Investors await February wholesale inflation data for a last data point before next week’s Federal Reserve meeting; Adobe (ADBE) reports quarterly results after the closing bell, with its AI tool Firefly in focus; Fisker (FSR) shares are tumbling in premarket trading as the electric vehicle company reportedly is considering a bankruptcy filing; global oil markets face a supply deficit this year; and Robinhood Markets (HOOD) shares are gaining after its February trading volumes surged. U.S. equity futures are edging higher as investors await the inflation numbers, while bitcoin is hovering near $73,000. Here’s what investors need to know today.

1. PPI in Focus Ahead of Fed Meeting After Hot Inflation Reading Earlier This Week

Wholesale price data due today will be keenly watched as it will be the last inflation report before the Federal Reserve’s policy committee meets next week to discuss interest rates, and also comes after the once-again-hotter-than-expected consumer reading earlier this week. The Producer Price Index (PPI), which tracks the prices producers receive for their goods and services, is expected to show an increase of 0.3% in February, according to a survey of economists by Dow Jones Newswires and The Wall Street Journal. Market participants have maintained expectations for a June rate cut and don’t expect the Fed, which has said it needs more evidence that price pressures are under control, to reduce rates next week. Retail sales data for the month are also due today.

2. Adobe Rises Ahead of Expected Q1 Earnings Gains; AI-Fueled Firefly in Focus

Adobe (ADBE) shares rose about 1% ahead of first-quarter earnings, which are due after the closing bell and are expected to show gains in both earnings and revenue over the year. Investors will focus on how the company is positioned to gain from its artificial intelligence (AI)-powered Adobe Firefly, an image-creation tool. Analysts project Adobe's revenue to come in at $5.14 billion for the first quarter of fiscal 2024, while diluted earnings per share (EPS) are projected at $4.37, compared to $3.80 in the same period a year earlier. Both figures would be in line with the company's guidance for the quarter.

3. Fisker Tumbles on Report EV Maker Could File for Bankruptcy

Fisker (FSR) shares tumbled about 40% in premarket trading following a report that the embattled electric vehicle (EV) maker is considering a possible bankruptcy filing. Two weeks after the EV maker issued warnings that its current resources weren’t enough to cover its costs and raised doubts it could stay in business, the company, according to The Wall Street Journal, has hired a firm to help it restructure, a move that could include bankruptcy. Fisker has struggled to establish a direct-to-consumer model in North America and Europe and its stock has plummeted more than 90% over the past year. 

4. Global Oil Markets Face Deficit on OPEC+ Curbs, IEA Says

Global oil markets face a supply deficit throughout 2024, instead of the surplus previously expected, according to the International Energy Agency (IEA), as OPEC+ looks set to continue output cuts in the second half of the year. The IEA said it expects the measures by Saudi Arabia and its partners to curb production by around 2 million barrels a day to continue this year. The Paris-based organization also raised its forecast for oil-demand growth this year as U.S. ethane demand for the petrochemical sector increases and the trade flow disruptions caused by Houthi attacks on Red Sea shipping lead to higher bunker fuel use. Futures on Brent crude gained about 0.6%.

5. Robinhood Jumps as February Trading Volumes Surged

Shares in Robinhood Markets Inc. (HOOD) were more than 12% higher in pre-market trading, after the trading platform said volumes in February surged 41% over the year. The  app-based commission-free brokerage posted the volume surge as retail traders flocked to the markets to capitalize on surging technology stocks and rapidly rising cryptocurrency prices. The online brokerage firm synonymous with the pandemic-era meme stock frenzy reported $80.9 billion in equity trading volume during February; options contracts traded in the period rose 12% from January, while cryptocurrency volume last month totaled $6.5 billion, representing a 10% improvement from January.