U.S stock futures were slightly higher on Wednesday ahead of crucial testimony by Federal Reserve Chair Jerome Powell. Stronger-than-expected CPI data released yesterday is already fueling suggestions that the FED may start to hike interest rates sooner than expected.
Dow futures were up 0.01%, S&P futures rose 0.08%, and Nasdaq futures were trading 0.43% higher at the time of writing.
The spike in the equity markets comes ahead of Powell’s semi-annual testimony to Congress later today and tomorrow.
American River Bankshares (AMRB), Delta Air Lines (DAL), Bank of America (BAC), BlackRock (BLK), Wells Fargo & Co. (WFC), and Citigroup (C) are scheduled to report their quarterly results before the market opens.
Yunhong CTI (CTIB) was the most actively traded stock in the pre-market session, with more than 4.6 million shares having already changed hands at the time of writing. The stock was up 38.76%.
Oxbridge Re Holdings (OXBR) was one of the biggest gainers in the pre-market, jumping 57% at the time of writing on volume of 4.3 million shares. The jump comes just a day after Custodian Ventures LLC and its affiliates confirmed the acquisition of about 9.9% of Oxbridge Re Holdings’ shares.
Allied Healthcare Products (AHPI) was the biggest loser in pre-market trading, falling 23.73% at the time of writing. The company manufactures and markets respiratory products for the healthcare industry.
In M&A news, Motorola Solutions, Inc. (MSI) has reached an agreement to acquire OpenPath Security, a cloud-based mobile access control provider. The acquisition will accord the company access to crucial control systems. The two are yet to confirm the terms of the deal.
Meanwhile, ZoomInfo (ZI) has entered into an agreement to acquire Chorus.ai, a sales intelligence platform, for $575 million. With the acquisition, the company will gain access to proprietary tools for analyzing sales communications of clients. The acquisition will also make it easy for the company to formulate sales growth strategies for clients.
Amazon (AMZN) has launched Kindle Vella, a mobile-first interactive reading experience for serial fiction stories. The fictional stories, which will be 600 to 5,000-word episodes, will be available on the Kindle iOS app and Amazon.com. The first episodes will be available in the U.S. for free, with subsequent episodes being unlocked with tokens.
General Motors (GM) is investing more than $71 million in a new Advanced Design Center in California. Pasadena will be home to the new innovation hub expected to support the automaker’s pursuit of new advanced technology and software integration opportunities. The location of the new facility will also allow the company to tap the best talent in the market.
Netflix (NFLX) has reached an agreement with Comcast’s (CMCSA) Universal Filmed Entertainment Group (UFEG), consequently extending its streaming rights for certain animated films in the U.S. While the company currently streams content from Illumination studio, the new deal allows it streaming rights for Universal’s DreamWorks productions.