S&P 500 futures are steady, Nasdaq 100 futures are up 60 points or 0.3%, and Dow Jones Industrial Average futures are down by 19 points or 0.1%.
Early trading shows mixed results with Nasdaq 100 futures rising, while S&P 500 and Dow futures show little change.
Investors are waiting for earnings reports from Microsoft (MSFT), Meta Platforms (META, Financial), and Tesla (TSLA, Financial) later today, and Apple (AAPL, Financial) on Thursday.
There's caution in the market ahead of the FOMC decision at 2:00 p.m. ET, followed by Fed Chair Powell’s press conference at 2:30 p.m. ET. The interest rate is expected to stay between 4.25-4.50%. More focus will be on Powell’s comments.
Alibaba (BABA, Financial) shares climbed 3.5% in premarket trading as Citron Research highlighted the potential of the company's new Qwen AI models, emphasizing their enterprise applications. This development is seen as a significant advancement for China's business software market, which is expected to catch up rapidly with the U.S. Alibaba's Qwen2.5-VL models offer capabilities similar to OpenAI’s Operator, including text and image analysis.
ASML (ASML, Financial) saw its stock jump around 7% premarket after reporting fourth-quarter results that exceeded expectations. The company's net sales and bookings for its EUV machines were significantly higher than analysts had anticipated, driven by increased demand in the AI sector. This marks a substantial shift in market dynamics, with ASML benefiting strongly from the AI boom.
Starbucks (SBUX, Financial) gained 2.2% in premarket trading following its fiscal first-quarter earnings report. Despite a decline in global comparable store sales, the results surpassed consensus expectations. Analysts remain optimistic about Starbucks' future, citing new initiatives and minimal impact from rising coffee prices as key factors for continued growth.
Corning (GLW, Financial) shares rose approximately 6% premarket after announcing strong fourth-quarter results and a positive outlook. The company highlighted significant sales growth in its Enterprise Optical Communications segment and successful price increases in Display Technologies. Corning plans to further enhance its 'Springboard' strategy to boost annualized sales by over $3 billion by 2026.
AMD (AMD, Financial) experienced a 1.5% premarket rise as Wells Fargo suggested that the market has already accounted for a potentially below-consensus second-quarter guidance. Despite trading near a 52-week low, analysts maintain an Overweight rating on AMD, anticipating a recovery in earnings estimates.
Qorvo (QRVO, Financial) initially saw positive reactions to its earnings and guidance, but comments regarding its largest customer, Apple (AAPL, Financial), led to a 6% drop in premarket trading. The company's revenue is heavily dependent on the Pro and Pro Max iPhone models, with forecasts indicating flat to modest growth from Apple.
Danaher (DHR, Financial) traded about 5% lower in premarket despite exceeding revenue expectations for the fourth quarter. The company projected a slight decline in its first-quarter 2025 non-GAAP core revenue, though it remains optimistic about its long-term positioning.
Progressive (PGR, Financial) reported a strong fourth quarter, with GAAP EPS and net premiums earned beating estimates. The company's solid performance underscores its robust fundamentals and strategic positioning in the insurance sector.
V.F. Corp (VFC, Financial) delivered better-than-expected third-quarter results, leading to an increased free cash flow guidance for fiscal year 2025. The company is showing signs of a turnaround, with improved core fundamentals and proceeds from non-core asset sales.
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