Stock futures were flat, but burrowed into the red after the reading
Stock futures are sluggish this morning, following the release of the Fed's preferred inflation reading. The personal consumption expenditures (PCE) price index for February increased by 0.4%, slightly above the 0.3% expectations. Year-over-year, core inflation climbed to 2.8%, above 2.7% estimates and showing a stubborn persistence that reinforces the Fed's cautious interest rate stance. Before the bell, futures on the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq-100 Index (NDX) are all comfortably in the red.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts and 1.3 million put contracts exchanged on Thursday. The single-session equity put/call ratio rose to 0.72, while the 21-day moving average stayed at 0.60.
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United States Steel Corp (NYSE:X) stock is up 4.7% before the bell, after Semafor reported the deal with Nippon could still be completed, with the latter willing to part with $7 billion in the American steelmaker to obtain President Trump’s approval.
U.S. Steel stock is 26.4% higher in 2025, and hit a 12-month high of $43.61 on Wednesday.
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Tanger Inc. (NYSE:SKT) stock is 0.6% higher ahead of the open, after the commercial real estate investment trust (REIT) was upgraded to "buy" from "neutral" at Goldman Sachs. While also hiking its price target to $40, the analyst in coverage noted the early 2025 pullback as an entry point. SKT is down 3.7% to start the year.
- The shares of AppLovin Corp (NASDAQ:APP) are up 9% in electronic trading, rallying after yesterday's 20% drawdown amid a short seller report. Muddy Waters alleges the software company's ad tactics went against app stores' terms of service. AppLovin stock is down 19.1% year-to-date, but 280% higher year-over-year as one of the best stocks in 2024.
- Jobs data in focus to start April.
Overseas Markets Rattled by Tariff Tensions
Asian markets suffered steep losses across the board today, as investors remain wary toward tariff tensions. In Japan, Tokyo’s core inflation for March came in at 2.4% year-over-year, beating expectations. The region’s Nikkei closed down 1.8%, however, while South Korea’s Kospi also suffered a notable drop, falling 1.9%. China’s Shanghai Composite and Hong Kong’s Hang Seng both shed 0.7% for the session.
Investor sentiment is mixed in Europe, with auto stocks at the mercy of Trump levies. Despite inflation in France remaining steady at 0.9% for March, the region’s CAC 40 and German DAX are both down 0.4% at last look. London’s FTSE 100 is the only gainer this afternoon, up a modest 0.2%.