It’s Fed day, and stocks are wavering before the central bank lays out what could point to the beginning of the end of easy money. Here’s what we’re watching ahead of Wednesday’s opening bell.
- Futures tied to the S&P 500 bounced between small gains and losses, pointing to muted moves at the open. The broad market index ended Tuesday down 0.2%. Nasdaq-100 futures ticked up 0.1% Wednesday, suggesting gains in technology stocks.
- Copper prices have stabilized after taking a leg down on China’s plans to release national reserves of major industrial metals to rein in surging commodities prices.
What’s Coming Up
- The Federal Reserve will release its latest policy statement and economic forecast at 2 p.m. ET. It could include plans for eventually scaling back easy-money policies amid signs of accelerating economic growth and inflation.
- Earnings are due from
after the close.
Market Movers to Watch
slid 4.8% ahead of the bell. Earnings last night handily beat forecasts, but investors appear unsettled about plans to spend more money on building out the technology company’s cloud business.
- Shares of electric-vehicle maker
were supercharged, soaring 26% premarket, after it launched an online pre-booking service and said it expects to start deliveries in August, ahead of schedule.
- Animal urges:
surged 45% premarket.
has agreed to buy Kindred for about $440 million, combining two animal-health companies.
- Not all fun and games:
shares slid 8.9% after the gaming platform company said daily active users were down 1% in May from April, though they were up 28% from a year ago.
was up another 12% premarket. On Tuesday the oil-and-gas exploration company lit a fire under its share price by declaring a special dividend of Series A preferred stock, sending it up more than 40%.
lazy shares? The furniture maker was down 3% premarket after it reported rising sales but said it sees higher raw materials prices affecting future results.
- Are investors over Covid-19? An antibody treatment developed by
was shown to significantly cut the risk of death among certain hospitalized Covid-19 patients. And the FDA cleared an additional batch of
Covid-19 vaccine doses from a troubled production plant in Baltimore. Both stocks hardly budged premarket.
slipped 1.1%, even after the tax preparer reported higher revenue and earnings per share for the recent quarter and raised its dividend. It also changed its fiscal year to better align with the complete tax season.
- The Stoxx Europe 600 hit its eighth consecutive record close on Tuesday, as it edged up 0.1%. It was the second-longest record streak since its inception, with the longest being a 12-day run that ended July 17, 1987.
- A group of uranium mining companies saw their stock prices plunge on Monday after news emerged that a nuclear power plant in Southeast China flagged a performance issue. A basket of uranium-related companies tracked by the Global X Uranium fell 6.5%. They regained some of that lost ground by Tuesday afternoon.
- On this day in 1812, the state of New York chartered a new institution called City Bank of New York, capitalized at $2 million, with $800,000 already raised. Today it is a global behemoth called Citigroup.
Chart of the Day
- Any signal that the Federal Reserve will tighten policy on Wednesday could ripple across emerging markets that are dependent on the U.S. dollar. Prime among them is Turkey.
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Roblox, Oracle, Greenland Tech, Kindred Biosciences: What to Watch When the Stock Market Opens Today Source link Roblox, Oracle, Greenland Tech, Kindred Biosciences: What to Watch When the Stock Market Opens Today