As Yahoo Finance Live begins the morning, here's three things to watch for today.
January's hotter-than-expected Producer Price Index report signals rate cuts may not arrive as soon as markets anticipated due inflation remaining higher than hoped. This comes after a hot CPI print earlier this week.
Shares of Coinbase (COIN) are surging after the crypto exchange posted its first quarterly profit in two years, beating fourth-quarter estimates.
Roku (ROKU) shares are declining on heightened competition fears despite beating revenue expectations in the fourth quarter. The streaming company also announced plans to prioritize profitability going forward.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Angel Smith
Video Transcript
RACHELLE AKUFFO: The three things you need to know, your roadmap for the trading day. We've got Yahoo Finance's Jennifer Schonberger, Jared Blikre, and Alexandra Canal with more.
JENNIFER SCHONBERGER: The producer price index clocking in much hotter than expected for January, rising nearly a full percent after economists expected prices to drop from December. This latest inflation data comes after Atlanta Fed President Raphael Bostic said he expects inflation will fall slower than markets are pricing in, signaling that rates could remain at current levels for longer than markets expect.
JARED BLIKRE: And shares of Coinbase, they are surging after posting a profit for the first time in two years. The largest US crypto exchange topping the Street expectations on both the top and bottom lines. Coinbase shares riding a new wave of optimism about digital assets thanks to investor interest in spot Bitcoin exchange traded funds, which the Securities and Exchange granted approval of only last month. The surprising fourth-quarter performance also lifted Coinbase's full-year guidance to a net profit of $95 million.
ALEXANDRA CANAL: And Roku shares tumbling in premarket trading. Roku beating revenue expectations that came in line with the Street's EPS estimates, but elevated investor expectations and increasing competition from tech giants like Amazon sending the stock lower this morning. Roku also warning of a more challenging media and entertainment outlook for 2024 as the company looks to prioritize profitability and recover from an uncertain ad market.
