Stock futures saw a slight increase on Wednesday as investors eagerly awaited the Federal Reserve's decision on interest rates. It is widely anticipated that Jerome Powell and his fellow central bank officials will maintain the current benchmark federal funds rate.
Stocks to Watch
Here are a few stocks that are expected to make moves on Wednesday:
In premarket trading, Instacart witnessed a 5.5% decline, reaching $31.84. This comes after the online grocery-delivery company experienced a 12% gain on Tuesday, closing at $33.70 during its trading debut. Although the stock initially opened at a 40% premium from its initial public offering price of $30, it later trimmed its gains and peaked at $42.95.
Ford Motor (F)
Following successful negotiations with Unifor, the union representing Ford's Canadian autoworkers, Ford Motor saw a 0.2% increase in its stock value. The company reached a tentative deal with the union just hours before the strike deadline of 11:59 p.m. ET on Tuesday. This agreement covers around 5,600 workers employed at Ford's Canadian plants. However, American auto workers at Ford, General Motors (GM), and Stellantis (STLA) remain on strike under the United Auto Workers union, which plans to escalate the strike if progress is not made by Friday.
Goldman Sachs (GS)
According to insiders, Goldman Sachs is currently engaged in advanced discussions to sell specialty lender GreenSky to a consortium of investment firms. The potential deal is estimated to be around $500 million, significantly lower than the amount Goldman initially paid for the business. Goldman completed its acquisition of GreenSky in March 2022. As news of the talks emerged, Goldman's shares experienced a 0.3% rise.
Intel (INTC) Rebounds in Premarket Trading
Intel (INTC) saw a slight uptick in premarket trading following a 4.3% decline in the previous session. The company was the weakest performer in the Dow Jones Industrial Average on Tuesday after expressing some caution about data center chip demand during a meeting with analysts at the Intel Innovation customer event. Chief Financial Officer, David Zinsner, noted that it is taking longer to clear out channel inventory of data center processors compared to the company's PC processor business. According to Zinsner, the recovery in the data center business has been "a little bit more delayed."
Positive Outlook for Pinterest (PINS)
Pinterest (PINS) experienced a 0.8% increase after executives shared their optimistic outlook during the company's first investor day. They anticipate a compound annual growth rate in the mid- to high teens over the next three to five years, which is a significant improvement from the high single-digit guidance given for the third quarter.
Steelcase (SCS) Expects Stronger Earnings
Steelcase (SCS) is anticipating "significantly improved" adjusted fiscal-year earnings as more companies implement return-to-office mandates. The company also stated that it is seeing an increase in demand as customers seek assistance in enhancing their workplaces to foster better employee engagement, connectivity, and productivity. As a result of this positive news, the stock rose by 3.1%.
Earnings Reports Scheduled for Wednesday
Be on the lookout for earnings reports from General Mills (GIS) before the stock market opens, followed by FedEx (FDX) and KB Home (KBH) after Wall Street closes.
Our Latest News
Bank of America's CEO reaffirms commitment to net-zero emissions and addresses criticisms. Economic forecasters project a soft landing for 2024.
Dutch Bros announces a second-quarter profit surge and the appointment of Christine Barone as CEO. The stock price rises, while the company's strong financial r...
PTT Exploration & Production (PTTEP) reported a 23% decline in net profit for Q3 2023. The decrease was attributed to lower oil prices and hedging losses. The c...