Wall Street resumes its upswing, but stock futures drop the next day.

BY THE NUMBERS

On Wednesday, U.S. stock futures fell one day after Wall Street rebounded from Monday's decline, which was driven by the Federal Reserve and broke the multiday winning streaks for the S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite. The S&P 500 ticked up on Wednesday, trading at nearly three-year highs around 2.38%. Meanwhile, mortgage refinance demand plunged 14% as interest rates spiked higher. (CNBC)

The U.S. economy could be facing a recession or even a worse situation, according to veteran investor Carl Icahn, who expressed concerns about inflation and Russia's war against Ukraine.

GameStop (GME) stock experienced a 12.5% increase in premarket trading on Wednesday, following a 30.9% surge on Tuesday. This increase was due to the purchase of 100,000 shares by the company's chairman, Ryan Cohen, which brought his ownership to 11.9%. Cohen, an activist investor and co-founder of online pet retailer Chewy, is attempting to move GameStop into e-commerce. (CNBC)

IN THE NEWS TODAY

President Biden is set to depart for Europe on Wednesday to meet with key allies in Brussels and Warsaw, Poland, as world leaders try to prevent Russia's Ukraine attack from spiraling into an even greater catastrophe. There are fears that Russia could use chemical or nuclear weapons, and humanitarian challenges are growing as well.

The Moderna COVID-19 vaccine was about 44% effective at preventing infection from the omicron variant in children aged 6 months to under 2 years old and about 38% effective for children aged 2 to 5 years old. None of the children developed severe illness, and the majority of breakthrough cases were mild. Moderna plans to request emergency clearance from the FDA. Meanwhile, a top epidemiologist warns that the omicron 'stealth' subvariant BA.2 could go 'wild' in Europe. (CNBC)

The black box from Monday's China Eastern Airlines plane crash has been discovered, but it is heavily damaged. The 737-800 jet carrying 132 people crashed in rural, mountainous southern China, and while China has not confirmed any fatalities, rescue workers have not found any survivors. (Reuters)

Pete Buttigieg, the Department of Transportation Secretary, announced on Wednesday that the administration was prepared to distribute $2.9 billion in grants for state and local infrastructure projects, including highway, bridge, freight, port, and public transit expansions and repairs. This funding is part of the $1 trillion infrastructure bill that Biden signed into law four months ago. (Source: CNBC)

The CEOs of American semiconductor companies (INTC) and (MU) will testify before the Senate Commerce Committee on Wednesday to advocate for $52 billion in U.S. subsidies for chip manufacturing. The ongoing global shortage of chips has caused disruptions in the automotive and electronics industries. (Reuters) Supreme Court nominee Ketanji Brown Jackson will face questioning from senators. (CNBC)

In Seattle, a Starbucks location voted to unionize on Tuesday, marking the first time in the company's hometown. Meanwhile, in the Buffalo area, only one location has voted against unionizing, giving Starbucks Workers United a win rate of 88%. In New York, Amazon is set to begin a union vote, which has challenged the company in the past. (WSJ)

STOCKS TO WATCH

The food maker's GIS gained 1.6% in the premarket after reporting better-than-expected quarterly earnings and raising its full-year outlook. The company earned an adjusted 84 cents per share, 6 cents above estimates, with revenue essentially in line with analyst forecasts. General Mills stated that demand for food at home remains elevated.

Despite losing 2.4% in the premarket, WGO reported adjusted quarterly earnings of $3.14 per share, beating the $2.94 consensus estimate, and revenue also topped Street forecasts. The results were driven by strong consumer demand and higher prices.

Adobe beat estimates by 3 cents with adjusted quarterly earnings of $3.37 per share, but its revenue was slightly below expectations. The software maker cut its forecast for a key subscription revenue measure, expecting a $75 million hit for existing business in Russia and Belarus. As a result, Adobe slid 2.7% in the premarket.

The marijuana industry saw a rise in U.S.-listed stocks, including TLRY, CGC, ACB, and SNDL, after two takeover deals were announced.

Okta reported that a preliminary investigation found no evidence of ongoing malicious activity after a hacker breach. The digital authentication company stated that up to 366 customers may have been affected by the breach, but hackers gained only limited access. Okta's stock dropped 3.6% in premarket trading.

Elliott Investment Management and private equity firms BAM are mulling over increasing their bid for Nielsen, according to Bloomberg. Previously, Nielsen had turned down an offer of $25.40 per share, stating that it did not accurately reflect the company's worth.

Poshmark reported better-than-expected revenue for its most recent quarter, but its operator gave weaker-than-expected guidance for the current quarter, causing the stock to slide 9.4% in the premarket.

WATERCOOLER

Ash Barty, the top-ranked Australian tennis player, announced her retirement from professional tennis at the age of 25. In an Instagram video, she stated, "I am spent" and it's time to "chase other dreams." Barty won three women's Grand Slam singles titles. (AP)