U.S. stock futures were little changed on Wednesday, with investors exercising caution as they awaited economic data and more clarity on the Trump administration's fresh tariffs that are expected to take effect next week.
At 8:20 a.m. ET, Futures tied to the Dow Jones Industrial Average added just 40 points. S&P 500 futures and Nasdaq 100 futures were little changed.
GameStop was rising 17% after the videogame retailer said its board approved a plan to add Bitcoin as a treasury reserve asset. The move wasn't a surprise since it had been the subject of recent speculation with the company seeking new sources of growth. Meanwhile, GameStop reported fourth-quarter earnings of 29 cents a share on net sales of $1.28 billion, compared with year-earlier profit of 21 cents a share on sales of $1.79 billion.
Singaporean ride and delivery firm Grab Holdings. is in talks to raise a loan of as much as $2 billion to back its potential takeover of Indonesia-based rival GoTo Group. Shares up 3% premarket.
Boeing was down 0.1% after a federal judge ordered the airplane maker to go to trial in June in a criminal case related to two 737 MAX crashes in 2018 and 2019. The Wall Street Journal reported Monday that Boeing sought to withdraw an earlier agreement to plead guilty in the case that blamed it for deceiving regulators before the two deadly crashes.
Tesla Motors declined 1% after shares of the maker of electric vehicles rose for a fifth-straight trading day even as sales in Europe slumped in February. The next catalyst for the stock will be first-quarter deliveries, expected around April 2. Coming into Wednesday, Tesla shares have declined 29% this year.
NVIDIA was down 2%. Regulators in China have been discouraging the country's large technology companies from purchasing Nvidia's H20 chip -- specifically designed to satisfy U.S. sanctions on exports -- as it breaches energy-efficiency rules, the Financial Times reported, citing people with knowledge of the matter.
Dollar Tree reached an agreement to sell its Family Dollar business for more than $1 billion to private-equity firms Brigade Capital Management and Macellum Capital Management. The discount-retail chain also reported fourth-quarter adjusted earnings of $2.29 a share on sales of $5 billion. The stock was up 5%.
United Parcel Service Inc was up 0.2% in premarket trading, a day after shares of the shipping giant tumbled 5.1% to $109.95, the stock's lowest close since June 29, 2020, when it finished at $109.48. Analysts at BofA Securities lowered their price target on the stock to $129 from $133 while maintaining their Buy rating. BofA also cut its first-quarter earnings estimate for UPS to $1.31 a share from $1.55, citing weak volumes and tariff uncertainty.
Chewy, Inc., the online retailer of pet products, was up 5% after reporting fourth-quarter adjusted earnings of 28 cents a share, beating Wall Street expectations of 21 cents. Net sales of $3.3 billion topped estimates of $3.2 billion.
Tesla Motors indicated on its website that it will begin to sell again in Saudi Arabia in April. The company will hold a launch event in Riyadh on April 10 to display its EVs and products powered by solar energy.
"Experience the future of autonomous driving with Cybercab, and meet Optimus, our humanoid robot, as we showcase what's next in AI and robotics," it added, without saying when the products would go on sale in the kingdom.
Chinese electric vehicle giant BYD COMPANY aims to double its sales outside China to more than 800,000 cars in 2025 and will look to overcome tariffs by assembling cars locally, its chairman told analysts on an earnings call on Tuesday.
BYD, which sold 417,204 units overseas in 2024, expects to see "a substantial rise" in its market share in Britain, which is "very open" to competitive Chinese products, according to a transcript of the call by Wang Chuanfu that was reviewed by Reuters.
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