That’s what we’re seeing before Wednesday’s opening bell.
–US stock futures fell, as investors looked forward to a huge day of major earnings reports and a Federal Reserve meeting.
S&P 500 futures fell 1%, while futures tied to the highly technological Nasdaq-100 fell 0.8%. Dow Jones Industrial Average futures fell 1%.
What’s going on?
–Earnings updates are expected: Tesla,
TSLA 0.26%
Apple AAPL 0.17%
and Facebook FB 1.45%
they are due after closing. The electric car maker is expected to record its first full-year profit.
The Federal Reserve publishes a policy statement at 2 p.m. President Jerome Powell holds a press conference at 2.30pm
Market Movers to Watch
–And then there’s GameStop. Its shares reappeared ahead of the bell, rising 55% in highly volatile operations. CNBC reported that Melvin Capital, a hedge fund that this year recorded large losses in part due to a bet against the video game retailer’s shares, had closed its short position on Tuesday afternoon. The report caused quite a stir on the online platform Reddit, popular with everyday traders fighting short hedge fund sellers, where some members wrote that it was an attempt to take out GameStop GME 92.71%
the stock price retreats. And Elon Musk took action again last night with a tweet:Gamestonk !!“
–The show must go on: Another heavily short film operator, film operator AMC Entertainment Holdings, saw its shares bounce back from a market above 220% higher.
—The headset manufacturer Koss KOSS 66.67%
he has also joined the party, and his shares jumped 97% before the market.
– Bed Bath & Beyond BBBY 20.18%
resumed its upward trajectory, 11% ahead of the bell. Online traders point to a change in management in early 2020 and the fact that the company is buying shares as signs that the share price will continue to rise.
– Microsoft MSFT 1.22%
shares rise 1.9% ahead of the market. The software giant’s profits and sales increased, driven by the pandemic-fueled demand for video games and the accelerated adoption of its cloud computing services.
– Boeing BA -0.64%
shares fell 3.4% ahead of the market after the airline reported the largest annual loss in history and had great financial success on its new 777X aircraft, which reflected the deteriorating pandemic.
– Abbott Laboratories ABT 0.01%
Shares added 1.1% premarketing after recording strong earnings growth in the last quarter as rising demand for its Covid-19 diagnostic services helped boost revenue.
– Starbucks SBUX 1.20%
fell 2.9% ahead of the market after the coffee chain reported that sales fell during the holiday quarter, but showed signs of recovery, especially in China. Its chief operating officer, Roz Brewer, is leaving to become CEO of Walgreens WBA 2.86%
Boots Alliance, where she will be the only black woman to lead a Fortune 500 company. Walgreens shares rose 5%.
A Walgreens store in Tomball, Texas on January 16, 2021.
Photo:
Jeff Lautenberger for The Wall Street Journal
– AT&T T 2.20%
shares fell 0.4% ahead of the market before recording a fourth-quarter loss as it set aside a $ 15.5 billion charge on its pay-TV business.
—Tax Instrument Manufacturer TXN TXN -0.84%
Shares fell 2.6% ahead of the market, although quarterly results and outlook exceeded Wall Street estimates after Tuesday’s close.
Market fact
According to a research by UBS, retail order flows have reached 20% of the total US stock market, twice as much as in 2010.
Table of the day
GameStop shares have become a favorite of online marketers looking to make money with call options.
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