U.S. stock futures wavered Thursday morning with bond yields lower, a weaker dollar, and a Bitcoin rally making moves ahead of another batch of economic data.
Futures tied to the S&P 500 (^GSPC) ticked down 0.1%, while futures on the Dow Jones Industrial Average (^DJI) inched lower. Contracts on the technology-heavy Nasdaq Composite (^IXIC) were also just below the flatline.
Over the past 24 hours, bitcoin (BTC-USD) has rallied, hitting a new-six month high amid regulatory crackdowns driving some continued uneasiness. The token stands at about $24,586 in pre-market trading Thursday morning.
The yield on the benchmark 10-year U.S. Treasury note ticked down to 3.78% Thursday morning. The dollar index moved lower nearly 0.3% to trade at $103.65. Energy traded weaker, with Brent crude futures down 0.3% to $85.08 a barrel.
Stocks capped off the day higher on Wednesday after another economic data print revealed that inflation could be much sticker than many expected.
Retail sales surged 3% in January, the Commerce Department said, reversing two consecutive monthly declines, coupled with higher-than-expected reading on consumer prices Tuesday, leaving unsettling investors concerned that the central bank could keep raising interest rates.
“Robust job growth and a level-shift up in disposable income in the new year also contributed to the Jan spending spike,” Bank of America Economist Aditya Bhave wrote in a note following the release.
Economists at JPMorgan raised their Q1 GDP projection to 2%, from 1%, on the news, noting that the acceleration in retail sales adds to “the goldilocks view of growth without inflation.”
Meanwhile, the Congressional Budget Office warned on Wednesday that the Treasury Department’s ability to continue paying its government bills would be exhausted by the summer unless lawmakers strike a deal to raise the debt ceiling.
On the macro front, investors will be anticipating more economic data, including January’s producer price index (PPI). Headline PPI is expected to show a monthly increase of 0.4%, against December’s decline of 0.5%. Weekly jobless claims and housing data will also be released Thursday morning.
Separately, Redfin (RDFN), DoorDash (DASH), and Dropbox (DBX) are gearing up to report quarterly results on Thursday after the bell.
In specific stock moves, shares of Shopify (SHOP) sank Thursday after the ecommerce company posted results for the fourth quarter revenue at $1.73 billion against estimates of $1.65 billion. Adjusted earnings per share of $0.07 topped estimates of $0.02. Yet the Ottawa-based company expects first-quarter revenue slightly below forecasts.
Roku (ROKU) stock rose Thursday morning after the company’s net revenue of $867.1 million topped expectations of $804.5 million. Fourth-quarter loss per share of $1.70 came in slightly below $1.74 expected by analysts expectations.
Shares of Cisco (CSCO) climbed 4% in pre-market trading after the company raised its third-quarter revenue guidance to be between 11% to 13% higher year-over-year, topping analysts expectations.
QuantumScape (QS) shares dropped nearly 13% before the bell after posting a narrower-than-expected quarterly loss.
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Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
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