US futures slip in cautious countdown to PCE print

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US inventory futures retreated on Wednesday, coming off a mixed close as warning prevailed forward of a vital inflation report that may information expectations for rate of interest cuts.

Futures on the Dow Jones Industrial Common (^DJI) and on the S&P 500 (^GSPC) each sagged 0.3%, whereas these on the tech-heavy Nasdaq 100 (^NDX) led declines with a roughly 0.4% drop.

Shares have struggled in February’s ultimate days as contemporary financial information helped convey a market boosted by AI euphoria again to the truth of higher-for-longer rates of interest. Buyers have spent this week counting right down to the PCE inflation studying on Thursday, seen as key in determining how shortly the Federal Reserve will begin making charge cuts.

Within the meantime, a report on fourth quarter GDP is on the docket Wednesday, together with readings on mortgage functions and private consumption.

In different asset markets, bitcoin (BTC-USD) continued its roaring rally, breaking above $59,000 early Wednesday to return within striking distance of a contemporary all-time excessive. The arrival of spot bitcoin ETFs have helped the cryptocurrency attain ranges not seen since late 2021.

Amongst huge movers, shares of Past Meat (BYND) soared over 60% in premarket buying and selling after the plant-based meat firm’s CEO promised to slash costs in a turnaround bid.

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Wed, February 28, 2024 at 5:30 AM MST

Past Meat’s inventory worth goes into the past

To the past!

We’re witnessing a wild 55% transfer increased in Past Meat (BYND) shares this morning (was up 100% initially final evening) after earnings final evening. The corporate’s ticker web page is the hottest on Yahoo Finance as of this writing.

The plant-based meat firm is shaking up its operations (bye-bye jerky merchandise), which can have gotten a number of excited a few potential flip for this long-struggling enterprise.

Anytime you see an outsized transfer like this in a inventory it’s good apply to ask: is there one thing else occurring right here?

On this case of Past Meat, as you may see on its Yahoo Finance statistics web page it has a massive, massive short position. So, any small dose of perceived excellent news could possibly be met with the kind of fierce short-covering rally now we have right now.

Utilizing the pre-market worth, the inventory remains to be down 95% from its 2019 report excessive.

Earlier than you go, I simply talked to Past Meat’s founder and CEO Ethan Brown late final week — atone for the corporate’s latest initiatives here.