STOCKS/ECONOMY
-Stock futures are higher after Tuesday's 160-point gain for the Dow, 0.5 percent loss for the S&P 500, and a 1.4 percent selloff for the Nasdaq. Investors are laser-focused on AI chipmaking leader Nvidia's earnings report due after today's closing bell.
-The yield on the 10-year Treasury bond is at 4.31 percent.
-The average 30-year mortgage rate fell to 6.88 percent last week from 6.93 percent the week before. But new mortgage applications were flat and refinance applications fell 4 percent.
-Gold is at the $2,926 per ounce level. Bitcoin is at the $88,900 level.
-Asian markets closed mostly higher today, led by a 3.3 percent surge higher for the Hang Seng. The Shenzhen rose 0.9 percent, while the Nikkei fell 0.3 percent.
-The big Hang Seng rally was in response to Hong Kong's announcement that it will act as an AI intelligence hub.
OIL/ENERGY
-U.S. crude prices are flat and at the $68 a barrel level; a two-month low.
-Gasoline prices are down to $3.13 a gallon, national average.
-British Petroleum (BP) is slashing spending on many of its green energy projects and pivoting more heavily to oil drilling. Its shares are down 2 percent in the premarket.
GM REVS IT UP
-General Motors (GM) is increasing its dividend to 15 cents a share and launching a $2 billion share buyback program. Its shares are up 4 percent in the premarket.
EARNINGS SCORECARD
-Lowe's (LOW) reported better than expected quarterly profits and revenues and offered upbeat sales forecasts. Its shares are up 4 percent in the premarket.
-Anheuser-Busch InBev (BUD) reported better than expected quarterly profits and revenues. Its shares are up 9 percent in the premarket.
-Chrysler/Jeep/Dodge parent Stellantis (STLA) reported a 70 percent drop in full-year profit. Its shares are down 3 percent in the premarket.
-TJ Maxx, Marshall's, and Home Goods parent TJX Companies (TJX) reported much better than expected quarterly profits and revenues, but it also issued guidance that came in below expectations. TJX shares are up 3 percent in the premarket.
-Finance and human resources software maker Workday (WDAY) reported better than expected quarterly profits and revenues. Its shares are up 11 percent in the premarket.
-Grocery delivery platform Instacart (CART) reported weaker than expected quarterly profits and revenues. Its shares are down 9 percent in the premarket.
-TurboTax parent Intuit (INTU) reported better than expected quarterly profits and revenues. Its shares are up 8 percent in the premarket.
UNDER THE WIRE
-Super MIcro Computer (SMCI) shares are up 21 percent the company met the Nasdaq''s deadline to report financial results for the most recent fiscal year to the Securities and Exchange Commission. The firm said it has “regained compliance” with the Nasdaq.
Share this post