U.S. Stock futures rose Friday as Wall Street attempted to find its footing after a brutal week of selling. The dollar snapped two days of losses and Treasury yields ticked higher.
Market Snapshot
At 7:50 a.m. ET, Dow e-minis were up 233 points, or 0.78%, S&P 500 e-minis were up 37.5 points, or 1.02%, and Nasdaq 100 e-minis were up 150.75 points, or 1.35%.
Pre-Market Movers
Adobe – Adobe shares fell 3.7% in premarket trading after the software company issued weaker-than-expected financial guidance for the current quarter and the full year. Adobe is facing headwinds from the war in Ukraine and unfavorable foreign exchange rates, although its most recent quarter did beat Wall Street estimates for profit and revenue.
JD.com – JD.com is exploring a possible expansion into food delivery, according to CEO Xin Lijun in an interview with Bloomberg. That would put the Chinese e-commerce giant in direct competition with Alibaba and Meituan, which dominate that business in China. JD.com jumped 8.9% in the premarket.
U.S. Steel – U.S. Steel rallied 7.7% in the premarket after issuing better-than-expected guidance for the current quarter. The steel producer’s results are being helped by rising demand and higher steel prices.
Roku Inc – Roku shares gained 3.4% in premarket action after it announced a partnership with retail giantWalmart(WMT). Users of Roku devices will be able to purchase items with their remotes while streaming TV programs.
Alibaba – Alibaba surged 9.2% in premarket trading as China is in the midst of the “618” shopping festival, an annual event where the country’s e-commerce giants try to entice shoppers with massive discounts and promotions
Centene – Centene rose 1.9% in the premarket after the health insurer raised its earnings outlook and added $3 billion to its share repurchase program. It also plans to reduce its real estate footprint.
Bausch Health Companies Inc – Bausch Health suspended plans to take its Solta Medical unit public, pointing to a number of factors including challenging market conditions. Solta sells aesthetic technology for treatments like skin smoothing and body contouring. Bausch added 3% in premarket trading.
Snap Inc – The social media company’s stock added 2% in the premarket following news that Snap is testing a paid subscription model that would give users access to exclusive and pre-release features.
American Express – The financial services giant was upgraded to “outperform” from “neutral” at Baird, which said that “relentless panic selling” has provided an attractive buying opportunity. American Express gained 1.5% in premarket action.
Utz Brands, Inc. – The snack maker’s stock jumped 5.4% in the premarket after Goldman Sachs upgraded it to “buy” from “neutral.” Goldman cites Utz’s strong position in the fast-growth salty snack category, among other factors.
Market News
China is in the midst of the “618” shopping festival, an annual event where the country’s e-commerce giants like Alibaba and JD.com try to entice shoppers with massive discounts and promotions.
Elon Musk, who met directly with Twitter employees for the first time since signing a $44 billion deal to acquire the social network, told staffers they shouldn’t worry about changes to their jobs once he takes over -- as long as their work is “exceptional,” that is.
Cathie Wood-led Ark Invest Investment Management added more Tesla Motors shares to its portfolio on Thursday, raising its exposure to the electric vehicle maker for the seventh time this month.
Tesla Motors has raised the price for some Model Y cars for the Chinese market, its website showed on Friday. The price for the Long Range version of the Model Y increased by 5% to 394,900 yuan, while prices for other versions and for the Model 3 are unchanged.
Adobe expects $4.43 billion in revenue and adjusted earnings of $3.33 a share for the third quarter. Analysts polled by FactSet expected $4.51 billion in revenue and adjusted earnings of $3.39 a share.
Wal-Mart and Roku Inc late Thursday announced a partnership that would allow Roku TV streamers to buy featured products fulfilled by Walmart directly on their TVs.
JD.com Retail CEO said the company has “considered and explored” launching an on-demand food delivery service, posing an intense competition for its Chinese peers Meituan and Alibaba.
Taiwan Semiconductor Manufacturing executives said at a symposium call on Thursday that the world's biggest chipmaker will have the next version of ASML Holding NV most advanced chip-making tool in 2024.