S&P Futures Gain as Oil Prices Retreat, U.S. PCE Inflation and GDP Data in Focus

Economic Indicators - The number of Americans filing for initial jobless claims fell by 1,000 to 213,000, compared to the expected 214,000 [1] - U.S. January housing starts rose by 7.2% month-over-month to an 11-month high of 1.487 million, exceeding expectations of 1.340 million [1] - Building permits fell by 5.4% month-over-month to a 5-month low of 1.376 million, weaker than the expected 1.420 million [1] - The U.S. January trade deficit narrowed to $54.5 billion, better than the expected $66.6 billion [1] Market Performance - Wall Street's major indices closed sharply lower, with Tesla (TSLA) dropping over 3% and Meta Platforms (META) falling more than 2% [3] - Chip stocks declined, with Intel (INTC) sliding more than 5% and Microchip Technology (MCHP) dropping over 4% [3] - Bank stocks also slumped after Morgan Stanley and Cliffwater LLC limited withdrawals from their private credit funds, with Morgan Stanley (MS) and Goldman Sachs (GS) falling more than 4% [3] - CF Industries Holdings (CF) surged over 13%, leading gainers in the S&P 500, while Mosaic Co. (MOS) climbed more than 7% due to higher fertilizer prices amid shipping disruptions [3] International Markets - The Euro Stoxx 50 Index fell by 0.21% amid ongoing conflict in the Middle East, affecting economically sensitive bank stocks [12] - The U.K. economy unexpectedly stalled in January, indicating a loss of momentum before the conflict [12] - Eurozone's industrial production unexpectedly declined by 1.5% month-over-month in January, with expectations of further headwinds due to rising oil prices [12][14] Corporate News - BE Semiconductor Industries N.V. (BESI.NA) surged over 11% after reports of takeover interest [12] - Li Auto's stock slid over 3% after reporting a more than 99% drop in Q4 net profit and issuing soft Q1 guidance [15] - Honda Motor's stock dropped more than 5% after warning of its first annual loss in nearly 70 years due to restructuring charges linked to its EV business [16]