Wall Street stock futures edged lower on Wednesday as signs of rising inflation across the world dampened investor sentiment ahead of the release of U.S. consumer prices data.
At 8:00 a.m. ET, Dow E-minis were down 44 points, or 0.12%, S&P 500 E-minis were down 9.5 points, or 0.2% and Nasdaq 100 E-minis were down 67 points, or 0.41%.
Wall Street’s main indexes ended their long streak of record closing highs on Tuesday as investors booked profits from the recent run-up in gains, especially in the absence of market-moving catalysts.
Losses were broad-based. Big lenders including JPMorgan Chase & Co, Morgan Stanley and Goldman Sachs fell about 0.3% each in premarket trading.
Big industrial and energy firms such as Caterpillar Inc, 3M Co and Chevron Inc shed between 0.3% and 0.4%.
Stocks making the biggest moves in the premarket:
Coinbase Global, Inc. (COIN) — Shares of Coinbase sunk more than 11% premarket after the company reported lower-than-expected quarterly revenue. The cryptocurrency exchange reported revenue of $1.31 billion versus the Refinitiv consensus of $1.57 billion.Monthly transacting users declined from the previous quarter at 7.4 million but grew from the prior year.
Poshmark, Inc. (POSH) — Poshmark shares plunged more than 31% in early morning trading after the online marketplace reported quarterly financial results. The company posted a loss of 9 cents per share on revenue of $79.7 million. Analysts surveyed by Wall Street expected a loss of 7 cents per share versus $82.7 million. Poshmark also forecasted weaker-than-expected holiday-quarter revenue.
DoorDash, Inc. (DASH) — Shares of DoorDash surged more than 15% before the bell as the food delivery platform announced it will acquire international delivery platform Woltin a transaction valued at $8.1 billion, its biggest acquisition to date. The company also reported a wider quarterly loss than analysts expected, but topped revenue estimates.
fuboTV Inc. (FUBO) — Shares of FuboTV fell roughly 8% in the premarket after the sports live television streaming platform reported weaker-than-expected financial results. The company posted a loss of 74 cents per share and revenue of $156.7 million for the third quarter. Analysts expected a loss of 63 cents per share on revenue of $143.6 million.
Wendy's (WEN) — Shares of Wendy’s gained more than 1% in early morning trading after the fast-food chain posted quarterly financial results above expectations. Wendy’s posted earnings of 19 cents per share on revenue of $470.3 million, versus the expected 18 cents per share on revenue of $470.2 million, according to Refinitiv.
Palantir Technologies Inc. (PLTR) — Palantir share fell more than 2% before the bell after RBC downgraded the stock to underperform from sector perform and cut its price target on the stock to $19 per share from $25 per share. RBC in its call citedPalantir’s slowing revenue growth.
Alphabet (GOOG) — Google-parent Alphabet shares traded in mildly negative territory in the premarket after the European Union’s General Court upheld the European Commission’s order to fine Google $2.8 billion for an antirust breach
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