U.S. stock futures were trending lower on Friday as investors digested U.S. inflation figures that rose to 7.5% in January. The data suggests that the Federal Reserve may be forced into aggressive monetary policy easing. Consumer Price Index on Thursday showed the biggest annual inflation increase in 40-years, triggering speculation of the FED carrying out a 50 basis point rate hike in March.
Dow futures (DJIA) were down 0.49%, S&P futures (SPX) were down 0.58%, and Nasdaq futures (NDX) were down 0.78% at the time of writing.
Upcoming Earnings
Bruker Corp. (BRKR), British American Tobacco (BTI), Dominion Energy (D), Cleveland-Cliffs, Inc. (CLF), and Sylvamo Corp. (SLVM) are set to report their quarterly results before the bell. StarHub Ltd. (SRHBF) will report after the market close.
Market news
BigCommerce (BIGC) has acquired business-to-business enterprise software solutions provider Quote Ninja. The terms of the deal remain under wraps. The acquisition is expected to strengthen the company’s ability to deliver powerful e-commerce functionality.
Alphabet’s (GOOGL) YouTube is tapping emerging technologies to try and curb fraud in the digital art market. YouTube is exploring the use of Web3 technologies such as Non-fungible tokens to offer a verifiable way of owning unique videos, art, and digital assets. Reuters reports that the video streaming unit also plans to enhance the social viewing of gaming content.
Shares of Twitter (TWTR) fell 1.98% after the social networking company delivered disappointing fourth-quarter results. Net income fell to $182 million from $222 million in the same quarter last year. Diluted earnings per share landed at $0.33, worse than consensus estimates of $0.35 a share. Revenue was up 22% year-over-year to $1.57 billion but below consensus estimates of $1.58 billion.
Expedia Group, Inc. (EXPE) shares jumped 5.1% after the online travel shopping company delivered better-than-expected quarterly results. Quarterly revenues were up 148% year-over-year to $2.3 billion, slightly below consensus estimates of $2.31 billion. Earnings per share came in at $1.06, an improvement from a loss of $2.64 per share reported in the same quarter last year and higher than the consensus estimate of $0.70 a share.
Upwork (UPWK) shares fell 2.56% after the company delivered solid fourth-quarter and full-year results. Revenue in the quarter was up 29% year-over-year to $136.9 million, better than consensus estimates of $131.8 million. The company delivered a non-GAAP net loss per basic share of $0.05, in line with consensus estimates.
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