Stock futures were rising on Wednesday ahead of the Federal Reserve's policy decision and a slew of Big Tech earnings.
These stocks were making moves in premarket trading:
Seagate Technology PLC surged 17% after the hard-drive maker beat analysts' earnings and sales targets for its fiscal third quarter and issued strong guidance, signaling to investors that data-storage demand remains robust. Other memory and storage stocks were also rising: chip maker Micron Technology gained 3.7%, flash memory product supplier Sandisk added 5.5%, and hard-drive maker Western Digital jumped 9%.
Robinhood tumbled 11% after the online brokerage posted weak first-quarter results. The monthslong slump in Bitcoin and other cryptocurrencies dragged down Robinhood's crypto trading revenue.
Starbucks rose 5% after the coffee chain reported earnings growth for the first time since 2023, suggesting its turnaround efforts are paying off. Starbucks' net revenue for its fiscal second quarter also topped expectations.
Booking slid 5% after the online travel company beat Wall Street's first-quarter earnings target, but cut its full-year revenue and gross bookings guidance because of the war in Iran.
Bloom Energy Corp soared 19% after the renewable power provider posted record first-quarter results and raised its full-year outlook, as the boom in artificial intelligence drives up energy demand.
Brown-Forman plunged 4% after French spirits company Pernod Ricard said it had ended discussions with the Jack Daniel's maker, without reaching an agreement regarding a potential combination.
NXP Semiconductors NV rallied 18% after the Dutch chip maker reported that its first-quarter profit more than doubled and issued solid earnings and revenue guidance.
T-Mobile US climbed 2% after the wireless carrier beat analysts' first-quarter earnings and revenue estimates. T-Mobile also added more postpaid customers than expected over the period.
Visa advanced 5% after the credit-card company topped earnings targets for its fiscal second quarter, as consumer spending held up despite worries that the Iran war would spark a flare-up in inflation.
AbbVie, Amphenol, Avis, Biogen, Cognizant, GE HealthCare, Generac, General Dynamics, Humana, Regeneron Pharmaceuticals, SoFi, Akamai, Align, Alphabet, Amazon.com, Carvana, Chipotle Mexican Grill, eBay, Ford, Meta Platforms, and Microsoft are all set to report earnings on Wednesday.
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