Wall Street futures rose on Thursday as Walmart and Cisco reported upbeat results, while investors assessed minutes of the U.S. Federal Reserve's last policy meeting which showed most officials held a hawkish view on interest rates.
Market Snapshot
At 7:50 a.m. ET, Dow e-minis were up 48 points, or 0.14%, S&P 500 e-minis were up 10.75 points, or 0.24%, and Nasdaq 100 e-minis were up 39.5 points, or 0.26%.
Pre-Market Movers
Nvidia (NVDA) - Nvidia rose 0.8%, outpacing its megacap growth peers. Its shares have rallied this week with analysts raising price targets ahead of the chip designer's quarterly results later this month, with Oppenheimer being the latest to hike its PT on Thursday.
VinFast (VFS), Sacks Parente Golf (SPGC) - Two sub-new stock VinFast and Sacks Parente Golf both dropped abother 8% in premarket trading after tumbling Wednesday.
Walmart (WMT) - Walmart rose 1.2% after the world’s largest retailer reported second-quarter earnings that beat analysts’ estimates and raised fiscal 2024 guidance.
Cisco Systems (CSCO) - Cisco Systems reported fiscal fourth-quarter earnings and sales that beat Wall Street estimates but its forecast for the next fiscal year was mixed. Shares of Cisco were rising 2.5% after the networking giant showed signs of improving product orders.
Wolfspeed (WOLF) - Wolfspeed was tumbling 16% after the chip company reported a wider-than-expected loss in its fiscal fourth quarter and its expectations for a first-quarter adjusted loss of 60 cents to 75 cents a share were well wider than forecasts.
Ball Corp. (BALL) - Ball Corp. rose 3.8% after BAE Systems said it was buying Ball’s aerospace business for $5.55 billion. Ball Aerospace is a provider of spacecraft, mission payloads, optical systems, and antenna systems.
Hawaiian Electric Industries (HE) - Hawaiian Electric Industries fell 21% in premarket trading after The Wall Street Journal reported the utility was in talks with restructuring firms to explore options to address its financial and legal challenges arising from the Maui wildfires.
Gold Fields (GFI) - Gold Fields reported lower earnings for most of its key metrics together with gold-equivalent production, and said Chief Financial Officer Paul Schmidt intends to retire. The shares dropped 10.5% in premarket trading Thursday.
Tapestry (TPR) - Tapestry was falling 1.3% after posting the weaker-than-expected fiscal fourth-quarter earnings and issuing profit guidance for the current fiscal year that missed estimates.
Bilibili (BILI) - American depositary receipts of Bilibili, the China-based video sharing company, were rising 7.3% after the company reported a narrower-than-expected quarterly loss and growth in average daily active users.
Adobe (ADBE) - Adobe rose 1.8% to $523.98 in premarket trading after analysts at BofA Securities raised their recommendation on shares of the software company to Buy from Neutral and lifted the stock price target to $630 from $575.
United States Steel (X) - United States Steel was up 0.8% after a report said ArcelorMittal (MT), one of the largest steel companies in the world, was considering making a bid for U.S. Steel. Cleveland-Cliffs (CLF) and privately held steel-service center Esmark are confirmed bidders for U.S. Steel. Both bids are $35 a share. The Cleveland-Cliffs bid is cash and stock; the Esmark bid is all-cash.
Market News
Fed Saw "Significant" Inflation Risk That May Merit More Hikes
Federal Reserve officials at their policy meeting in July largely remained concerned that inflation would fail to recede and that further interest-rate increases would be needed. At the same time, cracks in that consensus were also becoming more apparent.
“Most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy,” according to minutes of the US central bank’s July 25-26 policy meeting published Wednesday in Washington.
But two Fed officials favored leaving rates unchanged or “could have supported such a proposal,” instead of the rate hike the Federal Open Market Committee ultimately authorized at the conclusion of the meeting, the minutes showed.
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