To The Moon

U.S. stock futures were lower in pre-market trading Friday after hawkish comments from Federal Reserve Chair Jerome Powell hinting a half-point rate hike was likely next month sent all three major indexes tumbling in the previous session.

Market Snapshot

At 7:50 a.m. ET, Dow e-minis were down 103 points, or 0.30%, S&P 500 e-minis were down 9.25 point, or 0.21%, and Nasdaq 100 e-minis were down 10.5 points, or 0.08%.

Pre-Market Movers

Moving iMage Technologies, Inc. rose 41.7% to $1.63 in pre-market trading. Moving iMage Technologies and SNDBX reported a strategic partnership for gaming and e-Sports.

Chindata Group Holdings Limited rose 9.4% to $4.80 in pre-market trading after Bloomberg reported that the company has received preliminary takeover interest from other firms in the industry.

Guardforce AI Co., Limited rose 7.7% to $0.8321 in pre-market trading. Guardforce AI Co shares gained 18% on Thursday after the company announced the rollout of its robotics services in the U.S.

Lixte Biotechnology Holdings, Inc. shares rose 5.8% to $1.27 in pre-market trading. LIXTE Biotechnology recently reported the closing of $5.8 million registered direct offering priced at-the-market.

Corsair Gaming, Inc. shares fell 13.8% to $15.80 in pre-market trading after the company issued Q1 revenue guidance below analyst estimates.

The Gap, Inc. fell 11.8% to $12.60 in pre-market trading after the company said Nancy Green, CEO and president of its largest brand, Old Navy, is departing this week. Gap also lowered its quarterly forecast.

ION Geophysical Corporation shares fell 10.7% to $0.5820 in pre-market trading. ION Geophysical recently announced it has been awarded a five-year contract by Brunei Shell Petroleum for a digital solution to manage Marine Logistics.

Swvl Holdings Corp. fell 7.5% to $5.83 in pre-market trading. Swvl Holdings F-1 showed registration for 87.4 million share common stock offering via selling shareholders, includes warrants.

Clarus Therapeutics Holdings, Inc. fell 6.5% to $2.16 in pre-market trading after gaining 11% on Thursday. The company on Tuesday announced it will present new data on JATENZO at the Androgen Society 4th Annual Meeting.

Ampio Pharmaceuticals, Inc. fell 6.4% to $0.2319 in pre-market trading. Ampio Pharmaceuticals shares dropped 27% on Thursday after the company provided a regulatory update and said the FDA did not agree with the company's proposed changes to its AP-013 trial.

Market News

Consensus earnings estimates for the S&P 500 are “overly pessimistic” for the first quarter and companies in the index are poised to deliver a surprise of 4% to 5% on “better-than-feared margins,” according to a team of $JPMorgan Chase(JPM)$ strategists led by Dubravko Lakos-Bujas and Marko Kolanovic.

$Lululemon Athletica(LULU)$ is launching membership plans later this year in an effort to maintain customer loyalty and sell more workout gear.

CNN is shutting down its streaming service CNN+ about a month after it launched, a sign of its new owners’ lack of faith in the viability of a subscription-based stand-alone news platform.

$Anheuser Busch Inbev SA NV(BUDFF)$ will sell its stake in a Russian joint venture, taking a $1.1 billion hit as the world’s largest brewer joins the global move to exit operations following the country’s invasion of neighboring Ukraine.

Honda Motor plans to build millions of electric vehicles (EV) by 2030 using three new dedicated platforms, with one to be jointly developed with U.S. partner General Motors, a top executive at the Japanese automaker said.

China's securities watchdog is holding regular talks with U.S. regulators over audit cooperation and expects a deal soon, a Chinese regulatory official said on Thursday about a dispute that could lead to delistings of U.S.-listed Chinese firms.