Here’s what we’re watching ahead of Wednesday’s opening bell.
- U.S. stock futures wobbled as investors awaited insights from the Federal Reserve on the economic recovery as well as earnings reports from giant technology companies.
- Futures tied to the broad S&P 500 traded mostly flat, while Dow Jones Industrial Average futures edged down 0.2%. Nasdaq-100 futures also slid 0.2%, pointing to further weakness for tech stocks a day after they pulled broader indexes lower. Read our full market wrap here.
What’s Coming Up
- Earnings are due from
and
after the close.
- The Federal Reserve releases a policy statement at 2 p.m. ET and Chairman
Jerome Powell
holds a press conference at 2:30 p.m.
Market Movers to Watch
-
shares jumped more than 5% premarket after the Google parent said it would repurchase an additional $50 billion in shares, fulfilling the wishes of investors who had been monitoring the company’s swelling cash reserves.
-
shares plunged more than 11% ahead of the bell. The online-pinboard company reported 78% on-the-year revenue growth for the first quarter, but its user growth fell short of analysts’ expectations as pandemic restrictions eased.
-
added 2.5% premarket after the maker of Oreos and other food and beverages reported first-quarter profit and sales above expectations.
-
shares rose 2.7% ahead of the bell. The bank holding company specializing in credit cards, auto loans, banking and savings accounts reported a swing to profit in the first quarter, beating analyst expectations.
-
ticked up 0.9% in off-hours trading after its latest earnings showed some recovery in spending amid the pandemic.
-
shares slipped 1.4% premarket. The coffee chain said it is operating more efficiently than before the pandemic struck, as it reported a bump-up in quarterly sales.
- Meme cryptocurrency dogecoin shot up 15% Wednesday to trade at 31 cents. The gains came after Tesla CEO Elon Musk tweeted “The Dogefather” and referenced his upcoming hosting of “Saturday Night Live.”
Market Facts
- Over recent days, firms eligible to participate in the New York Fed’s reverse repo facility and its 0% return have gone from ignoring it to pumping in cash. The Federal Reserve Bank of New York took in $142.17 billion Tuesday and $101 billion Monday, in what were both overnight operations.
- Iron-ore rose to an all-time high on the back of booming steel markets. The price paid for iron ore hit $193.85 a metric ton on Tuesday, according to a daily price published by S&P Global Platts. That surpassed a record of $193 a ton reached in February, 2011.
- On this day in 1942, the World War II bear market hit bottom, as the Dow Jones Industrial Average closed at 92.92, down 0.97 points for the day and 16.3% for the year to date. Over the next four years, the market more than doubled.
Chart of the Day
- Shares in little-known technology company
have nearly doubled in the past week as individual investors pile in.
Must Reads Since You Went to Bed
Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8