- U.S. futures were trading relatively flat on Wednesday
- Treasury 10-year yield dips; dollar index snaps four-day drop
U.S. stock index futures were little changed on Wednesday as investors stayed on the sidelines ahead of minutes from the Federal Reserve’s last meeting that could offer clues on the central bank’s views on inflation and an economic recovery.
At 8:05 a.m. ET, Dow E-minis were up 5 points, or 0.02%, S&P 500 E-minis were up 0.5 points, or 0.01% and Nasdaq 100 E-minis were up 2 points, or 0.01%.
Massive fiscal stimulus and swift vaccinations prompted several Fed officials at the meeting last month to project interest rate increases as early as next year, opening up a gap with those who do not see rates rising until 2024 at the earliest.
The minutes will be released at 2:00 p.m. ET (1800 GMT).
SOS was the most actively traded stock in the pre-market with over 7.8 million shares having already changed hands. Yesterday, it was reported that a class action lawsuit has been filed against SOS for providing misleading information to investors.Despite news of the lawsuit, SOS was the strongest stock in the pre-market climbing approximately 33% at the time of writing.
Shares of cruise operators Norwegian Cruise Line, Carnival Corp and Royal Caribbean Cruises Ltd gained between 2.5% and 3.5% in premarket trading.
Stocks making the biggest moves in the premarket:
Li Auto (LI) – Li Auto announced a new $750 million debt offering, which the China-based electric vehicle maker said would be used to fund research and development. The stock fell 4.5% in premarket action.
Tencent ADR (TCEHY) – Prosus NV plans to raise as much as $14.6 billion from the sale of shares in Tencent Holdings Ltd..Tencent ADR tumbled 9% in premarket trading.
Beyond Meat (BYND) – Beyond Meat announced the opening of a new manufacturing facility in China, its first outside the United States. The plant-based food company said the new factory would significantly increase its ability to deliver products in the region. Beyond Meat rose 1.7% in premarket action.
Nokia (NOK) – Nokia settled a long-standing patent dispute with computer maker Lenovo, striking a new cross-licensing agreement. The case involved Lenovo’s use of multiple video compression technologies. Terms of the agreement weren’t disclosed, but the Finland-based telecom equipment maker said it will receive a payment from Lenovo. Nokia rose 1.3% in premarket trading.
Niu Technologies (NIU) – Niu unveiled its first electric kick-scooter, with the China-based company planning to make the two-wheeled transportation device available in North America, China and Europe this summer.
Riot Blockchain (RIOT) ,Big Digital(BTBT),Marathon Digital (MARA) – Blockchain Stocks slipped in premarket trading after Bitcoin fell below US $56000 / piece. Riot Blockchain fell 5.7%, Big Digital fell 5.7%,Marathon Digital fell 5%,Canaan Inc fell 4.4 and The9 fell 1.2%.While SOS Limited surged 40% against the trend.
SunRun (RUN) – The solar equipment company’s stock added 3% in the premarket after RBC initiated coverage with an “outperform” rating, noting SunRun’s position as the leading player in the rapidly growing rooftop solar market.
Pfizer (PFE) – Pfizer’s rheumatoid arthritis drug Xeljanz is under scrutiny by Canadian health officials, after a study showed an increased risk of heart-related issues and cancer among patients. Global sales of Xeljanz in 2020 totaled $2.44 billion.
Genworth Financial (GNW) – Genworth terminated its deal to be acquired by China-based China Oceanwide Holdings, a $2.7 billion transaction first announced in 2016. The insurance company said its board had determined that the deal could not be completed in a reasonable time frame, following delays from regulatory hurdles and the pandemic. Genworth fell 1.7% in premarket trading.
Qiagen (QGEN) – The genetic testing company unveiled new technology that shortens turnaround time for researchers identifying new variants of the virus that causes Covid-19. The stock gained 1.5% in the premarket.
CyberArk Software (CYBR) – The cybersecurity software company gained 1.1% in the premarket after Baird upgraded the stock to “outperform” from “neutral,” based on what it sees as robust demand for so-called PAM (privileged access management) technology.
ViacomCBS (VIAC) – The media company’s stock was upgraded to “outperform” from “peer perform” at Wolfe Research, which said the stock is now at an attractive valuation point following the recent volatility which saw it nearly double and then give back those gains. ViacomCBS rose 1.9% in the premarket.
Royal Dutch Shell (RDS.A) – Royal Dutch Shell expects to take a $200 million hit to first-quarter earnings from the extreme winter weather in Texas earlier this year. The energy producer is scheduled to report its first-quarter results on April 29.
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