By Mackenzie Tatananni

Stock futures were falling on Thursday after the S&P 500 closed at a record high in the previous session. The Federal Reserve released minutes from its last meeting on Wednesday, with officials saying they wanted to see "further progress on inflation" before slashing interest rates again.

These stocks were poised to make moves:

Carvana stock fell 8.8% to $257, even after the auto dealer reported fourth-quarter sales and earnings that topped expectations. Revenue per vehicle sold dropped 4.5% from the prior year to $22,312. Carvana said it "expects significant growth" in retail unit sales and adjusted earnings before interest, taxes, depreciation, and amortization in 2025, assuming "the environment remains stable," but did not provide specific guidance.

Walmart was down 0.5% ahead of fourth-quarter earnings. Analysts expect the retailer to report sales of $180 billion and adjusted earnings are projected to clock in at 65 cents per share, according to FactSet. In the fourth quarter of 2023, Walmart posted earnings of 60 cents a share.

Wayfair declined 1.8% in premarket trading. The online furniture retailer is set to report earnings for the fourth quarter today. Analysts polled by FactSet anticipate an adjusted loss of 1 cent a share on revenue of $3.06 billion, down 1.7% from a year earlier. Shares of Wayfair closed down 5.7% on Wednesday.

Vimeo stock plunged 13% after the video hosting and sharing platform reported a decline in profit after its number of subscribers fell in the fourth quarter. Earnings of 1 cent a share came in below analysts' calls for 3 cents a share. The company also guided for lower revenue in the current quarter.

Microsoft rose 0.8%. The gains came after the company unveiled its Majorana 1 quantum processing unit, which is part of a research effort and not commercially available. In a blog post, the company claimed the chip was designed to scale to a million quantum bits, or qubits, on a single chip. Shares of quantum stocks were rising as a result of the development. D-Wave Quantum was up 9.3%, IonQ was up 5%, Rigetti Computing was up 8.9%, and Quantum Computing was up 9.7%.

Super Micro Computer declined 0.9%. The stock closed up 8% at $60.25 on Wednesday, extending its latest winning streak to five days. The stock's record-longest rally was 12 days finishing in December 2013.

Palantir Technologies fell 2.3%, extending losses from Wednesday, when the stock closed down 10%. The decline followed reports of potential U.S. defense budget cuts, and came after CEO Alex Karp adopted a new trading plan to sell up to 9,975,000 shares of the company.

U.S.-listed shares of Alibaba were up 4.5% after the online marketplace reported financial results for the December quarter. The company posted revenue of 280.15 billion yuan ($38.38 billion), an 8% increase from the prior year and was roughly in line with the 279.34 billion yuan analysts forecast. Management said the company showed substantial progress in its "user first, AI-driven" strategies during the period.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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February 20, 2025 06:34 ET (11:34 GMT)

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