Stock Market Live Updates: US Futures Show Strength Despite Elevated Inflation Data

Despite elevated inflation, US futures surged today, signaling market resilience. Stay updated on the latest developments ahead of the Fed meeting

Mar 14, 2024 - 09:17
Mar 15, 2024 - 03:49
 95
Stock Market Live Updates: US Futures Show Strength Despite Elevated Inflation Data
Stock Market Live Updates: US Futures Show Strength Despite Elevated Inflation Data

Today's market outlook for US futures remains robust, defying expectations despite the release of higher-than-anticipated inflation figures. Investors are closely tracking these developments, mindful of their potential impact on the Federal Reserve's forthcoming policy decisions.

Futures for the S&P 500 index are signaling a 0.3% increase, hinting at the possibility of extending its record-breaking streak. Similarly, Dow Jones Industrial Average futures are up by around 0.4%, reflecting a gain of more than 100 points.

Likewise, Nasdaq 100 futures are demonstrating resilience with a 0.4% uptick, rebounding from recent setbacks attributed to the performance of key players such as Nvidia and Tesla.

In February, the producer price index surged by 0.6%, surpassing expectations for a 0.3% uptick. This unexpected rise prompts speculation about the Federal Reserve's approach to managing inflation. Despite Tuesday's Consumer Price Index (CPI) report indicating persistent inflation, investors maintain cautious optimism about potential policy adjustments in the coming months.

Meanwhile, retail sales saw a modest 0.6% increase, slightly below the anticipated 0.8% rise. Today's data release provides valuable insights into the economic health of the United States ahead of the Federal Reserve's crucial meeting next week.

In the commodities market, oil prices continue to climb amid concerns over supply constraints and declining US stockpiles. WTI crude futures are trading above $80 per barrel, reaching levels not seen since November, while Brent crude futures are edging closer to $85.

On the corporate front, Fisker's stock experienced a significant decline of nearly 40% during premarket trading following reports indicating that the electric vehicle manufacturer is considering filing for bankruptcy.

Live Updates start here...

Key Moments

  • US futures surge despite elevated inflation.
  • Market resilience evident ahead of Federal Reserve meeting.
  • Inflationary pressure fails to dampen investor optimism.
  • Key insights on stock market trends and economic indicators provided.

  • 14 Mar 2024 11:54 AM
    Retail Sales Make Strong Recovery in February

    Retail sales showed a remarkable recovery in February, bouncing back from their sharpest decline in almost a year experienced in the previous month.

    According to data from the Census Bureau, retail sales increased by 0.6% in February compared to the previous month. Despite expectations of a larger 0.8% rise in spending, as indicated by Bloomberg data, the actual increase still signals a positive trend. Notably, January's retail sales had unexpectedly dropped by 1.1%.

    Excluding auto and gas sales, February saw a more modest increase of 0.3%, aligning with economists' estimates. This suggests a more stable and consistent growth pattern in consumer spending.

  • 14 Mar 2024 11:56 AM
    Stocks Inch Higher Despite Surging Inflation Figures

    Despite a significant uptick in wholesale inflation data, stocks showed resilience on Thursday.

    The S&P 500 index (^GSPC) recorded a modest 0.1% increase, while the Dow Jones Industrial Average (^DJI) surged by 0.3%, equivalent to over 100 points. Similarly, the Nasdaq Composite index (^IXIC) experienced a 0.2% gain, rebounding from losses observed the previous day.

    Nvidia (NVDA) started the day with a decline for the second consecutive day. The chipmaker, along with Tesla (TSLA), had contributed to dragging down stock prices on Wednesday.

    February witnessed a notable surge in the Producer Price Index, rising by 0.6%, surpassing the expected 0.3% increase. Investors closely monitored this data amid speculations that Federal Reserve policymakers might affirm their commitment to potential rate cuts later this year, following next week's Fed meeting.

  • 14 Mar 2024 11:59 AM
    Market Retreats as Inflation Exceeds Forecasts

    Stocks kicked off the day with upward momentum but quickly reversed course, heading into negative territory early on.

    The S&P 500 index (^GSPC) witnessed a downturn of 0.3%, while the Dow Jones Industrial Average (^DJI) also experienced a 0.4% decline, equating to a drop of around 100 points. Simultaneously, the Nasdaq Composite index (^IXIC) slipped beneath the flatline.

     

    Nvidia (NVDA) commenced trading with another day of losses, marking its second consecutive decline. Alongside Tesla (TSLA), the chipmaker's performance contributed to dragging down stock prices in the previous session.

    February's Producer Price Index saw a notable uptick of 0.6%, surpassing the projected rise of 0.3%. Investors closely monitored this development as it stands as the final significant data point prior to next week's pivotal Federal Reserve policy meeting.

  • 14 Mar 2024 11:59 AM
    Oil Prices Surge on Decreasing Inventories and Russian Refinery Attacks

    Oil prices surged by over 1% on Thursday, building upon gains from the previous session, driven by declining inventories and ongoing drone attacks targeting Russian refineries.

     

    West Texas Intermediate (WTI) crude oil (CL=F) remained slightly above the $81 per barrel mark, while Brent crude (BZ=F), the global benchmark, traded at levels exceeding $85 per barrel.

    Data released by the Energy Information Administration indicated a decrease in US crude oil inventories over the previous week.

     

    The escalation of drone attacks on Russian refineries in the backdrop of the Ukraine-Russia conflict in recent days has further influenced oil market dynamics.

  • 14 Mar 2024 12:01 PM
    Federal Reserve's Caution on Rate Cuts Strengthened by Persistent Inflation Trends

    The Federal Reserve's cautious stance on reducing interest rates received reinforcement from fresh inflation data released on Thursday, suggesting that interest rates may remain elevated for a longer duration in 2024 than previously anticipated.

     

    Lindsey Piegza from Stifel emphasized, "Given the persistent nature of inflation, it will be challenging for the Fed to justify an immediate rate cut. Our expectation is that the Fed will delay any policy changes until the latter half of the year."

    The latest inflation figures, derived from the Labor Department's Producer Price Index, revealed a 0.6% increase from January to February, marking an uptick from the 0.3% rise observed in the preceding month. Notably, "core" producer prices, which exclude volatile food and energy costs, experienced a 0.3% month-over-month increase. The Federal Reserve closely monitors these core prices as a key indicator of inflationary trends.


     

  • 14 Mar 2024 12:07 PM
    Thursday's Trending Tickers: Microsoft, Robinhood, and Fisker

    Microsoft (MSFT):

    • Microsoft emerged as the top trending ticker on Yahoo Finance on Thursday. The tech giant's stock surged over 2%, reaching a record high and trading just above $426 per share.
    • Year-to-date, Microsoft's stock has seen an impressive uptick of approximately 15%.

    Robinhood (HOOD):

    • Shares of Robinhood Markets experienced a notable increase of more than 7% on Thursday. This surge followed the brokerage platform's announcement of robust growth in assets under custody (AUC) for February, indicating momentum in both stock and crypto trading.
    • Assets under custody for Robinhood rose by 16% in February compared to the previous month, reaching $118.7 billion.

    Fisker (FSR):

    • Fisker's stock plummeted by over 50% on Thursday following reports from The Wall Street Journal indicating that the electric vehicle startup is exploring the possibility of bankruptcy.
    • This development comes in the wake of Fisker's recent warning about its financial viability, including concerns about its ability to continue operations as a going concern. Additionally, the company announced a 15% reduction in its workforce just two weeks ago.


     


iShook Opinion Curated by iShook Opinion and guided by Founder and CEO Beni E Rachmanov. Dive into valuable financial insights at ishookfinance.com for expert articles and latest news on finance.