Nasdaq futures are off 70 points
Stock futures are mixed following this morning's gross domestic product (GDP) data. The economy grew at a 2.3% annualized pace in the fourth quarter, which is slightly below expectations of a 2.5% increase. Nasdaq-100 Index (NDX) futures are up 96 points as investors unpack a flood of Big Tech earnings, including from Meta Platforms (META), Tesla (TSLA), and Microsoft (MSFT). Elsewhere, futures on the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are sitting on either side of fair value.
Continue reading for more on today's market, including: .
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts and 893,675 put contracts exchanged on Wednesday. The single-session equity put/call ratio rose to 0.59 and the 21-day moving average stayed at 0.60.
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United Parcel Service Inc (NYSE:UPS) is down 13.6% premarket, despite a fourth-quarter earnings beat, after a revenue miss and a downbeat full-year forecast.
The company made an agreement with Amazon.com (AMZN) to cut back its deliveries for the e-commerce giant, surprising some analysts. Should these losses hold, UPS will erase its 6.1% year-to-date gain.
- IBM (NYSE:IBM) is up 9.4% before the bell, after better-than-expected fourth-quarter earnings and revenue, with help from artificial intelligence (AI) demand in its software segment. Year-over-year, the equity is up 21.7%.
- Mobileye Global Inc (NASDAQ:MBLY) is down 7.8% in electronic trading, after the company's disappointing fourth-quarter results and downbeat annual revenue forecast. Looking to open at its lowest levels since November, MBLY is on track to extend its already significant 19.6% 2025 deficit.
- Plenty of earnings due out this week.
ECB Announces Rate Cut
Japan’s Nikkei rose 0.3% on Thursday, after Bank of Japan (BoJ) Deputy Governor Ryozo Himino stated that the central bank would not stop hiking interest rates if the “economy and prices move in line with the bank’s forecasts.” Meanwhile, markets in South Korea, Hong Kong, and China remained closed for the Lunar New Year holidays.
Major European markets are on the rise this afternoon as investors react to the European Central Bank’s (ECB) widely anticipated 25-basis-point rate cut – its fifth since easing monetary policy last June. The move signals the ECB’s continued push to stimulate growth amid shifting economic conditions. Meanwhile, economic data in France and Germany showed a fourth-quarter contraction. At last check, France’s CAC 40 is 0.6% higher, London’s FTSE 100 rises 0.5%, and Germany’s DAX is up 0.2%.