U.S. stock futures were trending lower on Wednesday as investors remained on edge despite Russia announcing it was pulling back some of its troops from the Ukrainian border. Investors are wary of both parties breaking off dialogue, something that could trigger renewed tensions.
Dow futures (DJIA) were down 0.24%, S&P futures (SPX) were down 0.21%, and Nasdaq futures (NDX) were down 0.15% at the time of writing.
On the economic front, a report from the U.S. Labor Department showing a spike in producer prices has affirmed the case for the Federal Reserve to hike interest rates, putting pressure on equities.
Upcoming Earnings
Coca-Cola Europacific Partners (CCEP), Generac Holdings (GNRC), and MYT Netherlands (MYTE) are set to report their quarterly results before the bell. Kar Auction Services, Inc. (KAR), Hersha Hospitality Trust (HT), and Galiano Gold, Inc. (GAU) will report after the bell.
Market News
International Business Machines Corporation (IBM) has completed the acquisition of cloud service consultancy company Neudesic. The financial terms of the deal remain under wraps. The acquisition aligns with the tech giant’s push to strengthen its hybrid multi-cloud services. Neudesic should strengthen IBM’s data engineering and data analytics portfolio.
Taiwan Semiconductor (TSM) and Sony (SONY) have joined forces as part of a joint venture to help Denso build its first chip plant in Japan. Bloomberg reports that Toyota is to invest $350 million in the construction of the chip factory in Kumamoto.
ViacomCBS (VIAC) has changed its name to Paramount Global as part of an ongoing rebranding. The changes will result in the company focusing on becoming a streaming giant backed by a robust portfolio of premium entertainment properties. The company has already confirmed plans to make Paramount+ available in more than 60 markets.
Airbnb, Inc. (ABNB) shares popped by more than 7% in the extended trading session after the lodging and homestay company delivered stronger-than-expected fourth-quarter results. Gross bookings in the quarter increased 91% to $11.3 billion, with average daily rates rising 20% year-over-year to $154. Q4 adjusted earnings landed at 8 cents a share, better than analyst estimates of 5 cents and a diluted loss of $11.24 a share in the same quarter last year.
Meanwhile, shares of Upstart Holdings, Inc. (UPST) popped 23.1% in the extended trading session after the company delivered better-than-expected fourth-quarter and full-year results. Transactional volume in the quarter was up 301% to $4.1 billion. Revenue jumped 252% year-over-year to $304.8 million, beating consensus estimates of $262.84 million. Adjusted earnings came in at $0.89 per share, better than analyst estimates of $0.51 a share.
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