Stock futures pull back on Wednesday as markets await the February Personal Consumption Expenditures (PCE) index print and bitcoin (BTC-USD) prices soar.
TJX Companies (TJX) — the parent company of TJ Maxx and Marshalls — same-store sales rose in the fourth quarter as the retail company updated its first-quarter earnings guidance.
Apple (AAPL) has officially stepped back from its plans to develop an electric vehicle.
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 Luke Carberry Mogan.
Video Transcript
SEANA SMITH: So let's get right to it, the three things that you need to know, your roadmap for the trading day. Yahoo Finance's Josh Schafer, Jared Blikre, and Dan Howley have more.
JOSH SCHAFER: Yeah, Seana, futures retreating this morning coming off Tuesday's mixed close as investors await Thursday's crucial inflation report. The latest reading on personal consumption expenditures, widely known as the Federal Reserve's Preferred Inflation Gauge, will help traders search for clues about the potential timing of a Fed interest rate cut.
Meanwhile, though, enthusiasm for the world's largest cryptocurrency is reaching a level last seen during its 2021 boom. Bitcoin breaking $60,000 putting it within striking distance of its all time highs.
JARED BLIKRE: And retail earnings are occupying investors' attention this morning. TJ Maxx the parent of TJX posting better than expected sales in its fiscal fourth quarter with same-store sales jumping 5% thanks to those holiday deals. The department store did however issue weaker guidance. TJX also announced its plan to repurchase approximately $2 billion to $2.5 billion of stock in fiscal 2025.
DAN HOWLEY: And Apple is reportedly pulling the plug on its plans of building electric vehicles. For the last decade, the iPhone maker was rumored to be spending billions of dollars on the project, which initially called for a fully autonomous car before being scaled back to a vehicle with advanced safety features. The team consisted of 2000 employees, many of whom will be moved to the iPhone maker's Artificial Intelligence division according to Bloomberg.
