Stock futures slip as traders brace for January consumer inflation report: Live updates

CVS shares jumped more than 8% after the pharmacy operator reported fourth-quarter results that beat analyst expectations.

The company earned an adjusted $1.19 per share on revenue of $97.71 billion. Analysts polled by LSEG expected a profit of 93 cents per share on revenue of $97.19 billion. Full-year earnings guidance, meanwhile, was in line with analyst expectations.

Goldman Sachs is stepping to the sidelines on Swiss-based running apparel company On Holding.

Analyst Richard Edwards downgraded shares to neutral from buy, citing the stock’s full valuation. Over the last 12 months, the stock has soared nearly 80%. Edwards maintained his price target of $57 per share, which is 5.6% above Tuesday’s close price.

“We expect On’s brand momentum to remain robust over the medium term,” Edwards wrote in a research note on Tuesday.

However, U.S. credit card growth points to below-consensus growth in the fourth quarter for direct to consumer businesses, he added.

“While this data is U.S. specific and we do not expect a miss to consensus expectations for On, we note that sportswear companies that have missed expectations such as Nike, Puma and Deckers have seen significant share price declines recently,” Edwards added.

Furthermore, competition in the running segment has strengthened, per Edwards.

U.S.-traded shares fell 3% Wednesday during premarket trading.

Asia-Pacific markets mostly rose Wednesday as investors digested U.S. President Donald Trump’s tariff impact on regional economies.

Japan’s Nikkei 225 rose 0.42% to close at 38,963.70 after resuming trading following a holiday.

SoftBank Group‘s third-quarter earnings fell short of analyst expectations as investments under its Vision Funds fell into the red. The company posted a surprise net loss of 369.17 billion yen ($2.4 billion), while LSEG had estimated a profit of 298.53 billion yen.

The Topix closed flat at 2,733.33. South Korea’s Kospi added 0.37% to end the day at 2,548.39, while the small-cap Kosdaq fell 0.59% to close at 745.18.

Hong Kong’s Hang Seng Index was up 2.41% in its final hour of trade. Mainland China’s CSI 300 added 0.95% to close at 3,919.86.

India is slated to report its inflation data for January.

The benchmark Nifty 50 was up 0.19%, while the BSE Sensex index was flat as at 1.30 p.m. local time.

Australia’s S&P/ASX 200 ended the day up 0.6% at 8,535.30.

— Amala Balakrishner

Orange juice futures (MAR) were lower again Tuesday, marking their eighth consecutive negative session. OJ hit a low of 385.50 cents per pound, its lowest level since May 9, 2024. This pullback comes despite futures reaching all-time highs in mid-December.

Market observers are surprised by the recent downturn, given ongoing supply constraints in Florida and Brazil. On Tuesday, the USDA revised its Florida orange production forecast downward to 11.5 million boxes—4% lower than the previous estimate and a 36% drop from last season.

Three key factors may be driving the decline, according to Danny Munch, an economist at the American Farm Bureau Federation:

First, orange juice prices have risen so high that consumers and food manufacturers may be shifting to alternatives, a classic case of demand destruction. This trend is exacerbated by growing concerns around sugar content in food and beverages.

Second, traders may believe that prices have peaked and production will eventually rebound. With OJ futures still well above five- and ten-year averages, investors could be taking profits, adding to the selling pressure.

Lastly, a strong dollar and potential tariff concerns make imported orange juice relatively cheaper. This currency effect could be softening price pressures despite supply tightness.

—Nick Wells

Check out some of the companies making headlines in extended trading:

• DoorDash — The food delivery stock traded nearly 6% higher after better-than-expected revenue for the fourth quarter. DoorDash reported revenue of $2.87 billion in its most recent quarter, while analysts surveyed by LSEG forecast $2.84 billion.
• Gilead Sciences — The biopharmaceutical stock advanced 4% after fourth-quarter results surpassed analysts’ estimates on the top and bottom lines. Gilead notched adjusted earnings per share of $1.90 on revenue of $7.57 billion. Analysts polled by LSEG were looking for earnings of $1.70 per share on revenue of $7.14 billion.
• Super Micro Computer — The server builder popped more than 4% even as the company slashed its fiscal 2025 full-year revenue guidance. Super Micro now sees full-year revenue ranging between $23.5 billion and $25 billion, while analysts polled by LSEG called for $24.92 billion. The company also said it thinks it will be able to file its delayed annual report by Feb. 25.

Read the full list here.

— Brian Evans

Stock futures were little changed on Tuesday as investors look toward the January consumer price index report.

Futures tied to the Dow Jones Industrial Average ticked down 7 points, or 0.02%. S&P 500 futures slipped 0.02%, while Nasdaq 100 futures were 0.05% higher.

— Brian Evans