| What to watch today: Wall Street looks higher despite Netflix's stock plunge | | |  | WED, APR 20, 2022 | | | | AS OF WED, APR 20, 2022 • 09:06 ET | | Dow Jones Fut | | 34,911.20 | | Current: | 34,966.00 | | Change: | 125.00 | | Impl. Open: | 153.80 | | | S&P 500 Fut | | 4,462.21 | | Current: | 4,475.50 | | Change: | 16.25 | | Impl. Open: | 18.29 | | | NASDAQ 100 Fut | | 14,210.26 | | Current: | 14,266.50 | | Change: | 49.25 | | Impl. Open: | 57.24 | | | Russell 2000 Mini | | 2,030.77 | | Current: | 2,043.10 | | Change: | 14.60 | | Impl. Open: | 15.33 | | U.S. stock futures rose Wednesday despite Netflix (NFLX) plunging 27% in the premarket, the morning after reporting a quarterly subscriber loss for the first time in more than a decade. The carnage in Netflix hit other video streaming stocks, with Disney, Roku, Warner Bros. Discovery and Paramount all set for sharply lower opens. (CNBC)
Dow stock IBM (IBM) rose 2.5% in the premarket after reporting late Tuesday that quarterly earnings and revenue beat estimates. In regular trading Tuesday, the Dow, S&P 500 and Nasdaq all broke two-session losing streaks even as the 10-year Treasury yield hit a more than three-year high of 2.94%. The benchmark yield retreated from that level Wednesday. (CNBC) | | | | Mortgage demand continued to crumble as home loan rates climbed to their highest levels since 2010. Total application volume fell 5% week over week, and it fell nearly 50% from year-ago levels. Refinance demand fell another 8% from the prior week, and it was 68% lower year over year. Purchase applications fell 3% for the week, and they were 14% lower than a year ago. (CNBC) | | Leading Wednesday's earnings releases, Procter & Gamble (PG) reported fiscal third-quarter profit and revenue that topped expectations as price hikes helped offset spiking commodity inflation and higher freight costs. For fiscal 2022, P&G raised its revenue growth forecast. The consumer products company reiterated its core EPS forecast but expects the lower end of its predicted range. (CNBC) | | | | Russian forces pressured a pocket of Ukrainian resistance in Mariupol amid renewed hopes Wednesday for an evacuation of thousands of civilians. The shattered port city is a key battleground in Moscow's new onslaught to take control of Ukraine's eastern industrial heartland. (AP) | | | The Biden administration will likely appeal a federal judge's ruling that struck down Covid mask mandates on planes and other forms of public transportation. The DOJ said it and the CDC "disagree with the district court's decision and will appeal, subject to CDC's conclusion that the order remains necessary. (CNBC)
* Shanghai allows 4 million out of homes as Covid rules ease (AP) |  | Baker Hughes (BKR) fell 5 cents short of estimates with adjusted quarterly earnings of 15 cents per share, and revenue also missed forecasts. The oilfield services company said its results reflected a volatile operating environment. The stock fell 2% in the premarket. | | | | Lululemon (LULU) added 2.2% in the premarket after the apparel maker announced a five-year plan to double revenue. The plan focuses on quadrupling international sales and doubling revenue from its men's and digital operations. | | | | ASML's (ASML) latest quarter beat analyst forecasts on the top and bottom lines, with the Amsterdam-based semiconductor equipment maker reporting strong demand from chip makers trying to ramp up production. ASML shares jumped 5.4% in the premarket. | | | | Teva Pharmaceutical (TEVA) slid 4.8% in premarket trading after the FDA sent a rejection letter in response to a new drug application for a schizophrenia treatment. Teva said it is studying possible next steps and will work with the FDA to address the agency's concerns. | | | | Omnicom (OMC) reported better-than-expected profit and revenue for its latest quarter, despite what the ad agency operator called "uniquely challenging global events." Omnicom took a $113.4 million charge relating to its investment in Russian businesses. Shares added 3.7% in premarket action. | | BMW is adding an all-electric model to its flagship 7-Series sedan lineup as the German luxury automaker pivots to EVs to better compete against industry leader Tesla. The new BMW i7 was unveiled Wednesday, and it's expected to arrive at U.S. dealerships during the fourth quarter. (CNBC) | | |
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