Stock futures are mixed after Thursday’s technology-driven rout, with Dow futures up and tech shares on course for further losses. Here’s what we’re watching in Thursday’s trading.
- Course correction:
Bed Bath & Beyond
shares are up 9% premarket, reversing course after having dropped just as much when it reported lower sales and a quarterly loss.
- Bitcoin is extending its slump, but crypto stocks aren’t being uniformly dragged down with it. Bitcoin miners
Marathon Digital
fell 0.7% premarket and Hut 8 Mining slid 4.7%, but bitcoin wallet provider
Coinbase
rose 1% and
Bakkt Holdings
added 1%. In a crypto rout, perhaps its better to make your money trading the stuff than spending money on digging it up.
-
Walgreens
Boots Alliance added 4.3% premarket. The pharmacy retailer reported results that beat forecasts and lifted its full-year guidance.
- Alcoholic beverage producer
Constellation Brands
slipped 0.5% after it posted lower sales and earnings in the latest quarter, though its adjusted profit beat analysts’ expectations.
-
Datadog
shares added 2.2% ahead of the bell on an otherwise bad day for tech shares, albeit in low-volume trading. The cloud security company said it had entered a partnership with Amazon Web Services on product development.
-
Akamai Technologies
shares dropped 2.6% premarket after Piper Sandler cut its rating on the stock and lowered its price target.
- Flagship meme stocks
AMC Entertainment
and
GameStop
are finding their footing, with premarket rises of 1.2% and 2%, after suffering particularly badly during Wednesday’s broad market drop.
- Crude prices are climbing, and energy companies are along for the ride.
Chevron
rose 1.3%,
Exxon
Mobil climbed 1.6%,
Occidental Petroleum
added 2.8% and
Baker Hughes
gained 2%.
Chart of the Day
- Investors are betting that rising interest rates and a tech swoon could bring American stocks’ winning streak to an end in 2022.
Write to James Willhite at james.willhite@wsj.com
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