Inflation data will be in focus this week
After a blowout session, futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are muted or slightly lower this morning, with the Dow Jones Industrial Average (DJIA) futures off nearly 50 points. Investors have plenty of earnings reports left to unpack, but most of the focus this week will be on inflation data, with both the consumer price index (CPI) and producer price index (PPI) slated for release.
Continue reading for more on today's market, including:
- Looking back on the SPX's historic milestone.
- Behind the crypto sector's late-week breakout.
- Plus, EV stock downgraded; MNDY brushes off earnings beat; and Lowe's stock pops on analyst praise.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts and 915,246 million put contracts traded on Friday. The single-session equity put/call ratio fell to 0.48, while the 21-day moving average remained at 0.71.
- Barclays downgraded Rivian Automotive Inc (NASDAQ:RIVN) to "equal weight" from "overweight," and cut its price objective to $16 from $25. The electric vehicle (EV) stock is down 3.7% in premarket trading, and already shed more than 28% in 2024.
- Monday.Com Ltd (NASDAQ:MNDY) stock is down 12.9% before the open, despite the company' fourth-quarter earnings and revenue beat. The software stock saw a $1.9 million loss for the year, however. Over the last 12 months, MNDY added more than 68%.
- Lowe's Companies Inc (NYSE:LOW) stock is up 1.8% ahead of the bell, after an upgrade from J.P. Morgan Securities to "overweight" from "neutral," in addition to a price-target hike to $265 from $210. The firm expects potential interest rate cuts to lower mortgage rates and drive demand. Over the last nine months, LOW added 9.3%.
- Retail sales and inflation data are on tap next week.
European Markets Mixed Amid Earnings
Japan’s Nikkei rose 0.09% on Monday, building modestly on the 34-year intraday highs from Friday. Most indexes in Asia were closed today, including China’s markets and the South Korean Kospi.
European bourses are mixed, as investors unpack several corporate earnings reports. London’s FTSE 100 is down 0.1%, while the French CAC 40 rises 0.4%, and the German DAX adds 0.4%.