SoFi, Bakkt, Bank of America, Cisco: What to Watch When the Stock Market Opens Today

Updated Jan. 19, 2022 9:54 am ET

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.

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.

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 james.willhite@wsj.com