Alphabet, Pinterest, Mondelez: What to Watch When the Stock Market Opens Today
Here’s what we’re watching ahead of Wednesday’s opening bell.
- U.S. stock futures wobbled as investors awaited insights from the Federal Reserve on the economic recovery as well as earnings reports from giant technology companies.
- Futures tied to the broad S&P 500 edged up 0.1%, while Dow Jones Industrial Average futures edged down 0.1%. Nasdaq-100 futures also slid 0.1%, pointing to further weakness for tech stocks a day after they pulled broader indexes lower. Read our full market wrap here.
What’s Coming Up
- Earnings are due from Apple , Facebook , Qualcomm , MGM Resorts and Ford after the close.
- The Federal Reserve releases a policy statement at 2 p.m. ET and Chairman Jerome Powell holds a press conference at 2:30 p.m.
Market Movers to Watch
- Alphabet shares jumped more than 5% premarket after the Google parent said it would repurchase an additional $50 billion in shares, fulfilling the wishes of investors who had been monitoring the company’s swelling cash reserves.
- Pinterest shares plunged more than 11% ahead of the bell. The online-pinboard company reported 78% on-the-year revenue growth for the first quarter, but its user growth fell short of analysts’ expectations as pandemic restrictions eased.
- Mondelez added 2.5% premarket after the maker of Oreos and other food and beverages reported first-quarter profit and sales above expectations.
- Capital One shares rose 2.7% ahead of the bell. The bank holding company specializing in credit cards, auto loans, banking and savings accounts reported a swing to profit in the first quarter, beating analyst expectations.
- Visa ticked up 0.9% in off-hours trading after its latest earnings showed some recovery in spending amid the pandemic.
- Starbucks shares slipped 1.4% premarket. The coffee chain said it is operating more efficiently than before the pandemic struck, as it reported a bump-up in quarterly sales.
- Over recent days, firms eligible to participate in the New York Fed’s reverse repo facility and its 0% return have gone from ignoring it to pumping in cash. The Federal Reserve Bank of New York took in $142.17 billion Tuesday and $101 billion Monday, in what were both overnight operations.
- Iron-ore rose to an all-time high on the back of booming steel markets. The price paid for iron ore hit $193.85 a metric ton on Tuesday, according to a daily price published by S&P Global Platts. That surpassed a record of $193 a ton reached in February, 2011.
- On this day in 1942, the World War II bear market hit bottom, as the Dow Jones Industrial Average closed at 92.92, down 0.97 points for the day and 16.3% for the year to date. Over the next four years, the market more than doubled.
Chart of the Day
Shares in little-known technology company MicroVision have nearly doubled in the past week as individual investors pile in.
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Published at Wed, 28 Apr 2021 11:06:00 +0000
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