BY THE NUMBERS
U.S. stock futures rose Friday, erasing losses earlier in the session. Investors continued to assess the risks stemming from Russia's invasion of Ukraine. Wall Street was also focusing on a hotter before-the-bell release of the Federal Reserve's favorite inflation indicator. The 10-year Treasury yield dipped below 2% after the data. (CNBC)
While still down for the week, the Nasdaq led an incredible comeback Thursday that also saw the Dow and the S&P 500 end higher. The Nasdaq swung from a 3.45% loss, which briefly sent the tech-heavy index into bear market territory, to close up 3.3%. All three stock benchmarks spent most of the session sharply lower but turned around not long after after President Joe Biden shortly before 2 p.m. ET announced wider sanctions against Russia. (CNBC)
* Cramer looks at how fear over Russian aggression gave way to stunning market comeback (CNBC)
The core personal consumption expenditures price index, a closely watched inflation gauge at the Fed, rose 5.2% year over year in January, slightly hotter than estimates and the biggest annual gain since 1983. Central bankers are in a tough spot as they weigh the possible harmful economic effects of energy-rich Russia's move into Ukraine against the risk of even higher inflation due to rising oil and natural gas prices. (CNBC)
IN THE NEWS TODAY
Russia pressed its invasion of Ukraine toward the capital on Friday. The Russian military said it's seized of a strategic airport just outside Kyiv and the city off from the west. The assault, anticipated for weeks by the U.S. and Western allies, amounts to the largest ground war in Europe since World War II. Biden was to meet Friday morning with fellow leaders of NATO governments. (AP)
* U.S. and Europe are waiting on one key sanction against Russia (AP)
* UEFA moves the Champions League soccer final from St. Petersburg to Paris (AP)
CrowdStrike (CRWD) CEO George Kurtz told CNBC he's been speaking with U.S. bank executives, and they're worried about potentially being the target of Russian cyberattacks. Kurtz noted his cloud-focused cybersecurity firm works with 14 of the 20 largest U.S. banks. American officials believe Russian agents were behind multiple recent cyberattacks targeting Ukraine. (CNBC)
The president is expected to announce Friday that he will nominate federal Judge Ketanji Brown Jackson to the Supreme Court. Biden has vowed to pick a Black woman to succeed liberal Justice Stephen Breyer, who plans to retire in the summer at the end of the court's current term. There are currently three liberal justices and six conservatives. (CNBC)
The Biden administration will significantly loosen federal Covid mask guidelines on Friday, according to The Associated Press. The move comes as the omicron variant-driven wave of infection in the U.S. has subsided. The latest seven-day average of new daily Covid cases of 74,750 is down 90% since January's record highs of the pandemic. (AP)
Block (SQ) surged 16% in premarket trading after the payments company formerly known as Square reported better-than-expected profit and revenue for its latest quarter. After the bell Thursday, Block also gave an upbeat forecast for the current quarter and the full year, amid growing success for its Cash App. (MarketWatch)
Etsy (ETSY) jumped 16% in Friday's premarket, the morning after the online crafts marketplace beat quarterly estimates on earnings and revenue. Investors appeared to be unfazed by the middling forward guidance, focusing instead on the strong fourth-quarter. (CNBC)
Carvana (CVNA) is buying Kar Auction Services (KAR) vehicle auction business in the U.S. for $2.2 billion, as the online used-car seller moves to boost its physical locations. Kar shares rocked roughly 65% higher in the premarket. Carvana posted strong sales early in the pandemic, but its growth has slowed recently. (Reuters)
Foot Locker (FL) slumped 16% in the premarket after giving a weaker-than-expected full-year profit and same-store sales outlook. Foot Locker did report better-than-expected results for its fiscal fourth quarter, including an unexpected rise in comp sales. (MarketWatch)
Beyond Meat (BYND) slid roughly 11% in the premarket after reporting a wider-than-expected quarterly loss and revenue that fell slightly short of forecasts. The plant-based meat substitute maker also issued a weaker-than-expected forecast as it expects a temporary disruption of U.S. retail growth.
STOCKS TO WATCH
Cinemark (CNK) jumped 3.7% in the premarket after the movie theater operator reported an unexpected quarterly profit and revenue that beat Wall Street forecasts. Attendance jumped as Covid-19 restrictions loosened.
Dell Technologies (DELL) tumbled 9% in premarket action after saying it expected its order backlog to swell this quarter, with supply chain issues limiting its ability to fulfill strong order demand.
LendingTree (TREE) added 2.6% in the premarket after reporting a narrower-than-expected loss and revenue that exceeded analyst forecasts. LendingTree saw strong performance in its consumer segment during the quarter.
Coinbase (COIN) reported quarterly earnings well above estimates. Revenue also beat. However, the crypto exchange said volatility in the digital currency market will result in lower transactions volume this quarter. Coinbase fell 2% in premarket trading..
Zscaler (ZS) took an 11.5% hit in the premarket despite beating quarterly estimates on the top and bottom lines. Investors are focusing on the cybersecurity company's weaker-than-expected outlook, although it reported its strongest year-over-year revenue growth in three years.
Farfetch (FTCH) soared 30% in the premarket even though its adjusted quarterly loss just matched estimates and revenue fell below the consensus estimate. The luxury fashion seller was profitable on an adjusted basis for 2021, encouraging investors after a recent tumble in the stock's price.