Tech Stocks Set To Rise Thursday As January Inflation Data Fails To Scare Markets, Small Caps Surge
Thursday’s premarket trading session saw substantial upward momentum propelled by major tech stocks, laying the groundwork for a promising session for U.S. equity indices.
This surge comes as the Fed’s preferred measure of inflation meets anticipated levels from last month, thereby failing to disrupt expectations of potential interest rate cuts in the first half of the year.
Futures on the Nasdaq 100 Index edged up 0.6% to 18,000 points at 8:50 a.m. in New York, poised to fully recover Wednesday’s losses, according to data from the Benzinga Pro platform.
Contracts on the S&P 500 rose 0.4% to 5,090 points, reaching levels last observed at the beginning of the week.
The Dow Jones, which has limited exposure to tech stocks, saw only a marginal increase of 0.1%.
The most significant reaction was seen in small-cap stocks, with contracts on the Russell 2000 index, as tracked by the iShares Russell 2000 ETF (NYSE:IWM), surging by 1.6%.
Yields on Treasury bonds fell, with the 10-year benchmark yield dropping to 4.25%. Market-implied probabilities on a Fed rate cut by June inched higher to 67%, up from Wednesday’s 62%.
The U.S. Dollar Index (DXY), as monitored through the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), declined by 0.2% following the inflation data.
Mega-Cap Stock Movers Premarket Thursday
Top Gainers
| Name | Last | Chg | Chg % |
| Netflix, Inc. (NASDAQ:NFLX) | 606.20 | 9.72 | 1.63% |
| Broadcom Inc. (NASDAQ:AVGO) | 1,310.00 | 20.58 | 1.60% |
| NVIDIA Corporation (NASDAQ:NVDA) | 787.23 | 10.60 | 1.36% |
| Advanced Micro Devices, Inc. (NASDAQ:AMD) | 178.74 | 2.20 | 1.25% |
| Tesla, Inc. (NASDAQ:TSLA) | 204.43 | 2.39 | 1.18% |
Worst Performers
| Name | Last | Chg | Chg % |
| PepsiCo, Inc. (NASDAQ:PEP) | 166.00 | -1.03 | -0.62% |
| McDonald’s Corporation (NYSE:MCD) | 293.52 | -1.67 | -0.57% |
| The Boeing Company (NYSE:BA) | 206.17 | -0.83 | -0.40% |
| Honeywell International Inc. (NASDAQ:HON) | 196.85 | -0.72 | -0.36% |
| Dow Inc. (NYSE:DOW) | 54.90 | -0.20 | -0.36% |
| Texas Instruments Incorporated (NASDAQ:TXN) | 162.50 | -0.54 | -0.33% |
S&P 500 Movers Premarket Thursday
Top Gainers
| Name | Last | Chg | Chg % |
| Hormel Foods Corporation (NYSE:HRL) | 33.13 | 2.30 | 7.46% |
| Monster Beverage Corporation (NASDAQ:MNST) | 58.40 | 2.55 | 4.57% |
| Best Buy Co., Inc. (NYSE:BBY) | 83.02 | 3.34 | 4.19% |
| Enphase Energy, Inc. (NYSE:ENPH) | 123.89 | 4.79 | 4.02% |
| Albemarle Corporation (NYSE:ALB) | 137.28 | 5.22 | 3.95% |
Worst Performers
| Name | Last | Chg | Chg % |
| Bath & Body Works, Inc. (NYSE:BBWI) | 44.80 | -3.53 | -7.30% |
| NiSource Inc. (NYSE:NI) | 25.32 | -0.53 | -2.03% |
| HP Inc. (NYSE:HPE) | 28.16 | -0.56 | -1.95% |
| CF Industries Holdings, Inc. (NYSE:CF) | 78.64 | -1.26 | -1.58% |
| Dominion Energy, Inc. (NYSE:D) | 47.59 | -0.76 | -1.57% |
Russell 2000 Movers Premarket Thursday
Top Gainers
| Name | Last | Chg | Chg % |
| The Children’s Place, Inc. (NASDAQ:PLCE) | 24.98 | 5.78 | 30.10% |
| Sterling Check Corp. (NASDAQ:STER) | 15.61 | 3.19 | 25.72% |
| Avidity Biosciences, Inc. (NASDAQ:RNA) | 18.49 | 3.23 | 21.17% |
| Voyager Therapeutics, Inc. (NASDAQ:VYGR) | 10.85 | 1.88 | 20.96% |
| Duolingo, Inc. (NASDAQ:DUOL) | 235.90 | 40.39 | 20.66% |
| C3.ai, Inc. (NASDAQ:AI) | 35.28 | 5.59 | 18.83% |
Worst Performers
| Name | Last | Chg | Chg % |
| Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD) | 10.59 | -4.53 | -29.96% |
| Xometry, Inc. (NASDAQ:XMTR) | 21.50 | -8.59 | -28.55% |
| WW International, Inc. (NASDAQ:WW) | 2.83 | -0.98 | -25.82% |
| Butterfly Network, Inc. (NYSE:BFLY) | 1.19 | -0.29 | -19.59% |
| LivePerson, Inc. (NASDAQ:LPSN) | 1.93 | -0.47 | -19.58% |
| FIGS, Inc. (NYSE:FIGS) | 5.00 | -1.03 | -17.08% |
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Wall Street bull illustration created using artificial intelligence via MidJourney.