U.S. stock futures were trending higher on Wednesday following significant declines on Tuesday as investors reacted to rising Treasury yields. The spike in the futures market comes as the Federal Reserve Chairman warned legislators that higher inflation might last longer than expected due to supply chain bottlenecks.
Dow futures were up 0.60%, S&P futures were up 0.73%, and Nasdaq futures were up 0.97% at the time of writing.
Enerpac Tool Group Corp. (EPAC), Cintas Corp. (CTAS), and Tsakos Energy Navigation Ltd. (TNP) are set to report their quarterly earnings before the market opens. Landec Corp. (LNDC), Herman Miller, Inc. (MLHR), and NovaGold Resources, Inc. (NG) will report after the market close.
Farmmi, Inc. (FAMI) was the most active stock in the pre-market session, with 2.66 million shares changing hands at the time of writing. Earlier this week, the agriculture products supplier in China confirmed that it had won a multi-product order for export to Israel.
GeoVax Labs (GOVX) was the biggest gainer in the pre-market session, jumping 28.47% at the time of writing. The spike comes after the biotechnology company announced it has expanded its immuno-oncology pipeline with the acquisition of a clinical-stage cancer program. The company has signed a license agreement with PNP Therapeutics to develop Gedeptin.
La Jolla Pharma (LJPC) was the biggest pre-market loser, dropping 13.85% at the time of writing. It is still unclear what is causing the stock to sink, as no fundamental news has been released to justify the drop.
CyrusOne (CONE) is exploring sale options as it seeks to address heavy management turnover and slow financial performance. The company is under immense investor pressure to turn its fortunes around. With over 50 data centers worldwide, it offers data center facilities to around 1,000 customers.
American Airlines (AAL) has inked a codeshare agreement with Indian airline IndiGo, making it easier for its customers to travel to India. With the agreement, American Airlines customers will be able to access 29 new domestic routes in India. The agreement is still subject to approval from the U.S. and Indian governments before implementation.
General Motors (GM) technology startup BrightDrop has completed the production of its electric vehicle EV600 in a record time of 20 months. The buildup marks an important milestone in the company’s push to deliver an electric light commercial vehicle. Additionally, it has unveiled the EV410 eLCV, customized for shorter and more frequent trips.
Arcutis Biotherapeutics, Inc. (ARQT) has been issued a new patent by the United States Patent and Trademark Office. The new patent covers its inventions for improving the delivery and extending the half-life of creams and formulations. The new patent represents important additional protection for its unique, proprietary topical roflumilast treatment.
Shares of Thor Industries (THO) jumped almost 8% after the company delivered better-than-expected fiscal fourth-quarter results. The company posted robust performances across all segments and regions. Quarterly adjusted earnings landed at $4.12 a share, exceeding consensus estimates of $2.93 a share. Net sales were up 54.6% year-over-year to $3.59 billion, exceeding consensus estimates of $3.34 billion.
