Stock Market Today: Live Updates

Personal consumption expenditures, excluding food and energy, rose 0.6% in January and were up 4.7% from a year earlier, the Commerce Department said on Friday. Wall Street had expected readings between 0.5% and 4.4%.

Core inflation, including volatile food and energy components, increased by 0.6% and 5.4% respectively.

– Hakyung Kim

Cleveland Federal Reserve President Loretta Mester said on Friday that interest rates will need to stay higher as inflation eases.

“I see that we need to bring interest rates above 5%,” he told CNBC’s Steve Leisman during a “Squawk Box” interview. “We’ll find out how much higher. It depends on how the economy develops over time. But I think we need to be above 5% to get inflation on a sustainable downward path. Up to 2%.”

Jan. Mester recently reported that he was among a small group of central bank officials on Feb. 31. 1 The Federal Open Market Committee approved a half-percentage-point rate hike rather than a quarter-point move.

– Jeff Cox

Personal consumption expenditures, excluding food and energy, rose 0.6% in January and were up 4.7% from a year earlier, the Commerce Department said on Friday. Wall Street had expected readings between 0.5% and 4.4%.

Core inflation, including volatile food and energy components, increased by 0.6% and 5.4% respectively.

– Hakyung Kim

Check out the companies making headlines ahead of time:

• Sweetgreen — Shares of the salad chain fell about 10% after Sweetgreen posted weaker-than-expected revenue guidance for the first quarter and full year, according to Refinitiv. Fourth quarter revenue down. Higher menu prices and fewer transactions hurt the company, as did shortages of romaine, arugula and tomatoes.
• Adobe — Shares fell more than 3% after Bloomberg reportCiting an unnamed source, the US Department of Justice is planning a lawsuit to block its $20 billion acquisition of startup Figma.
• Block – Shares of the payments company rose more than 6% in early morning trade after the company posted better-than-expected fourth-quarter revenue and strong growth in gross profit.

For more movers read here.

– Sarah Min

Apollo Chief Economist Torsten Slok said there is growing concern about the veracity of US economic data.

“The central bank’s dual mandate is full employment and inflation at 2%, but response rates to both labor market surveys and inflation surveys continue to decline. The bottom line is that economic data is becoming more unreliable, causing more volatility in incoming data and therefore more volatility in markets. There is a decline,” he said in a note.

-Fred Imbert, Yun Li

Bank of America said $9 billion in U.S. stocks exited this week as traders weighed the prospect of higher rates amid persistently high inflation.

This marks the third straight week of losses for US stocks. Instead, investors concentrated on sovereign bonds and investment-grade corporates. The former saw inflows of nearly $5 billion, while investors bought nearly $10 billion worth of investment-grade corporate bonds.

– Fred Imbert

Boeing shares fell nearly 3% in extended trading after the company grounded the 787 Dreamliner over a fuselage issue.

The company cannot resume deliveries until it shows the FAA that it has fixed the problem. However, production will continue, and Boeing does not expect the problem to require additional work on the 787s.

Investors aren’t the only ones paying attention to the personal consumption expenditure price index. Central bank officials are also watching the report as it is their favorite gauge of inflation.

PCE, issued by the Bureau of Economic Analysis, shows changes in the prices of goods and services that consumers buy.

The January reading due at 8:30 a.m. ET will show a 4.4% gain for core PCE on a year-over-year basis and a 0.5% increase from the previous month, according to economists polled by Dow Jones.

One of the reasons the Federal Reserve likes PCE is because the index includes Comprehensive coverage of goods and servicesCompared to the popular Consumer Price Index.

–Darla Market

All three companies are making headlines in extended trading.

• Carvana – Shares rose 1.7%. Chief Executive Officer is Ernie Garcia In a statement, said the company will work to complete an estimated $1 billion in annual cost reductions over the next six months. The online used car retailer reported a loss of $7.61 per share, according to consensus estimates from Refinitiv. Carvana reported revenue of $2.84 billion, short of expectations of $3.1 billion.
• Block – The mobile payments stock rose 6.5% after Block posted better-than-expected earnings. Fourth Quarter Results. The company posted revenue of $4.65 billion, beating Refinitiv consensus estimates of $4.61 billion. However, Block missed estimates, posting adjusted earnings of 22 cents per share, compared with expectations for 30 cents per share.
• Warner Bros. Discovery — Shares of Warner Bros. Discovery fell nearly 1% in extended trading after it posted disappointing results in its latest quarter. The media and entertainment group reported a loss of 86 cents a share on revenue of $11.01 billion. Analysts polled by Refinitiv had called for a loss of 21 cents a share on revenue of $11.36 billion.

Read more after hour moves.

– Sarah Min

U.S. stock futures were little changed Thursday night after the S&P 500 posted a four-day losing streak.

Dow Jones industrial average futures fell 43 points, or 0.13%. S&P 500 and Nasdaq 100 futures fell 0.12% and 0.19%, respectively.

– Sarah Min