Stock futures are up, putting the S&P 500 on course to extend gains that followed the Federal Reserve’s move to scale back its bond purchases. Here’s what we’re watching before Thursday’s trading gets going:
- Qualcomm shares jumped 8% ahead of the open. The mobile-phone chip giant posted record quarterly sales and forecast further growth amid surging demand for 5G smartphones in the face of supply-chain constraints.
- Zillow shares were up more than 3% premarket, clawing back a bit of losses that came earlier in the week after the company abandoned algorithmic house flipping. A prominent name had bought the dip: Cathie Wood’s flagship exchange-traded fund bought roughly $25 million worth of shares on Tuesday.
- Roku sank 6.9%. The maker of TV streaming devices reported a slowdown in new active accounts for its services in the latest quarter and guided for lower-than-expected revenue for the holiday quarter.
- Moderna , ViacomCBS and Barrick Gold are due to report before the open.
- Skillz shares dropped 7.9% premarket. The mobile-games platform reported a 70% increase in revenue during the third quarter over the year-ago period.
- Allstate shares fell 3.3% premarket after the reported a 55% drop in net income.
- Qorvo shares sank 9.2%. On Wednesday the chip maker gave a holiday revenue forecast that came in below expectations amid supply constraints in the semiconductor sector, and Wells Fargo cut its share-price target.
- Hyatt Hotels was up 2.1% off hours. The hotel company said its revenue more than doubled for the third quarter, though lower than Wall Street estimates.
- Take-Two Interactive added 0.9%. The Grand Theft Auto publisher reported quarterly sales growth despite the easing of social-distancing restrictions that greatly benefited it last year.
- Etsy nudged down 0.7% after the e-commerce company’s quarterly results exceeded Wall Street expectations, but its fourth-quarter revenue guidance fell shy of analysts’ forecasts.
- Earnings are due from Airbnb , Novavax , Square , Dropbox , Expedia , American Homes 4 Rent , GoPro , Hanesbrands and Yelp after the close.
Chart of the Day
- Some traders stuck with wagers on stubbornly high inflation after Wednesday’s Federal Reserve meeting, underlining a divergence in expectations between segments of the bond market and the U.S. central bank.
Write to James Willhite at [email protected]
