Inflation stays HOT; stocks sell off

The stock market reacted poorly to a stubbornly strong inflation figure on January's CPI report, raising doubts about the likelihood of an imminent rate cute.

Author

Adam Garcia
February 13, 2024

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

Stocks turned south on Tuesday after a weaker-than-expected CPI reading for January. The Russell 2K suffered a steep sell-off, while the Nasdaq underperformed other large-cap indexes.

  • DJIA [-1.3%]

  • S&P 500 [-1.3%]

  • Nasdaq [-1.8%]

  • Russell 2K [-4.0%]

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Market-Moving News 🔎 

🔥 January's CPI Ignites Market Jitters

This morning's inflation news came in spicier than Wall Street's chefs had forecasted, causing a stir in the stock and bond kitchens alike. The CPI for January didn't just simmer; it boiled over, sending investors scrambling.

💸 Bond Market Feels the Heat

The 10-year U.S. Treasury yield didn't just rise; it soared to near 4.3%, touching one of its peak levels in recent months. This surge in yields suggests the bond market is bracing for a more hawkish Federal Reserve policy than previously seasoned for.

📉 Stock Futures Take a Dip

Over in the futures market, the taste test went sour fast. Nasdaq-100 futures, in particular, dropped about 1.5% post-CPI reveal. It's clear the market's appetite for risk got a bit unsettled with the latest inflation dish served hotter than expected.

Top Winners and Losers 🔥

Digital Brands Group [DBGI] $6.85 (+139.0%)
re-affirmed its fiscal 2024 revenue forecast calling for an annual top-line figure ranging from $27 million to $30 million.

ARB IoT [ARBB] $2.59 (+68.1%)
recent Form SC 13G filings showed two major purchases of ARBB by prominent investors over the past two trading sessions.

Fibrobiologics [FBLG] $13.94 (+88.3%)
presented upbeat preclinical data of human dermal fibroblast (HDF) spheroids to treat psoriasis at an industry conference.

Polished.com [POL] $2.07 (57.4%)
fell after its lenders asserted certain default events relating to non-payments of certain amounts and fees under a May 2022 credit deal.

SSR Mining [SSRM] $4.50 (53.7%)suspended operations at its Copler mine in Turkey after a large landslide at the site and issued downbeat Q4 production outllok and guidance.

G1 Therapeutics [GTHX] $2.10 (53.1%)
published disappointing interim data from a Phase 3 PRESERVE 2 trial of trilaciclib as a first-line breast cancer treatment.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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