5 things to know before the stock market opens Thursday, February 10

Here are the most important news, trends and analysis that investors need to start their trading day:

Wall Street’s multiday rally may depend on how key inflation data comes in at 8:30 a.m. ET. Ahead of expectations that consumer prices in January will stay at 40-year highs, U.S. stock futures were mixed and the 10-year Treasury yield ticked lower to 1.92%, just under highs back to November 2019. Earnings season continues Thursday, the morning after Disney reported strong results, sending the Dow stock up 7.5% in premarket trading.

Economists expect the January consumer price index to rise 7.2% year over year, according to Dow Jones, the highest since 1982 and up from 7% in December. Core CPI, excluding food and energy, is expected to climb in January to 5.9% year over year. In the final month of last year, core CPI gained 5.5% year over year.

The CPI is key for markets since inflation is seen as a direct trigger for the Federal Reserve’s first Covid-era interest rate hikes, which are expected to begin in March. Initial jobless claims, also out at 8:30 a.m. ET, are seen dipping to 230,000 for the week ended Feb. 5.

Coca-Cola on Thursday reported quarterly earnings and revenue that topped expectations, and the Dow stock rose nearly 1% in the premarket. Profit in the fourth quarter was 45 cents per share on $9.46 billion in revenue. However, Coca-Cola issued a weaker-than-expected outlook, predicting higher inflation would continue as a drag on its earnings throughout 2022.

PepisCo shares were basically flat in the premarket after the soda and snacks company Thursday beat expectations with fourth-quarter earnings and revenue but, similar to Coca-Cola, warned of inflationary pressures ahead from rising transportation and packaging costs. Profit in the quarter was $1.53 on sales of $25.25 billion. Pepsi expects in the coming year to pay $6.2 billion in dividends and execute buybacks totaling $1.5 billion.