U.S. futures declined on Thursday morning as investors continued to digest this week’s latest round of economic data. S&P 500 futures declined by 1.14%, while Dow Jones Industrial Average and Nasdaq Composite Index contracts fell by 0.8% and 1.5% respectively. Bitcoin, in contrast, rallied during early trading, hitting a six-month high at about $24,586.
Retail sales increased by 3% in January, the Commerce Department reported while the Labor Department reported that unemployment claims decline by 194,000 in the week ended February 11. Though signs of economic strength, such movements indicate that inflation may linger for longer than expected.
“Robust job growth and a level-shift up in disposable income in the new year also contributed to the Jan spending spike,” Bank of America Economist Aditya Bhave noted following the release of these figures.
QuantumScape shares plunged by 14% on Thursday after the company posted a narrower-than-expected quarterly loss. Paramount stocks declined by 7% after the media company reported quarterly revenue of $8.13 billion, thereby narrowly missing its expected $8.17 million revenue.
Roku shares rose after the company’s net revenue of $867.1 million topped its $804.5 million estimate. Cisco shares also climbed once the company lifted its third-quarter revenue guidance to be between 11% to 13% higher year-over-year.