U.S. stock futures rose Thursday as investors look ahead to inflation data and earnings that may provide insight into the future health of the economy.
Market Snapshot
At 8:32 a.m. ET, Dow e-minis were down 396 points, or 1.35%, S&P 500 e-minis were down 70.25 points, or 1.96%, and Nasdaq 100 e-minis were down 309.75 points, or 2.85%.
Pre-Market Movers
Delta Air Lines – The airline’s stock rose 4.2% in the premarket on the strength of an upbeat current-quarter forecast as travel demand continues to rebound. For its most recent quarter, Delta earned an adjusted $1.51 per share, a number that was 2 cents below consensus but included a 3-cent impact from the effects of Hurricane Ian.
Walgreens Boots Alliance – Walgreens rallied 6.8% in the premarket after the drugstore operator reported better-than-expected quarterly profit and revenue. The company also raised its long-term sales targets.
Applied Materials – Applied Materials lowered its current-quarter revenue outlook, with the chip manufacturing equipment maker saying it would be negatively impacted by new U.S. regulations restricting exports to China. Applied Materials lost 2% in premarket action.
Victoria's Secret & Co – Victoria’s Secret gained 3.1% in premarket trading after the lingerie maker said current quarter sales and profit would come in at the high end of prior forecasts. The upbeat forecast comes ahead of a meeting with analysts and investors scheduled for Thursday.
Digital World Acquisition Corp – Digital World Acquisition surged 11.2% in the premarket after Google approved Truth Social – the social media platform backed by former President Donald Trump – for inclusion in its app store. Digital World is the special purpose acquisition company that plans to merge with Truth Social and take it public, though shareholders have yet to approve the merger.
DISH Network – Dish gained 1% in premarket action after blank-check firmCONX Corp.said it was in talks to buy Dish’s retail wireless unit Boost Mobile. CONX is backed by Dish Network chairman Charles Ergen.
Taiwan Semiconductor Manufacturing – Taiwan Semi rose 2.3% in the premarket after the chip maker reported an 80% jump in quarterly profit and on reports that the U.S. granted Taiwan Semi a one-year license to continue ordering U.S. equipment for use in China.
Kohl's – Kohl’s gained 2.2% in premarket trading following a Wall Street Journal report that activist investor Macellum Advisors is warning the retailer that another proxy battle could be ahead. Macellum is said to be calling for the replacement of at least three directors after talks to sell the retailer earlier this year collapsed.
Market News
Treasury Secretary Janet Yellen cited concerns about the potential for a breakdown in trading of US Treasuries, as her department leads an effort to shore up that crucial market.
Federal Reserve Governor Michelle Bowman said on Wednesday that if high inflation does not start to wane she will continue to support aggressive rate rises aimed at taming price pressures.
Microsoft said Britain's competition regulator had relied on objections from its rival Sony in referring its $69 billion Activision Blizzard deal to an in-depth inquiry, in particular "misplaced" concerns about 'Call of Duty'.
Alphabet has approved former U.S. President Donald Trump's social media app Truth Social for distribution in the Google Play Store, a company spokesperson said on Wednesday.
Taiwan Semiconductor Manufacturing posted an 80% surge in third-quarter net profit on Thursday, buoyed by strong sales of its advanced chips despite a slowdown in the global chip industry because of economic headwinds.
Applied Materials said on Wednesday export restrictions to China would result in a $250 million-$550 million loss in net sales in the quarter ending Oct. 30, with a similar impact expected in the following three months.
Delta Air Lines on Thursday reported a profit of $695 million for the three months ended Sept. 30 -- about 54% lower than the same period in 2019, before the Covid-19 pandemic upended the industry.
BlackRock on Thursday posted a 16% drop in third-quarter profit, net income fell to $1.4 billion, or $9.25 per share, for the three months ended Sept. 30, from $1.68 billion, or $10.89 per share, a year earlier.
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