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Futures tick higher amid earnings deluge, revised 2023 inflation data

February 9, 2024 7:49 AM

Investing.com -- Stock futures on Wall Street inched up on Friday, as investors parsed through a busy week of quarterly corporate results and awaited an updated reading of U.S. inflation in 2023.

By 07:33 ET (12:33 GMT), the S&P 500 futures contract had added 9 points or 0.2%, Nasdaq 100 futures had gained 70 points or 0.4%, and Dow futures were mostly unchanged.

On Thursday, the three main averages closed in the green. The benchmark S&P 500 ended up by 0.1% after momentarily breaching the 5,000-point milestone, while the tech-heavy Nasdaq Composite advanced by 0.2% and the blue-chip Dow Jones Industrial Average rose by 0.1%. All three of the indices are on pace to post their fifth-consecutive weekly gain.

Topping the economic calendar will be a revised print of U.S. consumer price index data. Officials at the Federal Reserve have said that they will be eyeing the announcement, expected at around 08:30 ET (13:30 GMT), as they assess the path ahead for interest rates.

In individual stocks, PepsiCo (NASDAQ: PEP) has unveiled a full-year forecast for organic revenue growth of at least 4%, below Bloomberg consensus expectations of 5.2%, as the food and beverage group flagged waning benefits from elevated prices. Shares in the Doritos chips owner dipped in premarket U.S. trading.

Shares in Pinterest (NYSE: PINS) tumbled in premarket U.S. trading on Friday after the social media company missed fourth-quarter revenue expectations and issued soft guidance for the March quarter.

Cloudflare (NYSE: NET) shares spiked prior to the opening bell on Friday after the internet firm unveiled first-quarter income and revenue guidance that topped Wall Street expectations.

Take-Two (NASDAQ: TTWO) Interactive has cut its annual bookings guidance, citing projected softness for titles like "NBA 2K24" and a planned release moving out of its fiscal fourth quarter. Shares in the video game publisher fell sharply.

Oil prices were choppy, as ongoing violence in the Middle East showed little signs of abating after Israel rejected a ceasefire offer from Hamas.

At 07:37 ET, the Brent oil futures contract expiring in April was down 0.2% at $81.45 a barrel, while West Texas Intermediate crude futures were lower by 0.1% to $76.17 per barrel.

Israeli forces carried out an attack on on the southern border city of Rafah on Thursday following a decision by Prime Minister Benjamin Netanyahu to refuse to bring hostilities to a halt. Crude prices rose in the prior session.


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