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Here’s what we’re watching ahead of Wednesday’s opening bell.
–U.S. equity futures have slipped, as investors awaited an exceptional day of important earnings reports and a Federal Reserve meeting.
Futures on the S&P 500 fell 1%, while futures contracts linked to the high-tech Nasdaq-100 fell 0.8%. Dow Jones Industrial Average futures fell 1%.
What is coming
–Expected revenue updates: You’re here,
TSLA 0.26%
Apple AAPL 0.17%
and Facebook FB 1.45%
are due after closing. The electric car maker is expected to post its first full year profit.
The Federal Reserve issues a policy statement at 2 p.m. and President Jerome Powell holds a press conference at 2:30 p.m.
Markets to watch
–And then there is GameStop. Its stock surged past the bell again, climbing 55% in extremely volatile trading. CNBC reported that Melvin Capital, a hedge fund that has posted heavy losses so far this year in part due to a bet against the video game retailer’s stock, closed its short position on Tuesday afternoon. The report caused a stir on the online platform Reddit – popular among day traders fighting a battle against hedge fund short sellers – where some members wrote that it was an attempt to remove GameStop GME 92.71%
share price to come down. And Elon Musk weighed in on the action again last night with a tweet, “Gamestonk !!“
–The show must continue: Another heavily bypassed stock, movie operator AMC Entertainment Holdings, saw its shares climb more than 220% before it goes to market.
—Manufacturer of Koss KOSS headphones 66.67%
also joined the party, and his shares jumped 97% before commercialization.
– BBBY bed bath and beyond 20.18%
resumed its upward trajectory, up 11% ahead of the bell. Online traders are reporting a change of direction in early 2020 and the fact that the company is buying back shares is a sign that the share price will continue to rise.
– Microsoft MSFT 1.22%
stocks are up 1.9% before market. The software giant’s profits and sales surged, propelled by pandemic-fueled demand for video games and the accelerated adoption of its cloud services.
– Boeing BA -0.64%
Shares fell 3.4% pre-market after the aircraft maker reported its biggest annual loss and suffered a huge financial blow on its new 777X airliner, reflecting the worsening balance sheet of the pandemic.
– Abbott ABT Laboratories 0.01%
The shares added 1.1% pre-market after seeing strong profit growth in the last quarter as an increase in demand for its Covid-19 diagnostic services helped boost revenue.
– Starbucks SBUX 1.20%
slipped 2.9% pre-market after the coffee chain reported that sales fell during the holiday quarter but showed signs of recovery, particularly in China. COO Roz Brewer leaves to become CEO of Walgreens WBA 2.86%
Boots Alliance, where she will be the only black woman to run a Fortune 500 company. Shares of Walgreens soared 5%.
A Walgreens store in Tomball, Texas on Jan.16, 2021.
Photo:
Jeff Lautenberger for the Wall Street Journal
– AT&T T 2.20%
Shares edged down 0.4% pre-market after posting a loss in the fourth quarter as it recorded a $ 15.5 billion charge on its pay-TV business.
—Chip maker Texas Instruments TXN -0.84%
Shares of the company slipped 2.6% pre-market, even though quarterly results and outlook beat Wall Street estimates after Tuesday’s close.
Made in the market
Retail order flow reached 20% of the US stock exchange total, according to a UBS study, double what it was in 2010.
Graph of the day
GameStop stocks have become a favorite with online traders looking to make money by buying options.
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