BY THE NUMBERS

Dow futures turned positive Thursday after falling more than 500 points overnight as the market's recent volatility persisted. Nasdaq futures also ticked higher after rebounding from steep overnight declines. (CNBC)

The Dow on Wednesday closed down nearly 130 points, or 0.4%, after Federal Reserve Chairman Jerome Powell left plenty of room to raise interest rates to combat rising inflation. The market expects four rate hikes this year, starting as soon as March when bond-purchase tapering is projected to end. (CNBC)

The Dow had been up more than 500 points at Wednesday's highs but rolled over after the Fed's post-January meeting update. The S&P 500 dipped. The Nasdaq edged slightly higher but remained in a deep correction. (CNBC)

* Cramer says these hard-hit stocks are profitable and now look cheap enough to buy (CNBC)

The government on Thursday morning reported its first look at fourth-quarter economic growth, saying GDP rose at an annual rate of 6.9% compared to estimates of 5.5% despite Covid omicron spread. Bond yields ticked lower early Thursday. The benchmark 10-year Treasury yield remained above 1.8% after climbing Wednesday. (CNBC)

IN THE NEWS TODAY

McDonald's (MCD) on Thursday reported fourth-quarter earnings and revenue that fell short of expectations as higher costs weighed on its profits, marking the fourth miss in the past eight quarters. The company's shares fell more than 2% in premarket trading. (CNBC)

* Southwest Airlines says omicron will drive a Q1 loss, expects 2022 profit (CNBC)

Comcast (CMCSA) reported fourth-quarter earnings Thursday that beat estimates on the top and bottom line but missed on high-speed internet customer net additions. Its shares rose more than 1.5% in the premarket. Comcast, which owns CNBC and NBC as well cable and broadband operations and theme parks, also announced increases in its dividend and its stock buyback plan. (CNBC)

Tesla (TSLA) late Wednesday delivered better-than-expected adjusted earnings and revenue in the fourth quarter. However, the EV maker warned that supply chain disruptions could persist throughout 2022. CEO Elon Musk said Tesla would not release any new model vehicles this year, confirming no Cybertruck in 2022. Musk also said Tesla is not currently working on a $25,000 car. (CNBC)

After the closing bell Thursday, Dow stocks Apple (AAPL) and Visa (V) lead the companies reporting quarterly results. Apple's smartphone market share in China hit a record high in the final three months of 2021, with the iPhone maker reclaiming the No. 1 spot there for the first time in six years. (CNBC)

Beaten-down cloud software stocks were getting a big boost. Shares of ServiceNow and Qualtrics each jumped more than 10% in Thursday's premarket after topping estimates and giving upbeat guidance. Recently struggling Netflix was up 4% in the premarket after Pershing Square's Bill Ackman revealed a more than 3.1 million share purchase, making him a top 20 shareholder. (CNBC)

Lowe's (LOW) will soon test a new offering: a Petco (WOOF) shop inside its stores where customers can buy dog food and cat litter, and even visit with a vet, while shopping for paint and other supplies for home projects. The two retailers announced a deal Thursday to pilot the store-in-store concept. (CNBC)

Spotify (SPOT) is working to remove Neil Young's music from the streaming platform following a standoff over star podcaster Joe Rogan's coronavirus comments, The Wall Street Journal reports. Young called out Spotify over what he viewed was dangerous Covid vaccine misinformation by Rogan.

* YouTube bars right-wing media personality Dan Bongino after Covid misinformation suspension (NY Times)

President Joe Biden and Supreme Court member Stephen Breyer are scheduled to appear together at the White House on Thursday, with the 83-year-old liberal justice set to announce his retirement, NBC News reports. Breyer's departure from the conservative-majority highest court gives Biden a chance to fulfill his campaign promise to nominate a Black woman to the bench.

Moderna (MRNA) started a clinical trial to study the safety and effectiveness of a booster shot that specifically targets the omicron Covid variant, the company announced Wednesday. The first participant in the phase two trial has already received a dose of the omicron-specific booster shot, according to the company. (CNBC)

STOCKS TO WATCH

Intel (INTC) beat estimates by 18 cents with adjusted quarterly earnings of $1.09 per share and revenue above analyst estimates. Overall profit was down from a year earlier, as the chipmaker ramped up spending on new production facilities and products, and the stock fell 3.3% in premarket trading.

Blackstone (BX) jumped 4% in premarket trading after reporting a better-than-expected quarterly profit. Blackstone reported distributable earnings per share of $1.71, compared with a consensus estimate of $1.37, thanks to strong investment performance and record cash inflows.

Tractor Supply (TSCO) reported better-than-expected earnings and revenue for the fourth quarter, raised its quarterly dividend by 77%, and increased its stock buyback program by $2 billion. The stock rallied 3.8% in the premarket.

Levi Strauss (LEVI) surged 8.3% in the premarket after the apparel company issued an upbeat annual forecast amid strong demand for its jeans and jackets. Levi Strauss beat estimates on the top and bottom lines for the fourth quarter, earning an adjusted 41 cents per share, one cent above estimates.

LendingClub (LC) plunged 15.6% in the premarket despite beating top and bottom-line estimates for its latest quarter, as it issued a weaker-than-expected full-year forecast.

Lam Research (LRCX) beat estimates by 2 cents with adjusted quarterly earnings of $8.53 per share. However, the chipmaker's revenue missed estimates and it issued a weaker-than-expected quarterly forecast amid continuing supply chain issues. Lam shares declined 5.3% in premarket trading.

Seagate Technology (STX) jumped 8% in premarket action after the disk drive maker issued an upbeat forecast and raised its long-term profit margin target.

WATERCOLER

"Jeopardy!" champion Amy Schneider has finally been defeated after a 40-game winning streak. On Wednesday's episode Schneider, the brainy engineering manager from Oakland, California, lost to Rhone Talsma, a Chicago librarian,  just days after becoming the quiz show's second all-time winner Monday. (USA Today)