U.S. stock market pre-market: CPI horror aftermath the three major period index wide range shock

Financial Associated Press (Shanghai, editor Shi Zhengcheng) news, before the session on Friday, the US stock market is still digesting the aftermath of yesterday's inflation data, and the three major futures indexes have a wide range of shocks before the market. Among them, the Nasdaq 100 index futures fell by more than 1% during the day, but as of press time, they have recovered to a state close to flat.

After fighting inflation became a top priority for the Fed, the current focus of the market is on the magnitude of the FOMC rate hike in March, and even after Yesterday's Brad speech, there were aggressive expectations such as an "early rate hike".

Steven Englander, head of foreign exchange research at Standard Chartered Bank's G10, said there may be a debate within the Fed's FOMC about whether aggressive tightening policies can quickly suppress inflation. Unlike money market prices, which strongly expect the Fed to raise rates by 50 basis points in March, Englander still believes that the Fed will raise rates by 25 basis points in March, May, June and July, but does not rule out a more aggressive scenario.

Market dynamics

As of 21:31 Beijing time, Dow Futures (March 22 contract) fell 0.05%, S&P 500 Futures fell 0.03%, and NASDAQ 100 Futures fell 0.03%.

Affected by the us CPI data exceeding expectations in the previous session, the three major stock indexes fell in a wide range. By the close, the Dow was down 1.47 percent at 35,241.59; the NASDAQ was down 2.10 percent at 14,185.64; and the S&P 500 was down 1.81 percent at 4,504.08.

The Trading European Market was also affected by the U.S. market volatility, with major stock indexes collectively weakening.

(The situation of major European stock indexes on Friday, source: Investing)

Company news

【British American Tobacco new product sales rise by more than 50%】

On Friday, local time, British American Tobacco announced the pre-disclosure of its 2021 annual report results, in which adjusted full-year revenue rose 7% to 25.7 billion pounds. Among the most interesting "new categories" sales surged 51% to £2.05 billion, including e-cigarettes, chewing nicotine and others. British American Tobacco also announced higher dividends and the launch of a share buyback programme of up to £2 billion.

【Expedia's four-quarter profit exceeds market expectations, outlook for steady recovery in tourism】

After hours on Thursday, travel site Expedia disclosed a four-quarter report in which revenue of $2.28 billion was roughly on par with analysts' expectations, but earnings per share of $1.06 were significantly higher than expected. CEO Peter Kern said that with the main impact of the epidemic passing, this year will usher in a brighter year, and the company looks forward to driving a strong recovery across the industry. As of press time, Expedia was up 4% pre-market.

[Ford and other car companies receive $3.5 billion in clean energy subsidies from the Indian government]

The Indian government announced on Friday that 20 car companies, including Ford and Hyundai, are eligible for the government's total $3.5 billion clean energy vehicle incentives. According to a plan adopted by the Indian government last year, the plan will incentivize car manufacturers to manufacture electric and hydrogen energy vehicles and related components over the next five years.

Shell CEO sells millions of dollars in company stock

Shell CEO Ben van Beurden sold 190,000 shares of the company's stock this week at an average price of £20.40, or £3.9 million, according to regulatory filings. A company spokesperson said Beurden's decision to sell shares was a personal act. It is worth mentioning that last Thursday, After the earnings report, Beurden said that it still believes that the company's stock is undervalued.

[Gradually resume normal operations, Amazon allows employees to work without masks]

According to media reports, Amazon on Thursday informed all warehouse and logistics employees that employees who have been vaccinated can go to work without masks from Friday. The company said it was a positive sign of a resumption of routine operations, while also strictly adhering to guidelines from public health agencies. Amazon also requires employees to report the completion of vaccination by March 18, otherwise it will affect subsequent applications for paid leave for COVID-19-related reasons.

[Affirm quarterly loss widens and continues to fall more than 10% before market]

As of press time, the "American version of Huabei" Affirm fell 10.58% before the session. On the news side, the company reported its fiscal second quarter after hours on Thursday, in which the loss per share also widened to $0.57, although revenue increased by $361 million. It is worth mentioning that the company's social media had made a mistake in the intraday yesterday to leak performance in advance, resulting in a 21% drop in stock prices.

Events to watch in the U.S. stock session (Beijing time)

February 11

23:00 US Preliminary Value of the University of Michigan Consumer Confidence Index for Feb

February 12

02:00 Total oil rigs in the U.S. for the week to Feb. 11