STOCK MARKET NEWS: Nasdaq leads rally, Ford gross sales rise, OPEC choice hits oil

US equity futures traded higher on Wednesday morning, after losses in the previous session as political tensions were discussed when House Speaker Nancy Pelosi visited Taiwan.

The major futures indices 0.2% gain recommended when trading starts.

Beijing announced a ban on the import of some goods from Taiwan but there were no immediate major penalties after Pelosi’s arrival.

Oil prices traded lower on Wednesday morning ahead of a meeting of OPEC+ producers on concerns that global fuel demand growth will slow. West Texas intermediate crude traded around $93.00 a barrel. Brent crude futures were around $99.00 a barrel.

PayPal shares are rising 10% in premarket trading. The online payments company has entered into an information-sharing agreement with activist investor Elliott Investment Management to consider other options for raising capital.

PayPal reported net income of $6.8 billion, up 9% year over year in the second quarter and a net loss of $341 million, or 29 cents per diluted share. Last year, the company recorded net income of $1.18 billion, or $1.00 per diluted share.

Airbnb shares fell more than 7% in premarket trading after the company issued a weaker-than-expected outlook that overshadowed otherwise strong results.

Another busy day coming up for earnings, with a big focus on healthcare. We’ll hear from CVS Health, AmerisourceBergen, Moderna, and Regeneron Pharmaceuticals before the opening bell. Also watch for hotel and casino spin-off MGM Resorts, online auctioneer Ebay, and household products maker Clorox to name a few.

On the economic calendartraders will be watching for data on the services sector and manufacturing orders.

In Asia, the Shanghai Composite Index lost 0.7%, the Nikkei 225 in Tokyo rose 0.5% and the Hang Seng in Hong Kong added 0.4%.

Wall Street’s benchmark S&P 500 index lost 0.7% on Tuesday after the Labor Department said American employers posted fewer job openings than expected in June after interest rate hikes to cool surging inflation.

The S&P 500 fell to 4,091.19. It is down almost 1% this week. The Dow Jones Industrial Average lost 1.2% to 32,396.17. The Nasdaq composite slipped 0.2% to 12,348.76.

Leave a Comment