Futures pause for CPI data

A new bout of consumer price index data could show inflation fell below 3.0% last month.

Author

Chris Dinello
February 13, 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 opened the trading week with a mixed performance on Monday. The S&P 500 and Nasdaq suffered a small pullback, while the Russell 2K rallied.

  • Dow [+0.3%]

  • S&P 500 [<0.1%]

  • Nasdaq [-0.3%]

  • Russell 2K [+1.7%]

Futures are down in the premarket for the second day in a row

What to Watch Today:
Inflation data is due out this morning that could have a tremendous impact on investor sentiment and the outlook for rate cuts. Economists are hoping the top-line annual inflation rate dipped to 2.9% last month, which would mark its smallest increase in years.

Gold is an effective way to protect portfolios from the forces of war and uncertainty.

But gold reserves have declined, along with a lack of new gold discoveries.

To make up for growing gold demand, more new mining projects and gold discoveries are needed - particularly in safe jurisdictions such as the U.S.

Premarket Highlights 🔎

📉 Today's CPI Spotlight: A Glimpse at January's Inflation

This morning, all eyes are on the consumer-price index (CPI) for January, set to drop at 8:30 a.m. ET, with expectations pointing to a slight cooling off in inflation.

🔍 Outlook
Economists have penciled in a modest 0.2% rise in the CPI for January from December, suggesting a gentle ease from the previous month's 0.3% uptick.

The core CPI, which gives us the lowdown minus the food and energy rollercoaster, is also on the radar, anticipated to mirror December's 0.3% month-on-month climb.

📅 Yearly Snapshot
Looking back over the past year, inflation's pace is predicted to have decelerated to 2.9% through January, stepping down from December's 3.4% annual clip. The core CPI's yearly dance is expected to show a similar softening, from December's 3.9% to a slightly cooler 3.7% rate.

As the clock ticks down to the release, these numbers offer a crucial checkpoint on inflation's trajectory, with potential implications for monetary policy and market movements.

Featured Earnings 💰️ 

  • The Coca-Cola Company [KO] ... AM

  • Shopify [SHOP] ... AM

  • Zoetis [ZTS] ... AM

  • Moody's [MCO] ... AM

  • Marriott International [MAR] ... AM

  • Ecolab [ECL] ... AM

  • Datadog [DDOG] ... AM

  • Airbnb [ABNB] ... PM

  • American International Group [AIG] ... PM

  • Welltower [WELL] ... PM

Economy 🏗

  • Consumer price index [Jan.] ... 8:30a

  • Core CPI [Jan] ... 8:30a

  • CPI year over year ... 8:30a

  • Core CPI year over year ... 8:30a

Running Hot 🔥

Gainers

  • VCIG Global [VCIG] >> +95.3%

  • Ohmyhome [OMH] >> +359.0%

  • BioNexus Gene Lab [BGLC] >> +158.4%

Decliners

  • Sientra [SIEN] >> (47.0%)

  • G1 Therapeutics [GTHX] >> (43.7%)

  • PolishedCom [POL] >> (34.8%)

KalVista [KALV] - Last Close: $16.04

This micro-cap pharma firm is taking off after a Phase 3 KONFIDENT trial for a rare genetic condition met its primary endpoints.

Sabetralstat for hereditary angioedema symptom relief in the patient population significantly faster than placebo.

KalVista will present the complete Phase 3 data at an upcoming industry conference on Feb. 25th.

KALV is a top mover with a 15.6% gain on half a million shares traded.

My Take: KALV looks like its on its way to an approval for senetralstat, but the good news might already be priced into stock.

Beamr Imaging [BMR] - Last Close: $9.95

After announcing its breakout deal with NVIDIA [NVDA] yesterday, Beamr capped off its 371.5% rally by announcing a public offering.

According to the aftermarket filing, Beamr is offering 1.71 million ordinary shares at a price of $7 apiece for a gross proceed of about $12 million.

BMR is extending its Monday rally with a 67.9% gain on 8.5 million shares traded in today’s premarket.

My Take: BMR has been on an absolute tear this week, but this rally is starting to look overextended. Tread lightly.

ARB IoT Grp. [ARBB] - Last Close: $1.54

A pair of recent Form SC 13G filings showed two major purchases of ARBB by prominent investors over the past two trading sessions.

ARBB jumped 23.2% on Monday after a filing revealed a Dato’ Sri Liew Kok Leong had amassed about 3.9 million shares for a 14.73% stake.

Yesterday, another filing revealed ARB BERHAD had acquired 7.5 million shares for a 28.38% stake.

ARBB is up 215.6% on 8 million shares traded.

My Take: Are these ARBB investors vying for control of the company? Is there an adversarial relationship between them? Hard to say, but the answers could determine the outlook for any trading opportunities.

Chanson Intl. [CHSN] - Last Close: $1.68

This controversial China stock is rallying after a Form SC13G filing revealed Danton Global has taken a 68.9% stake in the company.

According to the filing, Danton controls upwards of 8.3 million shares.

CHSN is a top mover with a 26.7% gain on 2.5 million shares traded.

My Take: CHSN was the subject of a report from revered short-seller Hindenburg Research in December, so you should consider steering clear of this one, unless you have a solid plan for a short-term trade.

That's it for today! Thanks for reading, and good luck out there!

Best Regards,

— Chris D.
Elite Trade Club

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