What to watch today: Wall Street's worst market sell-off since March 2020 continues

BY THE NUMBERS

Volatility continued Friday, with Dow futures swinging wildly. Dow stock Chevron fell nearly 3% in the premarket, retreating from a record after an earnings miss. Apple, also a Dow component, was a bright spot in what's shaping up to be another dismal day, rising more than 2.5% in the premarket following strong earnings. Nasdaq futures actually turned positive. (CNBC)

The Nasdaq and S&P 500 gave up gains intraday Thursday and closed negative. They're both now in correction territory, sitting 17.6% and 10.2% below their respective record highs. The S&P 500 is headed for its worst month since March 2020. The Dow closed slightly lower Thursday, giving up an over 600-point advance earlier in the session. The 30-stock average was 7% below its most recent record close. (CNBC)

The Federal Reserve's favorite inflation gauge showed its biggest year-over-year increase since September 1983. December's core PCE price index, excluding the food and energy sectors, jumped 4.9% from a year ago. November's number increased 4.7% year over year. Following the Fed's two-day January meeting earlier this week, central bankers signaled the first Covid-era interest rate hike as soon as March to fight rising inflation. (CNBC)

IN THE NEWS TODAY

Chevron shares on Friday were pulling back from an all-time high in the prior session. The energy giant before the bell reported lower-than-expected adjusted fourth-quarter earnings. Revenue of $48.13 billion beat expectations. The results come as oil stages a blistering recovery from its pandemic-era lows, with international crude prices and U.S. oil prices trading at more than seven-year highs.

Another Dow stock, Caterpillar (CAT), fell 1.5% in the premarket, contributing to the overall market malaise. Increased costs weighing on the company's profit margins overshadowed better-than-expected earnings and revenue in the fourth quarter. The heavy equipment maker's sales were up 23% from a year earlier despite supply chain constraints.

After the bell Thursday, Apple reported record revenue for its December quarter, despite supply chain disruptions cutting into sales. Apple beat analyst estimates for sales in every product category except iPads. Adjusted per-share earnings also topped expectations. (CNBC)

Apple CEO Tim Cook told CNBC those supply chain challenges are showing signs of improvement. He also addressed rising prices: "I think everybody's seeing inflationary pressure. There's no two ways about that." Apple ended its December quarter with a net cash position of $80 billion. (CNBC)

Shares of Robinhood sank nearly 14% in Friday's premarket, the morning after the stock trading app reported a wider-than-expected quarterly loss. While revenue in the final three months of 2021 was slightly above estimates, Robinhood warned that revenue in the current quarter could fall significantly from a year ago. (CNBC)

Home Depot shares were steady in premarket trading, following the late Thursday announcement that Chief Operating Officer Ted Decker will step into the role of CEO, effective March 1. The retailer's current CEO, Craig Menear, 64, will continue to serve as chairman of the board. Decker, 58, has risen through the ranks at Home Depot since joining the company in 2000. (CNBC)

STOCKS TO WATCH

VF Corp. (VFC), The company behind North Face, Vans and other apparel brands, saw its stock fall 2% in premarket trading after it cut its full-year sales forecast due to delivery delays and worker shortages. VF reported better-than-expected profit and revenue for its most recent quarter.

Visa (V) beat estimates by 11 cents with an adjusted quarterly profit of $1.81 per share. The payment network's revenue also beat estimates. Visa was helped by a jump in travel spending and continued growth in e-commerce. Dow stock Visa rallied 3.6% in premarket trading.

Mondelez (MDLZ) fell a penny short of analyst forecasts with adjusted quarterly earnings of 71 cents per share, though the snack maker's revenue did beat estimates. Mondelez raised prices during the quarter, but it was not enough to make up for increased costs for ingredients and logistics. Mondelez slid 2.2% in premarket action.

Western Digital (WDC) plunged 10.4% in premarket trading after the disk drive maker issued a weaker-than-expected outlook, and supply chain issues that prevented it from fully meeting strong demand. Western Digital did beat top and bottom-line estimates for its latest quarter, earning an adjusted $2.30 per share compared with a consensus estimate of $2.13.

3M (MMM) will appeal a ruling that awarded $110 million to two U.S. Army veterans who said they suffered hearing loss after using 3M's combat earplugs. 3M has faced multiple lawsuits over allegations that the design of the earplugs is defective. The stock fell 1% in the premarket.

Beazer Homes (BZH) jumped 5.1% in premarket trading after beating top and bottom-line estimates for the quarter ending in December. Beazer earned $1.14 per share, well above the 67-cent consensus estimate, and said the housing market continues to see strong demand and limited supply.