Here’s what we’re watching ahead of Wednesday’s opening bell.
—U.S. stock futures slipped, as investors awaited a bumper day of major earnings reports and a meeting of the Federal Reserve.
What’s Coming Up
—Earnings updates expected:
are due after the close. The electric-car maker is expected to record its first full-year profit.
The Federal Reserve releases a policy statement at 2 p.m. and Chairman Jerome Powell holds a press conference at 2:30 p.m.
Market Movers to Watch
shares are up 1.8% premarket. The software giant’s profit and sales jumped, propelled by pandemic-fueled demand for videogaming and accelerated adoption of its cloud-computing services.
—And then there’s GameStop. Its stock popped again ahead of the bell, soaring 65% to $244.01 in wildly volatile trading. CNBC reported that Melvin Capital, a hedge fund that has posted big losses so far this year in part because of a wager against the videogame retailer’s stock, had closed out its short position on Tuesday afternoon. The report caused a stir on the online platform Reddit—popular among day traders waging a battle against hedge-fund short-sellers—where some members wrote that it was an attempt to pull
‘s share price back down. And
weighed in on the stock again last night with a tweet, “Gamestonk!!“
has also joined the party, and its shares jumped 63% premarket.
slipped 2.5% premarket after the coffee chain reported that sales fell during the holiday quarter but showed signs of recovery, particularly in China. Its operating chief
is leaving to become CEO of
Boots Alliance, where she’ll be the only Black woman leading a Fortune 500 company. Walgreens shares climbed 5.7%.
Bed Bath & Beyond
resumed its upward trajectory, up 5.8% ahead of the bell. Online traders point to an early 2020 change in management and the fact that the company is buying back shares as signs that the share price will continue to increase.
shares slipped 1.6% premarket after it reported quarterly earnings.
‘s shares slipped 1.5% premarket even though quarterly results and outlook both topped Wall Street estimates after Tuesday’s close.
Retail order flows have reached 20% of the U.S. stock market’s total, according to
research, twice what they were in 2010.
Chart of the Day
GameStop shares have become a favorite of online traders who are seeking to make money from buying options.
Must Reads Since You Went to Bed
Online Traders Helped Some Unlikely Stocks Soar
Renewed Demand for Treasurys Quells Fears of Rising Rates—for Now
Goldman CEO David Solomon Takes $10 Million Pay Cut for 1MDB Scandal
Biden’s Candidate for SEC Chairman Is Expected to Be Tough
Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Market news on Fintech Zoom.