U.S. stock futures turned lower Thursday after government data showed a stronger-than-expected increase in consumer inflation. The 10-year Treasury yield jumped to 1.98%, around late 2019 highs. Earnings season continues Thursday, the morning after Disney reported strong results, sending the Dow stock up 7% in premarket trading. (CNBC)
The Dow Jones Industrial Average and the S&P 500 on Wednesday both posted solid advances for the third straight session. The Nasdaq logged back-to-back gains, with the tech-heavy index 9.7% below its Nov. 19 record close but 10.6% below its Nov. 22 all-time intraday high.
The January consumer price index rose 7.5% year over year, more than estimates and the biggest jump since February 1982. Core CPI, excluding food and energy, rose in January 6% year over year, slightly higher than estimates and the biggest increase since August 1982. The CPI is key for markets since inflation is seen as a direct trigger for Fed interest rate hikes, which are expected to begin in March. (CNBC)
Initial jobless claims, also out before the bell, dropped to 223,000 for the week ended Feb. 5, fewer than expected.
