S&P 500 futures fell Thursday as renewed concern swirled on Wall Street over the course of the Federal Reserve’s interest rate policy, and whether policymakers will enact another hike this year.
Market Snapshot
At 08:15 a.m. ET, Dow e-minis were down 46 points, or 0.13%, S&P 500 e-minis were down 22.25 points, or 0.50%, and Nasdaq 100 e-minis were down 133 points, or 0.86%.
Pre-Market Movers
Apple - The EU Commission on Wednesday designated 22 services of six major tech companies as "gatekeepers" of online services providing messaging to video sharing in its latest crackdown on Big Tech. The firms are Alphabet, Amazon, Apple, Meta, Microsoft and TikTok owner ByteDance. Stocks fell nearly 3% in premarket trading.
C3.ai, Inc. - Stocks crashed over 9% in premarket trading. It forecast a wider-than-expected fiscal-year loss and withdrew its previous forecast that it would reach profitability on an adjusted basis by the end of fiscal 2024.
GameStop - Stocks gained nearly 4% in premarket trading. It reported a narrower-than-expected adjusted second-quarter loss. The results followed the departure of CEO Matt Furlong in early June, and the naming of Ryan Cohen, its largest shareholder, as executive chairman.
UiPath - It expects fiscal third-quarter revenue of between $313 million and $318 million, and fiscal-year revenue of between $1.27 billion and $1.28 billion. Stocks gained over 4% in premarket trading.
ChargePoint Holdings Inc. - Stocks tumbled over 10% in premarket trading. It reported a second-quarter loss that was wider than a year earlier and a loss on an adjusted basis worse than analysts’ estimates.
BlackBerry - Stocks tumbled over 11% in premarket trading. It forecast second-quarter revenue of $132 million, below analysts’ estimates. Revenue was taking a hit “primarily due to certain large government deals not closing in the quarter.”
Yext Inc. - Stocks tumbled over 14% in premarket trading. It expects third-quarter earnings of 6 cents to 7 cents a share on revenue of $101.5 million to $102.5 million. Fiscal-year earnings were forecast at 29 cents to 30 cents a share on revenue of between $405 million to $407 million.
Asensus Surgical, Inc.- Stocks surged over 33% in premarket trading. It announced a collaboration with Nvidia to accelerate the development of Asensus’s Intelligent Surgical Unit™ (ISU™) and improve its ability to deliver novel clinical intelligence to surgeons.
Market News
Apple is expected by analysts to raise prices by as much as $100 for some updated models of its flagship device when it unveils the iPhone 15 at an annual promotional event set for Tuesday. Those new iPhone Pro models are expected to include titanium casing, improved processors and photography features.
Alphabet has introduced a new policy that will mandate political advertisers to "prominently" disclose when their ads contain AI-generated material, in an effort to increase transparency and curb the spread of inauthentic content in political advertising.
Pfizer and French pharmaceutical peer Valneva announced on Thursday that a phase 2 study for its VLA15 Lyme disease vaccine candidate showed a "strong immune response" in both children and adolescents a month after a booster shoot.
GameStop reported a net loss of $2.8 million, or 1 cent a share, compared with $108.7 million, or 36 cents a share, in the same quarter last year. Revenue crept higher to $1.16 billion, compared with $1.14 billion in the prior-year quarter.
For the October quarter, C3.ai, Inc. sees revenue of $72.5 million to $76.5 million, with a non-GAAP loss from operations of between $27 million and $40 million. Wall Street estimates call for revenue of $73.8 million and an operating loss of $26.6 million.
For the third fiscal quarter, ChargePoint Holdings Inc. gave revenue guidance of $150M to $165M, with annual revenue guidance of $605M to $630M. That compares to the average analyst estimate of $182M for the quarter and $678M for the year. For the second quarter, EPS of -$0.35 missed the estimate by $0.14. Revenue of $150.49M missed by $2.34M.
Instacart Inc. is preparing to set a price range for its initial public offering and start its investor roadshow as early as Monday, according to people familiar with the matter. The company is considering pricing its listing Sept. 19, with trading starting the following day.
Tencent Holding Ltd. said its large language AI model "Hunyuan" will be available for enterprise use from Thursday. The AI model has more than 100 billion parameters, the technology major said.
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