U.S. stock futures were trending lower on Thursday amid growing concerns that the U.S. Federal Reserve will start tapering bond-buying this year. Concerns are growing that the tapering could come into play at a time when the global economic recovery is showing signs of stalling.
Dow futures were down 0.66%, S&P futures were down 0.59%, and Nasdaq futures were down 0.48% at the time of writing.
Nordic American Tanker Ltd. (NAT), Air T Inc. (AIRT), and Kohls Corp. (KSS) are set to report their quarterly earnings before the market opens. Applied Materials Inc. (AMAT), Ross Stores Inc. (ROST), and Lifevantage Corp (LFVN) will report after the market close.
Sonnet BioTherapeutics Holdings (SONN) was the most active stock in pre-market trading, with 10.07 million shares changing hands at the time of writing. The stock was also up about 177.82%, days after providing Fiscal third-quarter business and earnings updates.
Eros STX Global (ESGC) was one of the biggest gainers in the pre-market session, jumping 27.57% at the time of writing. The spike comes after the company inked a major deal with Amazon to stream its upcoming releases.
Virpax Pharmaceuticals (VRPX) was the biggest pre-market loser, falling 20.34% at the time of writing. The sell-off comes just a day after the stock skyrocketed on the company announcing it had secured the FDA’s guidance for an anti-viral barrier product.
Nvidia (NVDA) shares fell 2.15% despite the company delivering second-quarter results that topped estimates. Revenue grew 68% year-over-year to $6.51 billion, beating consensus estimates of $6.33 billion. Quarterly earnings were up 89% year-over-year to $1.04 a share, surpassing consensus estimates of $1.02 a share.
Paypal Holdings (PYPL) will not charge any late fees on missed payments as part of its buy-now-pay-later program. Starting October 1, customers making purchases with Pay in 4X in France, Pay in 3 in the U.K., and Pay in 4 in the U.S. will not incur any late fees.
Keysight Technologies, Inc. (KEYS) reported better-than-expected second-quarter results primarily driven by revenue growth. Quarterly earnings landed at $1.54 a share, up 29.4% year-over-year and above consensus estimates of $1.44 a share. Revenue was up 23% year-over-year to $1.25 billion, surpassing Street estimates of $1.22 billion.
Victoria’s Secrets (VSCO) shares fell 8.6% after the specialty retailer delivered solid second-quarter results but issued third-quarter guidance that fell short of Wall Street expectations. Adjusted earnings landed at $1.71 a share, surpassing consensus estimates of $1.62 a share. Net sales were up 51.3% year-over-year to $1.61 billion.
Cisco Systems, Inc. (CSCO) delivered solid second-quarter results. Revenues grew 8% year-over-year to $13.1 billion, surpassing consensus estimates of $13.03 billion. Quarterly earnings landed at $0.84 a share, up 5% from the same quarter last year and above consensus estimates of $0.82 a share.
