Corning, Marvell, ASML, BlackRock, and More Stocks That Explain Today's Market

Dow Jones10-14

Stock futures were struggling for direction on Wednesday ahead of a crunch consumer-price inflation print that could help decide the Federal Reserve's next move.

ASML was trading flat ahead of the opening bell, even though the Dutch chip-equipment maker raised its guidance and topped analysts' third-quarter earnings target. Investors have been ditching chip stocks lately, with the PHLX Semiconductor Index down five straight days.

Artificial-intelligence stocks were struggling despite ASML's earnings beat. Coherent, Corning, Lumentum, Marvell, Sandisk, Seagate, and Western Digital were all sliding in premarket trading.

BlackRock rose 3.2% after the world's largest asset manager's third-quarter profit beat expectations, as assets under management climbed 15% from a year ago to $15.5 trillion.

GameStop climbed 1.7%, putting it on pace for its highest close in more than 16 months. CEO Ryan Cohen bought 844,000 more of the videogame retailer's shares, taking his total stake to about 10%.

Bank of America, Morgan Stanley, and State Street are all set to report figures ahead of Wednesday's opening bell following a raft of big bank earnings on Tuesday that underwhelmed the market. Industrial supplier Fastenal is also set to post its results.

 

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