U.S. stock futures were trending higher on Thursday, albeit investors continued to worry about rising U.S. Treasury yields and the Federal Reserve’s tightening push through its monetary policy.
Dow futures (DJIA) were up 0.33%, S&P futures (SPX) were up 0.40% and Nasdaq futures (NDX) were up 0.67% at the time of writing.
Upcoming earnings
Baker Hughes Company (BKR), Fifth Third Bancorp (FITB), and KeyCorp (KEY) are set to report their quarterly results before the bell. Independent Bank (INDB), People’s United Financial (PBCT), and Triumph Bancorp (TBK) will report after the market close.
Pre-market movers
Baudax Bio (BXRX) was the most active stock during the pre-market session, with 4.94M shares changing hands, at the time of writing. It is still unclear what is triggering the increased market activity, as no fundamental news has been released to justify the same.
OceanPal Inc. (OP) was one of the biggest gainers during the pre-market session, gaining 32.12% 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 gain.
Meanwhile, Star Equity Holdings (STRR) was the biggest loser in the pre-market session, dropping 29.52% at the time of writing. The sell-off comes against the backdrop of the company announcing pricing for a $14.25 million underwritten public offering.
Market News
Fifth Third Bancorp (FITB) has reached an agreement to acquire point-of-sale lender Dividend Finance. The transaction is expected to close in the second quarter of the year. The acquisition aligns with the company’s push to support customers to transitioning to a more sustainable future, since it is poised to enhance its digital service capabilities.
Oracle (ORCL) has set sights on Africa’s growing cloud computing market, and opened its first cloud region in South Africa. The first data center will focus on enhancing cloud adoption in the region by making it easy for customers to move information technology workloads to the cloud. The company plans to offer an array of next-generation cloud services that businesses and people can use to run applications.
Bank of America Corp. (BAC) delivered mixed fourth-quarter results characterized by solid loan growth and strong merger and acquisition activities. The financial services company posted quarterly earnings of $0.82 a share, a 39% year-over-year growth exceeding consensus estimates of $0.76 a share. Revenue was up 10% year-over-year to $22.06 billion, falling short of consensus estimates of $22.23 billion.
Procter & Gamble Company (PG) shares popped 3.4% after the consumer goods company delivered better than expected fiscal Q2 results driven by strong top-line growth. The company also raised its fiscal 2022 guidance for net sales and organic sales. The adjusted earnings for Q2 increased 1% year-over-year to $1.66 as net sales jumped 6% to $21 billion, beating consensus estimates of $20.34 billion.
Morgan Stanley (MS) delivered strong fourth-quarter results driven by higher deal volumes and elevated advisory revenues that drove earnings. Adjusted earnings were up 8% year-over-year to $2.08 a share, exceeding consensus estimates of $1.83 a share, as revenue popped 7% year over year to $14.52 billion, slightly below consensus estimates of $14.59 billion.
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