U.S. stock futures declined after a volatile session in which data showed inflation remained hot enough to keep the Federal Reserve on track for further interest-rate increases.
Market Snapshot
At 7:36 a.m. ET, Dow e-minis were down 41 points, or 0.12%, S&P 500 e-minis were down 7.75 points, or 0.19%, and Nasdaq 100 e-minis were down 23.75 points, or 0.19%.
Pre-Market Movers
Tripadvisor(ticker: TRIP) was up 9.9% after fourth-quarter revenue at the online travel site jumped 47% from a year earlier on a continued recovery in travel demand.
Airbnb(ABNB) was rising 9.6% in premarket trading after the short-term rental company reported better-than-expected fourth-quarter revenue and profit, and posted its first-ever annual profit. Airbnb also issued first-quarter guidance that exceeded Wall Street estimates.
Trade Desk (TTD) rose 8.5% after fourth-quarter adjusted earnings beat Wall Street estimates and the digital advertising company issued a first-quarter revenue outlook higher than forecasts. It also announced a $700 million stock buyback program.
Devon Energy(DVN) was down 6.4% after fourth-quarter profit at the oil and gas company fell from a year earlier and it said it expects first-quarter production to fall slightly from the fourth quarter.
Taiwan Semiconductor Manufacturing(TSM) declined 5% in premarket trading after Warren Buffett’s Berkshire Hathaway(BRK.B) disclosed that it cut its holdings in American depositary receipts of the chip giant by 86% in the fourth quarter.
Analog Devices(ADI) shares jumped 4% after the chip manufacturer posted fiscal first-quarter earnings that beat expectations.
Upstart Holdings(UPST), the artificial-intelligence lending company, fell 3.6% after it issued a first-quarter earnings and sales outlook that was well below analysts’ forecasts.
American Eagle Outfitters(AEO) declined 3.4% after shares of the retailer were downgraded to Hold from Buy at Jefferies.
Kraft Heinz(KHC) shares rose 1.8% after the packaged food seller posted fourth-quarter adjusted earnings that beat consensus.
Biogen(BIIB) was up 1.4% after the biotech posted better-than-expected earnings for its fourth quarter.
Market News
Barclays Profit Falls as Deal Making Declines, Sending Shares 9% Lower
Barclays PLC’s profit fell in the fourth quarter from a year earlier, sending shares in the British banking giant sharply lower.
The bank on Wednesday said net profit fell 4% to £1.04 billion, equivalent to $1.2 billion, in the three months to December, down from £1.08 billion a year earlier. Analysts expected a profit of £919 million, according to a consensus of analyst estimates compiled by Barclays.
Elon Musk: New Twitter CEO Could Be Named by the End of the Year
Elon Musk said the likely time to put in place a new Twitter Inc. CEO could be toward the end of the year.
Last year, Mr. Musk floated the idea of naming someone to take over day-to-day management of the social-media platform that he bought in October in a deal valued at $44 billion.
"I'm guessing probably towards the end of the year," he said Wednesday when asked about a Twitter CEO succession plan as he spoke remotely at the World Government Summit in Dubai.
Boeing, Airbus Sell 470 Planes to Air India in Record Deal
The Boeing orders, based on the planes’ list prices, came in at $45.9 billion, including options. Airbus no longer quotes list prices for its jets. Based on analysts’ estimates, the deal’s total value was around $85 billion before discounts. The previous record—a 2013 order for Boeing 777X jets by Emirates Airline—was valued at about $75 billion. Airlines don’t typically pay list price, instead benefiting from large, undisclosed discounts.
The Boeing order was first announced by the White House, with the Airbus deal unveiled by Indian Prime Minister Narendra Modi and French President Emmanuel Macron at a joint press conference. President Biden later discussed the deal with Mr. Modi, according to the White House.
TSMC Shares Decline After Buffett’s Berkshire Slashes Holdings
Shares of Taiwan Semiconductor Manufacturing Co. dropped as much as 3.7% after a filing showed Warren Buffett’s Berkshire Hathaway Inc. slashed its stake in the chip giant.
The Omaha-based conglomerate cut its holdings of TSMC’s American depositary receipts by 86% last quarter to 8.29 million, valued at $617.7 million, according to the latest 13F filing.