U.S. stock index futures rose Thursday after the Dow Jones Industrial Average notched its best win streak going back to 1987.
Market Snapshot
At 08:25 a.m. ET, Dow e-minis were up 93 points, or 0.26%, S&P 500 e-minis were up 32.5 points, or 0.71%, and Nasdaq 100 e-minis were up 219.25 points, or 1.40%.
Pre-Market Movers
Meta Platforms, Inc. - It reported better-than-expected second-quarter earnings and said it anticipates third-quarter revenue of $32 billion to $34.5 billion, higher than Wall Street estimates of $31.2 billion. Shares surged over 10% in premarket trading.
Chipotle Mexican Grill - It declined 8.28% after the burrito chain’s second-quarter earnings beat expectations but revenue of $2.51 billion fell short. Same-store sales also were softer than projected, growing 7.4% in the quarter, while analysts had expected an increase of 7.5%.
XPeng Inc. - Stocks jumped over 6% and surged over 30% in 2 days as Volkswagen AG plans to invest $700 million in it and jointly develop electric vehicles in China as the German automaker fights to halt a sales slide in its most important market.
MaxLinear, Silicon Motion Technology - The former tumbled over 11% while the latter crashed over 8% in premarket trading as MaxLinear has terminated the companies' merger agreement.
Sea Ltd - It rose nearly 3% in premarket trading as UOB keeps a buy rating on Sea with a $94.34 target, adding that shares may trade sideways as macro headwinds are countered by positive earnings momentum.
Unity Software Inc. - Stocks gained over 3% in premarket trading as MediaTek has announced a joint partnership with Unity China to unveil the Dimensity 9200 and Dimensity 9200+ chips natively supported Unity engine.
eBay - Stocks slipped nearly 5% in premarket trading. Its earnings per share will be 96 cents to $1.01 in the period ending in September, gross merchandise volume, the value of all goods sold on eBay, declined 2% to $18.2 billion in the quarter but topped analysts’ average estimates.
McDonald's - Stocks rose nearly 2% in premarket trading as it beat market expectations for quarterly comparable sales on Thursday, as the restaurant chain's relatively cheaper burgers and fries attracted cost-conscious diners in an inflationary environment.
Market News
Federal Open Market Committee raised its funds rate by a quarter percentage point to a target range of 5.25%-5.5%. The midpoint of that target range would be the highest level for the benchmark rate since early 2001.
Microsoft has deepened its relationship with PayPal, the company announced Wednesday, with the integration of PayPal's Pay Later solution in the US, UK, Australia, France, Germany, Italy, and Spain.
Seven major automakers on Wednesday said they were forming a new company to provide electric vehicle charging in the U.S., in a challenge to Tesla Motors and a bid to take advantage of Biden administration subsidies. The group includes General Motors, Stellantis, Hyundai Motor and its Kia affiliate, Honda, BMW and Mercedes Benz.
Meta Platforms, Inc. reported fiscal second-quarter net income of $7.79 billion, or $2.98 a share, compared with net income of $6.7 billion, or $2.46 a share, in the year-ago quarter.Revenue climbed 11% to $32 billion from $28.8 billion in the year-ago quarter.
Visa disclosed on Wednesday it had received demands from the U.S. Department of Justice for additional documents and information over its debit card practices in the United States and competition with other payment networks.
eBay’s earnings per share will be 96 cents to $1.01 in the period ending in September, gross merchandise volume, the value of all goods sold on EBay, declined 2% to $18.2 billion in the quarter, but topped analysts’ average estimates. The company said it had 132 million active buyers in the quarter, down 4% from a year earlier.
MaxLinear disclosed that it has terminated the companies' merger agreement with Silicon Motion Technology, saying certain closing conditions in the agreement hadn't been met and are incapable of being satisfied.
CrowdStrike Holdings, Inc. is reportedly getting close to acquiring cybersecurity startup for Bionic.AI for a purchase price between $200M and $300M.
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