| What to watch today: Wall Street set to bounce higher after Tuesday's decline | | |  | WED, MAR 02, 2022 | | | | AS OF WED, MAR 02, 2022 • 08:43 ET | | Dow Jones Fut | | 33,294.95 | | Current: | 33,353.00 | | Change: | 86.00 | | Impl. Open: | 98.05 | | | S&P 500 Fut | | 4,306.26 | | Current: | 4,312.25 | | Change: | 8.50 | | Impl. Open: | 9.99 | | | NASDAQ 100 Fut | | 14,005.99 | | Current: | 14,023.25 | | Change: | 17.75 | | Impl. Open: | 23.26 | | | Russell 2000 Mini | | 2,008.51 | | Current: | 2,011.80 | | Change: | 5.10 | | Impl. Open: | 3.29 | | | U.S. stock futures rose Wednesday as energy names, including Dow component Chevron, followed surging oil prices higher as the intensifying Russia-Ukraine conflict raised concerns about crude supply. Bond yields, a day after slumping, moved higher Wednesday to around 1.77% on the 10-year Treasury. (CNBC) | | | Wrestling with the war's potential impact on the economy against even more inflation from higher oil, Federal Reserve Chairman Jerome Powell is set to deliver his semiannual assessment of the economy before a House panel Wednesday and a Senate panel Thursday.
* In prepared testimony, Powell said he still sees rate hikes ahead though he noted the "implications for the U.S. economy are highly uncertain" from the Ukraine war. | | | President Joe Biden on Tuesday sought to accomplish two difficult tasks in his State of the Union address: rally public support for Ukraine and articulate a fresh domestic policy agenda vision. (CNBC)
* Alongside the rhetoric, Biden announced that the U.S. will ban Russian aircraft from flying through American airspace and that more sanctions against Russia's richest oligarchs are in process.
* Biden said the U.S. stands ready to rapidly deploy new vaccines in the event of another Covid variant, and Americans who test positive for Covid can get antiviral pills for free under a new program that launches this month.
* The president touted electric vehicle efforts by General Motors and Ford but not Tesla. In an email to CNBC, Tesla CEO Elon Musk wrote, "Nobody is watching the State of the Union." He later tweeted Tesla is investing more than double GM and Ford combined in EVs. | | | | Netflix (NFLX) has offered to buy mobile game maker Next Games in a $72 million deal as the streaming video giant pushes further into gaming. Next Games is the Finnish studio behind a mobile game based on Netflix's hit show "Stranger Things." (CNBC) | | | | Your ticket to see Warner Bros. "The Batman" could cost more if you book with AMC (AMC). Adam Aron, CEO of the movie theater chain, said the company was testing out variable pricing in the U.S., which means that new releases could cost more than other films playing in the same theaters at the same time. (CNBC) |  | SoFi (SOFI) surged 15.5% premarket after SoFi's quarterly report. SoFi posted a loss of 15 cents per share on revenue of $279.9 million versus the Refinitiv consensus estimate of a 17-cents loss per share on revenue of $279.3 million. | | | | Ross Stores (ROST) added 6.3% in premarket trading after an earnings beat. The retailer reported fourth-quarter earnings of $1.04 per share on revenue of $5.02 billion. Analysts expected a profit of 87 cents per share on revenue of $4.96 billion. | | | | Hewlett Packard Enterprise (HPE) added 5.5% premarket after the company reported a slight earnings beat for the most recent quarter, but a quarterly revenue miss. Earnings of 53 cents per share for the quarter beat analysts' estimates by 7 cents. Revenue of $6.96 billion was below the consensus estimate of $7.03 billion. | | | | Abercrombie & Fitch (ANF) fell 8.1% premarket after the retailer missed top and bottom-line estimates. The company posted adjusted earnings of $1.14 per share on revenue of $1.16 billion. Analysts expected a profit of $1.27 per share on revenue of $1.18 billion, according to StreetAccount. | | | | First Solar (FSLR) sunk 12.4% premarket after the company missed revenue expectations for the fourth quarter. The solar-panel manufacturer also issued weak full-year guidance. | | | | Dollar Tree (DLTR) was 1% higher premarket after a better-than-expected fourth-quarter report. The company posted earnings of $2.01 per share versus the StreetAccount consensus estimate of $1.78 per share. Revenue slightly missed analyst estimates. | | | | DraftKings (DKNG) rose 2.3% before the bell after Morgan Stanley named the sports betting stock a top pick. "We expect the US online sports betting/iGaming market to be very large, with a few market share winners, including DKNG," Morgan Stanley said. | | |
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