U.S. stock futures were trending lower on Friday as fears over the fate of China’s Evergrande group swept the market. The sell-off also comes on the Federal Reserve saying it will start reducing bond purchases as soon as November and that rate hikes could rise quicker than expected.
Dow futures were down 0.26%, S&P futures were down 0.35%, and Nasdaq futures were down 0.49% at the time of writing.
51job, Inc. (JOBS), HIVE Blockchain Technologies Ltd. (HIVE), Carnival Corp. (CCL), Jupai Holdings Ltd. (JP), and InMed Pharmaceuticals, Inc. (INM) are set to report their quarterly earnings before the market opens. Natuzzi S.p.A (NTZ) will report after the market closes.
vTv Therapeutics (VTVT) was the most active stock in pre-market session, with 3.55 million shares changing hands at the time of writing. The stock was also up about 30.51% after the company announced positive results for a Multiple Ascending dose study and development plan for HPP737, an oral PDE4 inhibitor for the treatment of Psoriasis.
Focus Universal Inc. (FCUV) was one of the biggest gainers in the pre-market session, jumping 23.95% at the time of writing. It is still unclear what is causing the stock to spike as no fundamental news has been released to justify the pop.
Oceaneering International (OII) was one of the biggest losers in the pre-market session, falling 14.45% at the time of writing. It is unclear what t is causing the stock to drop as no fundamental news has been released.
General Motors (GM) is in the process of investing $300 million in Momenta, a leading autonomous driving technology company. The investment should allow Momenta to accelerate the development of next-generation autonomous technologies for GM cars in China. GM is increasingly looking for ways to expand its design and engineering facilities in China.
International Business Machines Corporation (IBM) has inked a multi-year agreement with telecommunications service provider Telefonica. The agreement is for the implementation of the company’s cloud-native 5G core network platform UNICA Next. The company’s unit, Red Hat, is to implement the cloud-native platform designed to offer low latency and high bandwidth.
NIKE, Inc. (NKE) shares fell about 4% after the athletic, footwear, and apparel company reported mixed fiscal first-quarter results. The company posted a 16% year-over-year increase in revenue to $12.25 billion, below consensus estimates of $12.46 billion. Earnings per share were up 22% year-over-year to $1.16, above consensus estimates of $1.11 a share.
Accenture (ACN) shares popped 2.5% after the company delivered better-than-expected fiscal fourth-quarter results. The company also provided Fiscal 2022 guidance above consensus estimates. Fiscal Q4 earnings grew 11% year over year to $2.20 a share, exceeding consensus estimates of $2.19 per share. Revenue was up 24% year-over-year to $13.42 billion, meeting consensus estimates.
Nio, Inc. (NIO) has unveiled a 75kWh standard range version of its hybrid cell battery pack. StreetInsider.com reports the new battery pack will provide accurate charge estimates, longer winter ranges, and improved performance.