U.S. stock futures were little changed Tuesday as investors braced for the latest commentary due Tuesday from Federal Reserve Chairman Jerome Powell.
Market Snapshot
At 7:50 a.m. ET, Dow e-minis were down 53 points, or 0.16%, S&P 500 e-minis were up 1.75 points, or 0.04%, and Nasdaq 100 e-minis were up 31.75 points, or 0.25%.
Pre-Market Movers
Bed Bath & Beyond -- It was down more than 31% in premarket trading after the struggling retailer said it launched an equity offering to raise more than $1 billion to repay debt. The stock closed Monday's session with a gain of 92.1%.
Chegg --fell over 23% after issuing first-quarter and full-year revenue guidance that was below analysts' expectations.
Oak Street Health, CVS Health -- The latter is close to an agreement to acquire Oak Street Health for about $10.5 billion including debt. Shares of Oak Street were surging nearly 36% in premarket session. CVS fell slightly.
Pinterest, Inc. -- It was down over 1% in premarket trading after the social media company issued soft revenue guidance for the first quarter, and announced the resignation of Chief Financial Officer Todd Morgenfeld.
BP PLC -- It rose over 4% in premarket trading after the oil giant said Tuesday it would boost spending on oil and gas, easing its transition to producing low-carbon energy. BP also reported adjusted profit for the year of $27.7 billion.
Hut 8 Mining Corp --It will merge with rival US Bitcoin Corp to create a crypto mining giant in North America and stocks rose over 3% in premarket trading.
Hertz Global Holdings, Inc. -- Its Q4 revenue rose 4% to $2.04 billion, and it reported quarterly earnings of $0.50 per share which beat the analyst consensus estimate of $0.46 by 8.7 percent.
Baidu -- It rose nearly 13% in premarket trading as it would complete internal testing of ChatGPT-style project "Ernie Bot" in March.
Market News
U.S. is preparing to slap a 200% tariff on Russian-made aluminum as soon as this week to keep pressure on Moscow as the one-year anniversary of Ukraine war nears, according to people familiar with the situation.
U.S. Treasury Secretary Janet Yellen on Monday said she saw a path for avoiding a U.S. recession, with inflation coming down significantly and the economy remaining strong, given the strength of the U.S. labor market.
Microsoft unveiled plans for an event on Tuesday at its headquarters, leaving the subject open to speculation as the company steps up its bets on artificial intelligence — including adding OpenAI’s ChatGPT bot into its Bing search engine.
Alphabet is rolling out a new conversational artificial-intelligence service to a select set of testers, and plans a broader public launch in the coming weeks, part of the company’s effort to play catch-up with challengers such as OpenAI, creator of the popular chatbot ChatGPT.
Pinterest, Inc.’s Q4 revenue grew 4% to $877 million, global monthly active users (MAUs) grew 4% to 450 million,it expected revenue to grow in the low single digits year-over-year in the current quarter.
AMC Entertainment will start selling tickets at different prices based on the location of the seat in an auditorium, the theater chain operator said on Monday.
Bed Bath & Beyond said on Monday it was planning to raise some $1 billion through an offering of preferred stock and warrants, in a last-ditch effort to stave off bankruptcy.
Baidu on Tuesday said it would complete internal testing of ChatGPT-style project "Ernie Bot" in March. Baidu plans to launch an artificial intelligence chatbot service similar to OpenAI's ChatGPT in March, a person familiar with the matter told Reuters last week. The person said Baidu aims to make the service available as a standalone application and gradually merge it into its search engine.