All three major indexes are higher
Stock futures are on the rise today, looking to extend yesterday's mini-rally and recover some more of Tuesday's sharp selloff. Futures on the Dow Jones Industrial Average (DJI) are up 92 points, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures sit modestly higher as well. Meanwhile, retail sales dropped 0.8% in January, which is wider than Wall Street's anticipated 0.3% decline.
Continue reading for more on today's market, including:
- Crypto debit spread delivered big win to bulls.
- Surprise profit drew call traders to Robinhood stock.
- Plus, YETI drops after earnings; PLCE soars; and COIN upgraded.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and 933,766 million put contracts traded on Wednesday. The single-session equity put/call ratio rose to 0.65, while the 21-day moving average remained at 0.71.
- Yeti Holdings Inc (NYSE:YETI) is down 14.8% premarket, after worse-than-expected fourth-quarter results and disappointing 2024 guidance. Looking to add to its 6.9% year-to-date deficit, the stock will slip into negative territory year over year, should these losses hold.
- Shares of Children's Place Inc (NASDAQ:PLCE) are up 24.7% before the bell, after news that investors have built a majority stake and plan to hold talks seeking refinancing. The equity is down 68% over the past year, and is looking to surge further away from its Feb. 9 record low of $8.30.
- Coinbase Global Inc (NASDAQ:COIN) is up 6.2% in electronic trading, after an upgrade from J.P. Morgan Securities to "neutral" from "underweight." The firm cited rising crypto prices, as Bitcoin (BTC) surges. Over the past year, the equity is up roughly 171%.
- Fed meeting will highlight next week.
Japan, U.K. Economies Enter Technical Recessions
Japan’s Nikkei rose 1.2% on Thursday, closing above 38,000 for the first time since 1990. Japan’s gross domestic product (GDP) contracted for a second-straight quarter (largely considered a technical recession) but slid 0.4% year-over-year, sharply missing Reuters estimates of 1.4% growth. Elsewhere, the South Korean Kospi fell 0.3%, while Hong Kong’s Hang Seng rose 0.4%. China’s Shanghai Composite remained closed for holiday.
The U.K.’s GDP fell for the second-straight quarter as well, by 0.3%. London’s FTSE 100 is up 0.06% at last glance, while the French CAC 40 and German DAX rise 0.9% and 0.7%, respectively.