Binance coin BNB $426.12 +0.65% 63.35b
Solana SOL $113.44 -1.05% 36.01b
Cardano ADA $ 1.206 +0.02% 37.52b

 

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