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- Futures rise with CPI on deck 📈
Futures rise with CPI on deck 📈
New inflation data will set the tone for today's trading session.
Chris Dinello
March 12, 2024
Good Morning!
It's Chris from Elite Trade Club, here to give you this morning's premarket trading news.
Let’s get ready to trade!
Markets 📈
Stocks continued to edge lower on Tuesday, dragging down U.S. indexes. The Dow was the lone gainer thanks to a minimal advance.
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S&P 500 contracts are up 0.2% in early-morning trading.
What to Watch Today:
New consumer price index data will drop today, and investors are on the edge of their seat. Last month’s setback sparked some concerns for the market, but there could be a much more negative reaction if today’s data showed inflation’s resurgence continued - or even worsened - last month.
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Premarket Highlights 🔎
📊 February CPI Report: A Preview of What's to Come
Today’s consumer price index (CPI) report, anticipated with bated breath, is poised to shed light on the inflation landscape after January's figures exceeded expectations. Slated for release at 8:30 a.m. ET, the CPI data is expected to provide both economists and investors with crucial insights into price movements and economic trends.
📈 Economists Predictions
A survey conducted by The Wall Street Journal has outlined the expectations for today's report: a 0.4% increase in the overall consumer-price index from January, and a 0.3% rise in core CPI, which excludes the often unpredictable food and energy sectors.
Looking at the year-over-year numbers, the CPI for February is predicted to show a 3.1% increase, while the core CPI is anticipated to climb by 3.7%.
📅 Upcoming Economic Indicators
The release of the CPI report is just the beginning of a week filled with pivotal economic data. Thursday will see the publication of the producer-price index (PPI), offering insights into price changes from the perspective of suppliers and businesses.
Additionally, February's retail sales figures are set to be unveiled, providing another layer of understanding regarding consumer behavior and economic health.
🏦 Eye on the Fed
The sequence of economic reports culminates with the personal-consumption expenditures (PCE) price index, the Federal Reserve's favored measure of inflation, due on March 29.
This release, coming after the Fed's next meeting, will be particularly significant. Forecasters often use the CPI and PPI data as a preliminary guide to predict the PCE figures, adding an extra layer of anticipation to today's CPI announcement and its implications for future monetary policy decisions.
Featured Earnings 💰️
Archer-Daniels-Midland [ADM] ... AM
On Holding [ONON] ... AM
Kanzhun Limited - American Depository Shares [BZ] ... AM
International Game Technology [IGT] ... AM
Hagerty [HGTY] ... AM
Kohl's [KSS] ... AM
Manchester [MANU] ... AM
Enfusion [ENFN] ... AM
Qifu Technology [QFIN] ... PM
Core Scientific [CORZ] ... PM
Economy 🏗
NFIB optimism index [Feb] ... 6:00a
Consumer price index [Feb] ... 8:30a
Monthly U.S. federal budget [Feb] ... 2:00p
Running Hot 🔥
Gainers
Nukkleus [NUKK] >> +53.0%
Singularity Future [SGLY] >> +37.4%
ATRenew [RERE] >> +41.0%
Decliners
Renalytix [RNLX] >> (29.3%)
Xos [XOS] >> (19.5%)
NRX Pharma [NRXP] >> (19.7%)
Oracle [ORCL] - Last Close: $12.6
New earnings data is powering Oracle to the top of the S&P 500, after its report showed a sharp rebound from its cloud services unit.
Oracle generated a 25% jump in cloud revenue for its fiscal Q3, and the company’s bottom-line EPS exceeded the consensus.
ORCL is leading the S&P 500 with a 12.2% gain on more than 800K shares traded.
My Take: ORCL has struggled to keep pace with competitors in recent months, but this report could put them back on investors’ radar.
ClearOne [CLRO] - Last Close: $0.9053
After Monday’s close, this tiny videoconferencing hardware stock announced a special dividend of $0.50 per share.
The dividend totals more than 50% of the stock’s current share price, so the stock is seeing a big rally on the news.
CLRO is up 71.2% on more than 7.5 million shares traded.
My Take: CLRO will get a short-term boost from this news, but it will likely see a big drop once the ex-div date passes.
Regulus Therapeutics [RGLS] - Last Close: $1.38
Top-line data from a Phase 1b trial of RGLS8429 for autosomal dominant polycystic kidney disease is boosting shares of Regulus Therapeutics.
Regulus posted promising early data and said the study’s third cohort is fully enrolled with data expected in mid-2024.
The company also announced an oversubscribed $100 million private placement of equity.
RGLS is up 65.9% on roughly 12 million shares traded.
My Take: RGLS has been very volatile as of late, but this move is currently on pace to push the stock through a tough resistance point at $1.60 per share.
Assure Holdings [IONM] - Last Close: $0.3410
Yesterday evening, Assure announced a deal to sell its IONM business assets to MPOWERHealth for up to $4.5 million in cash.
The deal includes most of Assure’s health care facility contracts and clinical equipment, with $2.5 million paid at the initial closing.
The remaining $2 million will be a potential payment tied to case volume from the assets generated in the 12-month period following closing.
IONM is up 38.8% on more than 5 million shares traded.
My Take: IONM will get a short-term boost from this news, but I am not sure that it will be enough to change this company’s long-term outlook.
That's it for today! Thanks for reading, and good luck out there!
Best Regards,
— Chris D.
Elite Trade Club
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