U.S. stock index futures were muted on Wednesday as investors stayed away from placing big bets ahead of the Federal Reserve's much-anticipated decision on interest rates.
Market Snapshot
At 7:49 a.m. ET, Dow e-minis were down 27 point, S&P 500 e-minis were down 5.25 points, or 0.13%, and Nasdaq 100 e-minis were down 15.75 points, or 0.13%.
Pre-Market Movers
Delta Air Lines(DAL) – Delta jumped 3.8% in the premarket after the airline raised its current quarter forecast and issued an upbeat 2023 outlook, citing robust travel demand.
Tesla(TSLA) – Goldman Sachs cut its price target for Tesla to $235 per share from $305, citing softer demand. Tesla shares are down about 40% since the end of September, and briefly dipped below $500 billion in market value Tuesday.
Moderna(MRNA) – Moderna rose another 1.6% in premarket trading on top of yesterday’s 19.6% gain. The Tuesday advance followed a successful study of a skin cancer treatment involving an experimental Moderna vaccine in combination withMerck’s (MRK) cancer drug Keytruda.
Best Buy(BBY) – The electronics retailer’s stock dropped 3% in premarket action after BofA Securities downgraded it to underperform from neutral, citing a challenging environment for achieving earnings growth.
Aspen Group(ASPU) – Aspen Group rallied 14.8% in premarket action after the online education company reported better-than-expected quarterly revenue and improved profit margins.
ABM Industries(ABM) – ABM Industries reported better-than-expected profit and revenue for its latest quarter. But the provider of facility services gave an outlook that fell below consensus estimates. The stock slid 3.9% in premarket trading.
Darden Restaurants(DRI) – The parent of Olive Garden and other restaurant chains was upgraded to outperform from neutral at Wedbush on expectations of market share gains for Darden amid an uncertain consumer environment. Darden rose 1% in the premarket.
Paccar(PCAR) – Paccar gained 1.6% in the premarket after the truck maker’s stock was upgraded to overweight from equal-weight at Morgan Stanley, which also raised its price target to $136 per share from $91. The firm said Paccar is among the industrial stocks poised to benefit from a sector recovery.
Market News
Delta Expects Profit to Nearly Double Next Year on "Robust" Air Travel Demand
Delta Air Lines Inc(DAL.N)said on Wednesday its profit is expected to nearly double next year, driven by "robust" travel demand and a decline in non-fuel operating costs.
The Atlanta-based carrier forecast an adjusted profit of $5 to $6 per share for 2023, up from an estimated $3.07 to $3.12 per share for this year.
Boeing to Keep Pushing Congress to Extend 737 MAX 10 Deadline
Boeing Commercial Airplanes Chief Executive Stan Deal on Tuesday said the U.S. planemaker will continue to push Congress to pass legislation for the Boeing 737 MAX 7 and MAX 10 to win certification even if a key Dec. 27 deadline passes.
"We're still working obviously and hope something happens this year - got another shot early next," Deal said on the sidelines of an event at its 787 final assembly plant. "We're going to hope Congress does their part of this."
Dutch Chip Equipment Maker ASML's CEO Questions U.S. Export Rules on China - Newspaper
The chief executive of ASML Holding NV, the Dutch semiconductor equipment maker, on Tuesday questioned whether a U.S. push to get the Netherlands to adopt new rules restricting exports to China make sense.
"Maybe they think we should come across the table, but ASML has already sacrificed," CEO Peter Wennink said in an interview with newspaper NRC Handelsblad.
Apple to Allow Outside App Stores in Overhaul Spurred by EU Laws
Apple Inc. is preparing to allow alternative app stores on its iPhones and iPads, part of a sweeping overhaul aimed at complying with strict European Union requirements coming in 2024.
Software engineering and services employees are engaged in a major push to open up key elements of Apple’s platforms, according to people familiar with the efforts. As part of the changes, customers could ultimately download third-party software to their iPhones and iPads without using the company’s App Store, sidestepping Apple’s restrictions and the up-to-30% commission it imposes on payments.