Futures are pointing to a partial relief rally after Tuesday’s rout on Wall Street. Here’s what we’re watching before Wednesday’s trading heats up.
- Major technology shares that closed with losses on Tuesday were ticking higher premarket. Microsoft, MSFT -3.62% Google parent Alphabet GOOG -3.76% and Apple AAPL -2.38% were each up 1.2%, and chip maker Nvidia NVDA -4.44% gained 1.5%.
- Micron Technology MU -2.77% slipped 3.4% premarket. The memory chip maker beat expectations in its recent quarterly earnings but failed to impress Wall Street with its outlook.
Micron Technology headquarters in Boise, Idaho, March 28, 2021.
Photo: Jeremy Erickson/Bloomberg News
- Earnings are due from Cintas, CTAS -2.36% Herman Miller MLHR -2.64% and Jabil JBL -2.28% before the opening bell.
- Bitcoin was up 1.1% on Wednesday from its 5 p.m. ET price on Tuesday, and popular crypto wallet provider Coinbase COIN -1.03% was up a similar 0.9% premarket. Retail-trading app Robinhood added 1.1%.
- Major U.S. airlines were inching higher ahead of the bell, with American Airlines AAL -0.19% up 0.8%, Delta Air Lines DAL -0.78% up 0.8%, United Airlines UAL -0.81% up 0.6% and Southwest Airlines LUV 0.17% up 0.9%.
- Vaccine makers that were hit in Tuesday’s market decline were staging a rebound. Moderna MRNA -6.02% gained 2.3% premarket and Novavax NVAX -11.34% climbed 3.5%.
- Cal-Maine Foods CALM -1.21% climbed 1.9% premarket. The egg producer’s losses narrowed in the fiscal first quarter as sales rose 13% due to higher selling prices.
- Landec LNDC -1.35% will report results after Wednesday’s close.
Chart of the Day
- A swift rise in government-bond yields is hitting shares of technology stalwarts that have powered major indexes higher for years, testing investors’ faith in some of the stock market’s most popular trades.
Write to James Willhite at [email protected]
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