Stocks were rising Wednesday following a Tuesday drop as inflation data came in weaker than expected.
Futures on the Dow Jones Industrial Average have risen 118 points, or 0.4%, while S&P 500 futures have gained 0.5%, and Nasdaq Composite futures advanced 0.4%.
Consumer price prices rose 0.3%, in line with estimates, while core inflation, which excludes food and energy, was unchanged, missing estimates of 0.2%. “As much as the Fed wants it, inflation just won’t seem to budge,” writes Bespoke Investment Group’s Paul Hickey.
More economic data is on its way this week. Jobless claims are due Thursday, while consumer sentiment is set to be released on Friday. With the U.S. economy recovering as Covid-19 vaccine distributions ramp up, the market will be keeping an eye on the data—and what it means for monetary policy. Investors will be listening carefully for hints on the latter when Fed Chair Jerome Powell speaks at 2 p.m. Wednesday.
Here were some notable stock movers:
Twitter (TWTR) shares were rising 9% after the company posted earnings of 38 cents a share, beating estimates for 31 cents. The social media platform’s revenue came in at $1.29 billion, better than the $1.19 billion predicted by analysts.
Coca-Cola (KO) rose 2% after the company managed to report better-than-expected profits even as revenue came in below estimates. The company earned 47 cents per share, higher than the 42 cent forecast, while revenue came in at $8.6 billion, just shy of the $8.63 billion analysts had forecast.
General Motors (GM) fell 1% even after the automaker posted a strong quarter. The company earned $1.93 per share, better than estimates of $1.64, on sales of $37.5 billion, better than the expected $36.1 billion.
Nordstrom (JWN) shares rose 2% after Gordon Haskett upgraded the stock to Buy from Hold.
Virgin Galactic (SPCE) fell 1.6% after UBS downgraded the stock to Neutral from Buy.
Write to Jacob Sonenshine at jacob.sonenshine@barrons.com
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February 10, 2021 at 08:55PM
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Twitter Stock Pops, GM Drops, and the Stock Market Is Rising Once Again - Barron's
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