Toplines Before US Market Open on Wednesday

Tiger Newspress2021-05-26

U.S. stock index futures rose on Wednesday after remarks from Federal Reserve officials helped calm inflation worries, while a recent dip in bond yields supported Nasdaq futures climb for a third straight session.

At 8:05 a.m. ET, Dow E-minis were up 64 points, or 0.19%, S&P 500 E-minis were up 11.25 points, or 0.27% and Nasdaq 100 E-minis were up 56.75 points, or 0.42%.

*Source From Tiger Trade, EST 08:05

Fed vice chair Richard Clarida downplayed the effects of higher price pressures on Tuesday, voicing faith in the central bank’s ability to engineer a “soft landing” if prices continue to escalate beyond what is expected.

Fears of rising inflation have weighed on Wall Street’s main indexes this month, with most analysts expecting a jump in borrowing costs in the short term as the economy reopens.

The U.S. personal consumption report, the Fed’s favorite inflation gauge, is due on Thursday.

Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc added between 0.1% and 0.3% in premarket trading, helped by subdued Treasury yields.

Cryptocurrency-related stocks including those in Riot Blockchain, Marathon Patent Group and Coinbase Global rose between 2% and 4.6% in premarket trading as bitcoin climbed back above $40,000 for the first time this week.

Stocks making the biggest moves in the premarket:

Dick's Sporting Goods(DKS) – The sporting goods retailer earned $3.41 per share for the first quarter, more than tripling the $1.12 consensus estimate. Revenue also beat forecasts amid comparable sales that more than doubled. Dick's also gave a full-year outlook that exceeds current Wall Street consensus. Shares surged 7% in premarket action.

Urban Outfitters(URBN) – Urban Outfitters stock soared 10% in premarket trading after the company more than tripled a 17 cents a share consensus estimate, with quarterly profit of 54 cents per share. The apparel retailer's revenue beat forecasts as well, and comparable-store sales were up 51% as more shoppers returned to stores after being vaccinated.

Nordstrom(JWN) – Nordstrom lost $1.05 per share for the first quarter, wider than the 57 cents a share loss that analysts were expecting. The department store operator's revenue beat consensus estimates. Overall results were impacted by price markdowns necessary to reduce excess holiday season inventory. Nordstrom shares tumbled 7.2% in the premarket.

Capri Holdings(CPRI) – The company behind brands like Michael Kors, Jimmy Choo and Versace reported quarterly earnings of 38 cents per share, well above the 2 cents a share consensus estimate. Revenue topped forecasts as well. Capri also issued a better-than-expected full-year revenue outlook, as well as a projected earnings range largely above Street projections. Capri shares rose 2.9% in premarket trading.

Abercrombie & Fitch(ANF) – The apparel retailerearned 67 cents per sharefor the first quarter, compared to analysts' forecasts of a 38 cents per share loss. Revenue also beat estimates, helped by a jump in digital sales and higher profit margins. Abercrombie shares rallied 3.8% in the premarket.

Toll Brothers(TOL) – Toll Brothers beat estimates by 21 cents a share, with quarterly earnings of $1.01 per share. The luxury home builder's revenue also exceeded Wall Street projections. Relatively low mortgage rates and a limited supply of homes for sale helped boost the company's results. Shares gained 1% in premarket trading.

Zscaler(ZS) – Zscaler surged 10.6% in the premarket after it more than doubled the 7 cents a share consensus estimate, with quarterly earnings of 15 cents per share. The cybersecurity company's revenue beat estimates as well. Zscaler also issued an upbeat full-year outlook amid increased demand for cybersecurity products and services.

Tesla(TSLA) – Teslaplans to eliminate radar sensorsfor its Model 3 and Model Y automobiles, in favor of a fully camera-based system for its Autopilot feature.

Huntington Bancshares(HBAN) – Huntington Bancshares received approval from regulators for its planned merger with fellow regional bankTCF Financial(TCF), after the banks agreed to sell 13 Michigan branches to resolve antitrust concerns.

Royal Caribbean(RCL) – Royal Caribbean received approval from the Centers for Disease Control and Prevention to begin test voyages from the Port of Miami, becoming the first cruise line to receive such approval. The CDC has said cruise lines can resume full passenger sailings if 98% of crew members and 95% of passengers are fully vaccinated. Royal Caribbean added 1.7% in premarket action.

Intuit(INTU) – Intuit reported quarterly profit of $6.07 per share, missing the consensus estimate of $6.47 a share. The financial management software company's revenue came in short of estimates as well. The maker of TurboTax and QuickBooks raised its full-year forecast, however, amid continued improved demand for its products and services. Its shares rose 1.4% in premarket trading.

Agilent Technologies(A) – Agilent reported better-than-expected profit and revenue for its latest quarter, and the life sciences company also raised its full-year forecast on what it said was broad-based growth across its business units. Agilent gained 2.8% in the premarket.

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