U.S. stock index futures rose slightly on Thursday as worries of higher inflation due to surging commodity prices kept investors on edge, while attention shifted to Federal Reserve Chair Jerome Powell's second day of testimony before Congress.
U.S. initial jobless claims fall 18,000 to 215,000 in Feb. 26 week; U.S. 4th-quarter productivity up 6.6%, unrevised from initial estimate;Continuing U.S. jobless claims rise 2,000 to 1.48 million; New jobless claims drops to 8-week low.
Powell will testify before the Senate Banking Committee later in the day. A host of economic data is also due, including the ISM non-manufacturing PMI at 10:00 am ET.
Market Snapshot
At 9:14 a.m. ET, Dow e-minis were up 214 points, or 0.63%, S&P 500 e-minis were up 34.5 points, or 0.79%, and Nasdaq 100 e-minis were up 150.75 points, or 1.06%.
Pre-Market Movers
Snowflake, Inc. (SNOW) —— Snowflake was the biggest laggard in pre-market trading, as the stock plummeted over 18% at the time of writing. The company reported a loss in the fourth quarter of Fiscal Year 2022 (ended January 31) despite revenues beating analysts’ expectations. Additionally, the company disappointed with the revenue guidance. For Q1 2023, the company forecasts product revenue in the range of $383-$388 million, representing 79% to 81% year-over-year growth. The consensus estimate is pegged at $410 million. For Fiscal 2023, product revenue is expected between $1.88 billion and $1.9 billion, representing year-over-year growth of 65% to 67%. The guidance fell short of analysts’ expectations of $2 billion.
Grab Holdings(GRAB) —— Grab Holdings Ltd, the largest ride-hailing and food delivery firm in Southeast Asia, on Thursday reported a fall in revenue for the fourth quarter as it spent more on driver commissions and promotional offers.The shares dropped more than 5% in premarket trading.
Best Buy(BBY) —— Best Buy Co. Inc. shares jumped more than 7% in Thursday premarket trading after the electronics retailer reported fourth-quarter profit that beat expectations.Best Buy has raised its quarterly dividend 26% to 88 cents per share payable on April 14 to shareholders of record as of March 24.
Canaan(CAN) —— Canaan shares surged 17% in premarket trading after reporting quarterly results.Total net revenues in the fourth quarter of 2021 increased to RMB2,184.6 million (US$342.8 million) from RMB38.2 million in the same period of 2020, and up 65.8% compared to RMB1,317.6 millionin the third quarter of 2021.
Okta(OKTA) —— Okta shares fell nearly 7% in premarket trading Thursday after the identity management software business posted better-than-expected results for its latest quarter, but provided guidance that suggests aggressive investment in the business will spur greater-than-expected near-term losses at the bottom line.
Chargepoint(CHPT) —— ChargePoint Holdings Inc. stock rose more than 6% in premarket trading Thursday after the electric-vehicle charging network company reported quarterly sales above expectations and called for higher yearly revenue.
Bilibili(BILI) —— Bilibili stock rose 9% in premarket trading.Bilibili Q4 net revenues reached RMB5,780.8 million (US$907.1 million), a 51% increase from the same period in 2020. Its Q4 MAUs reached 271.7 million, and mobile MAUs reached 252.4 million, representing increases of 35% and 35%, respectively, from the same period in 2020.
Paysafe(PSFE) —— Paysafe stock gained another 4% in premarket trading after after rising nearly 5% yesterday.Paysafe reported revenue of $371.7 million in the fourth quarter, above analysts’ consensus forecast of $357 million. When the company reported its third-quarter earnings in November, management told investors to expect revenue of up to $365 million.
American Eagle Outfitters Inc(AEO) —— American Eagle Outfitters fell 4.8% after the apparel chain forecast a decline in earnings for the first half of 2022 as freight expenses surge and benefits from federal stimulus fade.
Box(BOX) —— Box Inc. reported fiscal fourth-quarter results that beat the top and bottom lines and raised revenue guidance, propelling shares 6% in premarket trading Thursday.
Kroger(KR) —— Kroger Co. rose 5.7% after the company unveiled a profit forecast that signaled new gains on top of a two-year surge in demand for groceries sparked by the coronavirus pandemic.
Market News
MSCI Inc. and FTSE Russell are cutting Russian equities from widely-tracked indexes, isolating the stocks from a large segment of the investment-fund industry.
The London Stock Exchange on Thursday became the latest exchange to halt trading in Russian companies, as it announced the suspension of the secondary listings in companies including Gazprom, EN+ and Sberbank.
The German state of Brandenburg has called a news conference for Friday at which it will announce its decision on approval for the planned Tesla gigafactory near Berlin, it said on Thursday.
Apple Inc will host its annual spring product launch event on March 8, the iPhone maker said on Wednesday.The company is expected to launch a low-cost version of its popular iPhone with 5G, a new version of the iPad Air and a high-end Mac Mini.
Amazon.com Inc. is planning to close dozens of bookstores and other retail locations it had opened in recent years to highlight bestselling products, part of a broader shift the tech giant is making in its physical retail strategy.
Peloton Interactive Inc. co-founder John Foley, who stepped down from the chief executive officer role last month, sold about $50 million in stock to MSD Partners, a firm that manages money for billionaire Michael Dell.
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