U.S. stock-index futures gains have narrowed after economic data.
U.S. Q1 GDP revised down to negative 1.5% from negative 1.4% previous estimate.
U.S. initial jobless claims fall 8,000 to 210,000 in May 21 week; Continuing state jobless claims rise by 31,000 to 1.35 million.
Market Snapshot
At 08:35 a.m. ET, Dow e-minis were up 152 points, or 0.47%, S&P 500 e-minis were up 15.75 points, or 0.4%, and Nasdaq 100 e-minis were up 12.25 points, or 0.1%.
Pre-Market Movers
Alibaba(BABA) – The China-based e-commerce giant’s latest quarterly earnings and revenue beat analyst estimates, helped by increased online demand amid China Covid-19 lockdowns. Alibaba shares added 4% in premarket action.
Nvidia(NVDA) – Nvidia slid 4% in the premarket after the graphics chip maker issued weaker-than-expected guidance for its current quarter, pointing to supply chain issues and slower business in Russia. Nvidia reported better-than-expected profit and revenue for its latest quarter.
Snowflake(SNOW) – Snowflake reported better-than-expected profit and revenue for its latest quarter, but the cloud data platform provider said some of its customers are spending more cautiously because of an uncertain macroeconomic environment. As a result, the shares slumped 11.2% in premarket action.
Twitter(TWTR) – Twitter shares rose 5.6% in the premarket, following news that Elon Musk will commit more of his own wealth to finance his $44 billion takeover deal for the company. An SEC filing showed Musk committed $33.5 billion in equity, up from the prior $27.25 billion.
Baidu(BIDU) – Baidu jumped 5.1% in premarket trading, as the search engine giant beat estimates in its latest quarter despite a negative impact from Covid lockdowns in China. Baidu saw strong growth during the quarter for its cloud-based services.
Macy’s(M) – Macy’s surged 14.4% in the premarket after reporting better-than-expected profit and revenue for the first quarter and raising its full-year earnings forecast. Results got a boost from strong apparel demand as people returned to work and other out-of-home activities.
Dollar General(DG) – Dollar General shares rallied 11.1% in premarket trading after its quarterly results beat Wall Street forecasts, and comparable-store sales fell less than expected. Dollar General also boosted its same-store sales forecast as more shoppers turn to discount stores amid elevated inflation.
Dollar Tree(DLTR) – Like its competitor Dollar General, Dollar Tree reported better-than-expected top and bottom-line results for its latest quarter with its comparable-store sales increase doubling Street forecasts. Dollar Tree surged 16% in premarket trading.
Medtronic(MDT) – The medical device maker’s latest quarterly results fell short of analyst estimates as it felt the impact of global supply chain issues. Medtronic fell 3.3% in the premarket.
Williams-Sonoma(WSM) – Williams-Sonoma jumped 9.4% in premarket trading, following a quarterly earnings and revenue beat and a comparable-sales increase that more than tripled consensus estimates. The home furnishings retailer reiterated its prior full-year guidance and — unlike many other retailers —expects profit margins to hold steady.
Nutanix(NTNX) – Nutanix stock plunged 35.4% in premarket trading after the cloud computing company issued a weaker-than-expected forecast. Nutanix cited supply chain issues that impacted its hardware partners, among other factors.
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