Data from Stocktwits indicated that retail sentiment on SPY and QQQ reflects growing caution in the market.
- Investors awaited the February CPI report and monitored rising geopolitical tensions in the Middle East.
- G7 leaders are scheduled to discuss energy market stability later today.
- Cloud giant Oracle reported stronger-than-expected fourth-quarter results and raised its long-term revenue expectations.
U.S. stock futures were subdued early Wednesday as investors treaded cautiously ahead of the inflation print due later today, and continued to monitor the geopolitical developments in the Middle East conflict and its impact on energy markets.
G7 leaders will hold an online meeting today to discuss the impact of tensions in the Strait of Hormuz on the global energy situation. Meanwhile, reports suggest that the International Energy Agency may consider releasing record reserves to stabilize oil markets.
As of 4:00 a.m. ET on Wednesday, Nasdaq, Dow, and S&P futures were flat with a positive bias, while the Russell 2000 futures saw some volatility, trending lower 0.1%.
Meanwhile, retail sentiment toward the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, has moved back to ‘bearish’ from ‘neutral’ a day ago, and the Invesco QQQ Trust (QQQ) ETF, which tracks the Nasdaq 100 Index, has remained declined to ‘neutral’ from ‘bullish’ amid high message volumes.
Trending Stocks To Watch
Oracle (ORCL): Stock surged 10% in early pre-market trading after the cloud giant delivered a blowout fourth-quarter earnings and raised long-term revenue expectations.
Salesforce (CRM): Bloomberg reported that the company plans to raise up to $25 billion in bonds to fund its $50 billion stock buyback.
Nio Inc (NIO): The Chinese EV maker has warned that rising chip and lithium costs could weigh on margins, even as the company outlined plans to deploy in-house AI chips for autonomous driving. The stock was trending on Stocktwits at the time of writing.
UiPath (PATH): The stock is garnering heavy retail attention ahead of its earnings report today
Vertex Pharmaceuticals (VRTX): The management gears up for a fireside chat at the Barclays Global Healthcare Conference later today. Investors will be watching for updates on its pain management drug launch.
Keep an eye on Chinese tech stocks today (JD, BABA) as well: Beijing has reportedly restricted state-run banks and agencies from using OpenClaw AI apps over security concerns.
Other tickers trending on Stocktwits at the time of writing included Kohl’s Corp (KSS), Polaryx Therapeutics (PLYX), Caterpillar Inc (CAT), and Critical Minerals Corp (CRML).
Other Catalysts To Watch
On the economic front, investors will be tracking the February consumer inflation data due at 8:30 am today. Additionally, the Fed Vice Chair for Supervision, Michelle Bowman, is scheduled to speak on bank supervision later today.
On earnings radar, watch out for Serve Robotics (SERV) and Campbell Co. (CPB), which report earnings before the bell. Meanwhile, UiPath (PATH), Stitch Fix (SFIX), Petco Health & Wellness (WOOF), and Bumble Inc. (BMBL) are among others that will report earnings after the closing bell.
For updates and corrections, email newsroom[at]stocktwits[dot]com<
