What to Watch Today: Dow Futures Soar, a Day After More Wild Swings

Source: NYSE


U.S. stock futures soared Wednesday as U.S. oil prices in early trading were breaking a 15%, three-session run to the upside. West Texas Intermediate crude fell 3% on Wednesday, one day after gaining 3% on the U.S. banning Russian oil imports. The 10-year Treasury yield on Wednesday rose to around 1.9%. (CNBC)

* Jeffrey Gundlach: Inflation could hit 10% this year, calls Fed's target 'laughable' (CNBC Pro)

Wall Street saw wild swings Tuesday, with the Dow going from an early session decline to a 585-point gain before closing 184 points lower. The S&P 500 followed a similar path, as both benchmarks slid further into corrections. The Nasdaq, which dropped, rose and closed lower Tuesday, fell further into a bear market. (CNBC)


Mass evacuations from war-torn Ukrainian cities continued Wednesday. Days of Russian shelling have largely cut residents of the southern city of Mariupol off from the outside world. U.S. Vice President Kamala Harris will visit Poland on Wednesday to thank Warsaw for taking in hundreds of thousands of Ukrainian refugees. (AP)

* Chornobyl disconnected from grid; Moscow says U.S. declared economic war (CNBC Live Blog)

Two weeks into its offensive, Russia has achieved less and struggled more than anticipated. In a U.K. intelligence update Wednesday, British officials said fighting was ongoing northwest of the Ukrainian capital of Kyiv, but Russian troops were not making any major progress in reaching the city. (AP)

PepsiCo (PEP), Coca-Cola (KO), McDonald's (MCD) and Starbucks (SBUX) each said Tuesday they are suspending business in Russia after that country's invasion of Ukraine, a symbolic move by four iconic U.S. brands who have long histories operating in Russia and the former Soviet Union. (CNBC)

* Makers of basic necessities face 'tradeoff' supplying Russia (Reuters)

Congressional leaders reached a bipartisan deal early Wednesday on providing $13.6 billion to help Ukraine and European allies, in addition to billions more to battle the Covid pandemic as part of an overdue $1.5 trillion measure financing federal agencies for the rest of this year. (AP)

* IMF board to consider $1.4 billion in funding for Ukraine (Reuters)

Bitcoin rallied Wednesday after the Biden administration announced its highly anticipated executive order on digital assets. The order attempts to address the lack of a framework for developing cryptocurrencies in the U.S., while at the same time protecting investors. (CNBC)

Federal prosecutors and securities regulators are investigating large bets that Barry Diller, Alexander von Furstenberg and David Geffen made on Activision Blizzard (AVTI) shares in January, days before the videogame maker agreed to be acquired by Microsoft (MSFT), The Wall Street Journal reports.

The House Judiciary Committee is asking the Justice Department to start a criminal probe of Amazon (AMZN), The Wall Street Journal reports. The letter seen by the Journal accuses Amazon of failing to provide information related to the examination of the company's competitive practices.

Stitch Fix (SFIX) tumbled over 25% in the premarket after it issued weaker-than-expected sales guidance and said it continues to face challenges in getting customers to sign up for its styling service. Stitch Fix matched estimates with a quarterly loss of 28 cents per share, while the clothing styling company's revenue topped forecasts. (CNBC)

Bumble (BMBL) soared more than 20% in premarket trading after the dating service operator reported an adjusted quarterly profit of 13 cents per share, beating estimates of a breakeven quarter. the company also forecasts strong 2022 growth. (Reuters)

Apple (AAPL), in first product launch event of the year on Tuesday, focused on a new affordable iPhone, an update to the iPad Air and its latest, most powerful Mac chip, which will make its debut in the new Mac Studio computer. (CNBC)


Campbell Soup (CPB) matched estimates with adjusted quarterly earnings and revenue. Campbell's adjusted gross margins slid 340 basis points due to cost inflation. It said demand trends are strong and the company maintained its full-year guidance issued in December. Campbell rose 1% in the premarket.

Express (EXPR) rallied 10.5% in the premarket despite a wider-than-expected quarterly loss. Express saw better-than-expected sales and a comparable-store sales increase of 43%, more than double the consensus FactSet estimate.

RV maker Thor Industries (THO) jumped 8.6% in premarket trading after it reported quarterly earnings of $4.79 per share, compared with the $3.39 consensus estimate. Revenue also topped forecasts as the company cut back on discounts and expanded its profit margins.

Gannett (GCI) misled advertisers about where their website ads were being placed for 9 months, according to research obtained by the Wall Street Journal. Gannett told the Journal it inadvertently provided incorrect information to advertisers and regrets the error. Gannett fell 2% in premarket action.

Trucking and transportation company XPO Logistics (XPO) will split off its brokered transportation services unit into a separate company, and plans to divest its European business and its North American intermodal operation. XPO surged 13% in the premarket.

General Electric (GE) shares gained 1.6% in premarket trading after the company's board of directors authorized a $3 billion share repurchase program.

Copyright CNBCs - CNBC
Contact Us