Stock Market Today: Futures Fall Ahead of Inflation Reading; Nvidia Shares Point Slightly Higher After Sinking

Stock futures pointed lower ahead of a wholesale inflation reading Friday, a day after the Nasdaq and S&P 500 fell as Nvidia shares retreated.

Dow Jones Industrial Average, S&P 500, and Nasdaq 100 futures were down a respective 0.6%, 0.4%, and 0.3% in recent trading.

Yesterday, the tech-heavy Nasdaq and benchmark S&P 500 finished down 1.2% and 0.5%, respectively, as Nvidia (NVDA) shares sank 5.5%. The world’s most valuable company was the worst-performing stock in both indexes even though it reported blockbuster results after the bell Wednesday. Nvidia shares pointed 0.4% higher before the bell Friday.

The Nasdaq and S&P 500 were down a respective 2.5% and 0.4% in February entering the final trading day of the month. The blue-chip Dow, which ended fractionally higher Thursday, is up 1.2% for February and aiming for its 10th straight monthly gain.

Investors will be watching a reading on wholesale inflation set to be released at 8:30 a.m. ET Friday. The Producer Price Index data follows recent consumer inflation reports that showed price pressures easing more than economists anticipated. The 10-year Treasury yield, which influences interest rates on a variety of consumer loans including mortgages, slipped to 3.99% ahead of the reading from Thursday’s close around 4.01%.

Shares of Netflix (NFLX) soared 7% in premarket trading Friday, a day after the streaming giant announced it wouldn’t match Paramount Skydance’s revised bid to acquire all of Warner Bros. Discovery (WBD) for $31 a share. Shares of David Ellison-led Paramount (PSKY) popped 9%, while those of WBD slipped 2%.

Block (XYZ) shares soared 18% after the Square and Cash App parent said it plans to slash 40% of its workforce, which founder Jack Dorsey wrote in a shareholder letter accompanying its earnings report was due to advancements in “intelligence tools.”

In post-earnings moves, shares of Dell Technologies (DELL) surged 11%, CoreWeave (CRWV) dropped 11%, Zscaler (ZS) retreated 9%, and Intuit (INTU) fell 3.5%.

Bitcoin was trading around $66,600, down from overnight highs above $68,200. The U.S. dollar index, which tracks the value of the greenback against a basket of currencies, edged 0.1% lower to 97.74.

Gold futures were little changed at just below $5,200 an ounce, while silver futures advanced 3% to above $90 an ounce. West Texas Intermediate futures, the U.S. crude oil benchmark, rose nearly 2% to $66.45 a barrel.