Futures rise after Tuesday sell-off 💪

Stocks opened the trading week with a mixed performance on Monday. The S&P 500 and Nasdaq suffered a small pullback, while the Russell 2K rallied.

Dow [-1.3%]

S&P 500 [-1.3%]

Nasdaq [-1.8%]

Russell 2K [-3.9%]

Futures are on the rise in early trading. S&P 500 contracts are up 0.5%.

What to Watch Today:
Inflation data is due out this morning that could have a tremendous impact on investor sentiment and the outlook for rate cuts. Economists are hoping the top-line annual inflation rate dipped to 2.9% last month, which would mark its smallest increase in years.

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📉 Today's CPI Spotlight: A Glimpse at January's Inflation

This morning, all eyes are on the consumer-price index (CPI) for January, set to drop at 8:30 a.m. ET, with expectations pointing to a slight cooling off in inflation.

🔍 Outlook
Economists have penciled in a modest 0.2% rise in the CPI for January from December, suggesting a gentle ease from the previous month's 0.3% uptick.

The core CPI, which gives us the lowdown minus the food and energy rollercoaster, is also on the radar, anticipated to mirror December's 0.3% month-on-month climb.

📅 Yearly Snapshot
Looking back over the past year, inflation's pace is predicted to have decelerated to 2.9% through January, stepping down from December's 3.4% annual clip. The core CPI's yearly dance is expected to show a similar softening, from December's 3.9% to a slightly cooler 3.7% rate.

As the clock ticks down to the release, these numbers offer a crucial checkpoint on inflation's trajectory, with potential implications for monetary policy and market movements.

Uber Technologies [UBER] - Last Close: $68.99

Ride-share magnate Uber just announced it’s allocating $7 billion to its first-ever share buyback program.

The company decided to launch the buyback after one of its most profitable years ever.

UBER is leading the S&P 500 with a 7.4% gain.

My Take: I am not a fan of UBER, but shares have more than doubled over the past 12 months, and this buyback could provide additional price support.

enGene [ENGN] - Last Close: $7.62

This Canadian biotech announced it has agreed to sell 20 million shares of stock at $10 apiece in an over-subscribed private placement.

The transaction represents a 31% premium to ENGN’s Tuesday closing price, and it’s expected to close on Feb. 16th.

ENGN is up 68.5% on over 100K shares traded, so far.

My Take: Prior to today’s move, ENGN was facing resistance at $8 and $12 per share. It could find support at either of these levels if it can maintain its gains.

Inspira Technologies [IINN] - Last Close: $0.96

Shares of this tiny biotech are rallying after announcing its first-ever U.S. patent approval for its orbiting blood oxygenation delivery system.

The system is described as a "a core technology of the revolutionary INSPIRA™ ART500 device" in a company press release.

INN is up 57.2% on nearly 10 million shares traded in the premarket.

My Take: IINN has been trending higher for the past few sessions, and it saw a volume spike yesterday. There could be potential here.

Cogent [COGT] - Last Close: $5.46

Another micro-cap biotech is also surging after announcing an oversubscribed private placement that’s expected to bring in $225 million.

The offering will include 17 million shares of common stock priced at $7.50 per share, representing a 37% premium to COGT’s Tuesday's closing price.

Earlier this week, Needham reiterated a “buy” rating and maintained its $15 price target on this stock.

COGT is up 42.8% on more than 1.5 million shares traded.

My Take: COGT still has an intact trend line, despite a recent pullback. This catalyst could help it regain its form.

Gainers

Datasea [DTSS] >> +384.2%

Earlyworks ADR [ELWS] >> +247.2%

Brera Holdings [BREA] >> +222.5%

Decliners

Azitra [AZIT] >> (68.2%)

Quidel Corp [QDEL] >> (35.7%)

Ohmyhome [OMH] >> (31.8%)