Wall Street stock indexes rose, clawing back some of the losses from Tuesday’s selloff. Here’s what we’re watching in Wednesday’s trading:
- Fintech SoFi Technologies said that it won regulatory approval to become a bank holding company.
- Bakkt Holdings said it was partnering with Nexo to custody its bitcoin and ether.
- Bank of America reported fourth-quarter profit that beat expectations.
Bank of America reported earnings early Wednesday.
Photo: CARLO ALLEGRI/REUTERS
- U.S. Bancorp said its profit for the fourth quarter rose because of a lower provision for credit losses as the global economy improved, despite lower net interest income and higher noninterest expenses.
- Cisco Systems shares edged down after Goldman Sachs cut its rating on the stock to neutral from buy.
- Morgan Stanley beat profit estimates for the fourth quarter amid strong performances at its investment banking and wealth management divisions.
- Procter & Gamble reported another quarter of strong sales growth as consumers, undeterred by higher prices, loaded up on household staples from Gillette razors to Tide detergent.
- U.S.-traded shares of Sony Group were down in morning trading. The company’s stock fell nearly 13% in Tokyo on Wednesday on concerns about tough new competition for its videogame business from the newly announced combination of Microsoft and Activision Blizzard.
- Pfizer’s new Covid-19 pill, Paxlovid, was effective against the Omicron variant in laboratory tests, an encouraging early sign the drug will be an important tool while the strain spreads.
- Alcoa and United Airlines are among the companies reporting after Wednesday’s close.
Chart of the Day
- The crypto market fell alongside U.S. equities for the first two weeks of the year, with both markets struggling under the same dynamic.
Write to James Willhite at [email protected]
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