Pre-Bell|Dow Futures Jumped Nearly 100 Points; This Chinese Meme Stock Rebounded Over 12%

Tiger Newspress2022-09-21

U.S. stock futures rose slightly on Wednesday as traders looked ahead to a potential interest rate hike announcement from the Federal Reserve later in the day.

Market Snapshot

At 7:50 a.m. ET, Dow e-minis were up 87 points, or 0.28%, S&P 500 e-minis were up 9.5 points, or 0.25%, and Nasdaq 100 e-minis were up 3 points, or 0.03%.

Pre-Market Movers

Edgio rose 13.1% to $3.45 in pre-market trading. Edgio reported the completion of its most successful week by setting all-time traffic record.

Ra Medical Systems Inc. rose 12.7% to $0.1601 in pre-market trading after the company reported results of its special meeting of stockholders and a 1-for-50 reverse stock split.

AMTD Digital Inc. rose 12.5% to $81.60 in pre-market trading after dropping 21% on Tuesday.

Digital World Acquisition Corp rose 8.8% to $20.25 in pre-market trading. Digital World Acquisition shares dropped 17% on Tuesday following an FT report suggesting investors in the SPAC are pushing for better terms in a financing package.

ECMOHO Ltd Limited fell 29.1% to $0.0822 in pre-market trading after the company said it received delisting notice from the Nasdaq.

SOBR SAFE INC. fell 24.9% to $2.29 in pre-market trading. SOBR Safe shares jumped around 233% on Tuesday following a report suggesting The National Transportation Safety Board is recommending that NHTSA require passive alcohol-detection systems.

Stitch Fix Inc. fell 10% to $4.25 in pre-market trading as the company reported a wider-than-expected loss for its fourth quarter and issued weak Q1 sales guidance.

bluebird bio fell 7.8% to $6.32 in pre-market trading. bluebird bio shares jumped over 15% on Tuesday after Raymond James maintained an Outperform rating on the stock and raised its price target from $8 to $10.

Market News

The Federal Reserve is expected to raise interest rates by 0.75% for the third consecutive time this afternoon as the central bank continues to try to tame multi-decade highs in inflation.

Vowing to use all means necessary to defend Russia in its invasion of Ukraine, President Vladimir Putin announced a “partial mobilization” and pledged to annex the territories his forces have already occupied, raising the stakes in the seven-month-old conflict.

The Alphabet-owned streaming service YouTubeannounced Tuesday that it would introduce advertising on its video feature Shorts and give video creators 45% of the revenue. That compares with its standard distribution of 55% for videos outside of Shorts, and TikTok's $1 billion fund for paying creators.

NVIDIA Corp, the most valuable semiconductor maker in the US, unveiled a new type of graphics chip that uses enhanced artificial intelligence to create more realistic images in games.

Boeing said it plans to eliminate about 150 finance jobs in the U.S. as part of a push to simplify its corporate structure. The expected reduction follows what the company said were earlier corporate staffing cuts in areas such as information technology, aimed at reducing complexity so Boeing can focus more resources on engineering, manufacturing and product development.

Palantir Technologies Inc. announced on Wednesday it signed a deal valued at $20 million over five years to expand its partnership with South Korea's Hyundai Heavy Industries Group, one of the world's largest shipbuilding conglomerates.

Novartis AG plans to ask the U.S. Supreme court to uphold the validity of a patent it holds on the dosing regimen for multiple sclerosis drug Gilenya after suffering a setback in a federal appeals court ruling, the Swiss drugmaker said on Wednesday.

Beyond Meat, Inc. late Tuesday said it suspended Chief Operating Officer Doug Ramsey, who was arrested over the weekend and charged after allegedly biting a man’s nose during an altercation in Arkansas.

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