U.S. stock futures rose in early morning trading on Wednesday as investors anxiously awaited the Federal Reserve’s aggressive action to tame surging inflation.
Market Snapshot
At 7:50 a.m. ET, Dow e-minis were up 211 points, or 0.70%, S&P 500 e-minis were up 33 points, or 0.88%, and Nasdaq 100 e-minis were up 128.5 points, or 1.13%.
Pre-Market Movers
Baidu – Baidu shares jumped 4.1% in premarket trading after Reuters reported the China-based internet search giant is in talks to sell its controlling stake in the video streaming company iQIYI(IQ). iQIYI fell 3.4%. However, iQIYI said the report was false.
MicroStrategy – MicroStrategy lost 2.2% in the premarket as the price of bitcoin touched an 18-month low. The business analytics company has extensive bitcoin holdings.
Moderna, Inc. – Moderna won the recommendation of an FDA panel for use of its Covid-19 vaccine in children aged 6 to 17 years. A vote by the full FDA could come within a few days. Moderna rose 1% in premarket action.
Stellantis NV – Stellantis will begin indefinite layoffs next week at its Sterling Heights, Michigan stamping plant. The world’s fourth-largest automaker did not specify how many workers would be impacted. Stellantis rallied 3.4% in the premarket.
Zendesk – Zendesk is in settlement talks with activist investor Jana Partners after ending an unsuccessful effort to sell the software company, according to people familiar with the matter who spoke to the Wall Street Journal. The paper said proposed changes could involve CEO Mikkel Svane stepping down as well as changes to the board of directors. Zendesk added 1% in premarket trading.
Snowflake – The cloud computing company was upgraded to “buy” from “hold” at Canaccord Genuity. Shares have fallen more than 65% in 2022, but Canaccord said the stock is now at an attractive entry point, given growing demand and promising new products. Snowflake gained 3.6% in the premarket.
Wheels Up Experience Inc. – The private jet company’s stock rose 2.1% in premarket trading after Goldman began coverage with a “buy” rating, saying Wheels Up is a leading company in an established and growing end market.
Sonos Inc – The high-end speaker maker was downgraded to “equal-weight” from “overweight” at Morgan Stanley, which is concerned about the impact of more cautious consumer spending. Sonos fell 3.1% in the premarket.
Market News
Major League Soccer and Apple TV announced a partnership on Tuesday that will see every game streamed on the app for the next decade. From 2023 until 2032 MLS fans can access games through the league's streaming service where they can watch all MLS, Leagues Cup and select MLS NEXT Pro matches.
Warren Buffett gave away $4 billion of Berkshire Hathaway stock Tuesday as part of his annual donation to the Bill & Melinda Gates Foundation and four other philanthropies, the company said.
Ford is asking dealers to temporarily pause selling the MustangMach-E electric crossovers due to a potential safety defect that could cause the vehicles to become immobile, citing a company notice.
Grab Holdings said it has bought and relaunched food reviews and restaurant reservations site HungryGoWhere and its accompanying social media channels. The site, which provides food reviews, deals and allows users to make restaurant reservations, was previously owned by Singtel and had closed in 2021.
Adobe plans to debut a pared down, web-only version of its popular photo-editing tool Photoshop, the company is currently testing this new freemium version with users in Canada, but will eventually make it available to a wider audience.
Takeover target Spirit Airlines said on Tuesday it was in talks with JetBlue Airways over a $3.4 billion sweetened offer and expects to decide on the proposal by the end of this month.
A panel of U.S. FDA advisors voted unanimously Tuesday to recommend approval of the Moderna, Inc.'s COVID-19 vaccine for children and adolescents between the ages of six and 17 years old.
MicroStrategy, the U.S. software firm that holds almost 130K bitcoin (BTC-USD) on its balance sheet, said it hasn't received a margin call against a bitcoin-backed loan and can withstand more volatility, even as the world's largest cryptocurrency drops toward the $20K mark.