Stock futures falter, bitcoin rally

U.S. stock futures fell on Thursday morning with higher bond yields and a Bitcoin rally making moves as investors analyze another round of economic data.

Futures tied to the S&P 500 (^GSPC) were down 1.14%, while futures on the Dow Jones Industrial Average (^DJI) were down 0.8%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) fell 1.5%.

Over the past 24 hours, bitcoin (BTC-USD) has rallied, hitting a new six-month high amid regulatory crackdowns that have fueled continued turmoil. The token stands at around $24,586 in pre-market trading on Thursday morning.

The yield on the benchmark 10-year US Treasury note rose to 3.8% on Thursday morning. The dollar index was down nearly 0.3% to trade at $103.65. Energy traded weaker, with Brent crude futures down 0.3% at $85.08 a barrel.

Stocks ended the day higher on Wednesday after another print of economic data revealed that inflation may be much stickier than many expected.

Retail sales rose 3% in January, the Commerce Department said, reversing two straight monthly declines, combined with a higher-than-expected consumer price reading on Tuesday that left investors worried the central bank could continue to raise interest rates.

“Robust job growth and a level shift in disposable income in the new year also contributed to the increase in spending in Jan,” Bank of America economist Aditya Bhave wrote in a post-release note.

Economists at JPMorgan raised their first-quarter GDP estimate to 2%, from 1%, on the news, noting that the acceleration in retail sales is adding to the “goldilocks view of growth without inflation.”

Meanwhile, the Congressional Budget Office warned Wednesday that the Treasury Department’s ability to continue paying its government bills would be exhausted by the summer unless lawmakers strike a deal to raise the debt ceiling.

On the macro front, investors analyzed fresh economic data, including January’s producer price index (PPI). Headline PPI came in at a monthly increase of 0.7%, up from the 0.4% expected by economists.

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Meanwhile, builders continued to slow homebuilding in January as housing starts fell to an annual rate of 1.309 million homes, the Commerce Department said, down from a forecast of 1.356 million. And permits to build fell 0.1% to an annual rate of 1.34 million, below consensus expectations of 1.35 million.

The number of Americans filing new jobless claims fell to 194,000 for the week ended Feb. 11, the Labor Department said Thursday, lower than the 200,000 expected by economists.

Separately, Redfin (RDFN), DoorDash (DASH) and Dropbox (DBX) are preparing to report quarterly results on Thursday after the clock.

In specific stock moves, shares of Paramount ( PARA ) fell nearly 7% Thursday morning after the media giant reported an earnings miss on the top and bottom lines. Revenue came in at $8.13 billion compared to the $8.17 million expected, and subscriber growth also took a hit, reaching 9.9 million for the quarter versus the 10 million expected.

Shopify ( SHOP ) shares fell Thursday after the e-commerce company posted fourth-quarter results with revenue of $1.73 billion, versus estimates of $1.65 billion. Adjusted earnings per share of $0.07 topped estimates of $0.02. Still, the Ottawa-based company expects revenue for the first quarter slightly below forecasts.

Roku ( ROKU ) stock rose Thursday morning after the company’s net revenue of $867.1 million beat expectations of $804.5 million. Fourth-quarter loss per share of $1.70 came in slightly below the $1.74 expected by analysts.

Shares of Cisco ( CSCO ) climbed 4% in premarket trading after the company raised its third-quarter revenue guidance to be between 11% and 13% higher year-over-year, topping analysts’ expectations.

QuantumScape ( QS ) shares fell nearly 13% pre-hours after posting a smaller-than-expected quarterly loss.

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Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv

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