U.S. stock indexes were set to rebound on Thursday from a two-day selloff over signs of prolonged inflation, while Walt Disney Co tumbled as growth slowed in its streaming video service.
At 8:00 a.m. ET, Dow E-minis were up 39 points, or 0.11%, S&P 500 E-minis were up 15.75 points, or 0.34% and Nasdaq 100 E-minis were up 95.25 points, or 0.6%.
Inflation warnings this week from the United States and other major economies have been a top concern for investors, especially due to the lack of market-moving catalysts as the third-quarter earnings season wraps up.
Walt Disney Co dropped 4.8% in premarket trading to lead declines among Dow components, as it reported the smallest rise in Disney+ subscriptions since the service's launch and posted downbeat profit at its theme park division.
Market participants were also watching developments around the nomination of the Federal Reserve Chair, with President Joe Biden still weighing whether to keep Jerome Powell for a second term or elevate Fed Governor Lael Brainard to the post.
Stocks making the biggest moves in the premarket:
Tesla Motors (TSLA) — Shares of Tesla got a roughly 2% boost after CEO Elon Musk sold about $5 billion worth of shares this week, according to financial filings submitted Wednesday. He still holds more than 166 million shares.
Rivian Automotive, Inc. (RIVN) — Electric vehicle maker Rivian’s shares rose more than 6% in early morning trading after the company made its trading debut on the Nasdaq Wednesday. The IPO pulled other EV stocks up with Rivian.NioandFiskershares gained about 2%.
Beyond Meat, Inc. (BYND) — The alternative meat company’s shares tumbled almost 20% after reporting a wider-than-expected loss of 87 cents per share for the third quarter, compared with expectations of 39 cents per share loss. It also missed revenue estimates, bringing in $106.4 million versus the $109.2 million forecasted by Wall Street.
SoFi Technologies Inc. (SOFI) — Digital bank SoFi’s shares jumped 13% after reporting better-than-expected quarterly results Wednesday evening. SoFi reported a loss of 5 cents per share, compared to analysts’ estimates for a loss of 9 cents per share, according to Refinitiv.
Affirm Holdings, Inc. (AFRM) — Buy-now-pay-later darling Affirm’s shares rallied 25% in early trading after announcing an expansion of its partnership with Amazon and reported a quarterly revenue beat, recording $269.4 million versus estimates of $248.2 million. Affirm also reported a quarterly loss, according to Refinitiv.
Marqeta, Inc. (MQ) — Shares of Marqeta, the card-issuing platform behind buy now pay later brands like Affirm and Klarna, jumped 11% after reporting strong quarterly results and a 60% increase in processing volume from the previous year.
The Honest Company, Inc. (HNST) — Shares of the cosmetics company increased about 8% after announcing quarterly earnings that came were in line with expectations and revenue that topped Wall Street’s forecasts, according to Refinitiv.
Walt Disney (DIS) — Disney shares fell nearly 5% in early morning trading Thursday after missing top and bottom-line estimates for its third-quarter results. The media giant reported a profit of 37 cents per share on revenue of $18.53 billion, compared with analyst estimates of 51 cents per share on revenue of $18.79 billion, according to Refinitiv. Subscriptions for Disney+ also feel short of estimates.
Bumble Inc. (BMBL) — Shares of the dating app fell nearly 9% after reporting a loss of 6 cents per share, 6 cents below analyst estimates, according to Refinitiv. Revenue, however, came in better than expected.
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