Today's viewing recommendations: The Dow experiences another day of significant gains following yesterday's volatile market movements.
BY THE NUMBERS
U.S. stock futures surged on Wednesday as U.S. oil prices in early trading were breaking a 15%, three-session run to the upside. The S&P 500 fell 3% on Wednesday, one day after gaining 3% on the U.S. banning Russian oil imports. The S&P 500 rose to around 1.9%. (CNBC) Jeffrey Gundlach: Inflation could hit 10% this year, calls Fed’s target ‘laughable’ (CNBC Pro) The stock market experienced wild swings on Tuesday, with the S&P 500 going from an early session decline to a 585-point gain before closing 184 points lower. The Dow Jones Industrial Average followed a similar path, as both benchmarks slid further into corrections. The Nasdaq Composite, which dropped, rose and closed lower Tuesday, fell further into a bear market. (CNBC)
IN THE NEWS TODAY
On Wednesday, mass evacuations from war-torn Ukrainian cities continued. In Mariupol, days of Russian shelling have largely cut residents off from the outside world. Meanwhile, U.S. Vice President Kamala Harris will visit Poland to thank Warsaw for taking in hundreds of thousands of Ukrainian refugees. Additionally, two weeks into its offensive, Russia has achieved less and struggled more than anticipated. In a U.K. intelligence update Wednesday, British officials said fighting was ongoing northwest of Kyiv, but Russian troops were not making any major progress in reaching the city.
The four iconic U.S. brands, PepsiCo (PEP), Coca-Cola (KO), McDonald's (MCD), and Starbucks (SBUX), announced on Tuesday that they are suspending their operations in Russia following the country's invasion of Ukraine. This move symbolizes their commitment to standing against the conflict and reflects their long-standing histories of operating in Russia and the former Soviet Union. Meanwhile, basic necessities manufacturers are facing a tradeoff as they weigh the potential consequences of supplying Russia amid the ongoing conflict. (Reuters)
The IMF board is set to consider $1.4 billion in funding for Ukraine.
The Biden administration's executive order on digital assets, announced on Wednesday, aimed to establish a framework for developing cryptocurrencies in the U.S. while safeguarding investors. As a result, Bitcoin experienced a rally. (Source: CNBC)
Federal investigators are probing large bets made by Barry Diller, Alexander von Furstenberg, and David Geffen on Activision Blizzard (AVTI) shares in January, just before the company agreed to be acquired by Microsoft (MSFT), according to The Wall Street Journal. Meanwhile, the House Judiciary Committee has requested the Justice Department to launch a criminal investigation into Amazon (AMZN) over allegations that the company failed to provide information related to its competitive practices, as reported by The Wall Street Journal.
Stitch Fix reported a quarterly loss of 28 cents per share, despite beating revenue forecasts, after issuing weaker-than-expected sales guidance and facing challenges in getting customers to sign up for its styling service.
The dating service operator's adjusted quarterly profit of 13 cents per share exceeded expectations of a breakeven quarter, resulting in BMBL soaring more than 20% in premarket trading. Additionally, the company forecasts strong growth in 2022.
Apple (AAPL) unveiled a new affordable iPhone, an updated iPad Air, and its latest, most powerful Mac chip in its first product launch event of the year on Tuesday. The new Mac Studio computer will feature the chip. (Reuters)
STOCKS TO WATCH
Campbell's adjusted gross margins decreased by 340 basis points due to cost inflation, but the company maintained its full-year guidance issued in December. Despite this, demand trends are strong, and Campbell's stock price rose 1% in the premarket.
Despite a wider-than-expected quarterly loss, Express rallied 10.5% in the premarket. The company saw better-than-expected sales and a comparable-store sales increase of 43%, more than double the consensus FactSet estimate.
After reporting quarterly earnings of $4.79 per share, compared with the $3.39 consensus estimate, RV maker (THO) jumped 8.6% in premarket trading. Additionally, revenue topped forecasts as the company cut back on discounts and expanded its profit margins.
The Wall Street Journal reported that GCI misled advertisers about the placement of their website ads for 9 months. Gannett admitted to providing incorrect information and regrets the error. As a result, Gannett's stock price fell 2% in premarket action.
XPO will separate its brokered transportation services unit into a new company and plans to sell its European and North American intermodal operations. The stock price of XPO increased by 13% before trading began.
After the board of directors approved a $3 billion share repurchase program, GE's premarket shares increased by 1.6%.
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