Stock futures pointed higher Wednesday after equities closed with sharp gains Tuesday following a cooler-than-expected reading on U.S. inflation, leading many to believe the Federal Reserve is finished raising interest rates.
Key Stocks to Watch
JD.com (JD): U.S.-listed shares of JD.com surged 5% after the Chinese e-commerce company reported third-quarter earnings and revenue that beat analysts’ estimates.
Berkshire Hathaway (BRK.B): Warren Buffett’s Berkshire Hathaway eliminated its stakes in General Motors (GM), Johnson & Johnson (JNJ), and Procter & Gamble (PG) in the third quarter, and reduced its stake in Amazon.com (AMZN) by 5%. Berkshire bought 9.7 million shares of Sirius XM (SIRI) during the quarter. Shares of broadcasting company Sirius were rising 3.3% in premarket trading. The changes to the Berkshire portfolio were disclosed in a 13F filing posted to the Securities and Exchange Commission’s website late Tuesday.
Nvidia (NVDA): Nvidia closed higher Tuesday, rising 2.1%, to record its 10th straight gain, matching a record set back on Dec. 27, 2016. Shares of the graphics chip maker were rising 0.6% in premarket trading.
Getty Images (GETY): Getty Images, the stock-photo company, reduced its revenue outlook for 2023, saying it expects revenue of $900 million to $910 million, down from previous guidance of between $920 million and $935 million. The company cited “ongoing challenging market conditions, including the adverse impacts from the Hollywood strikes and pressures on our agency business” and a strong U.S. dollar. Shares fell 0.2%.
Upcoming Earnings Reports
Earnings reports are expected Wednesday from the following companies:
- Cisco Systems (CSCO)
- TJX Cos. (TJX)
- Palo Alto Networks (PANW)
- Target (TGT)
- JD.com (JD)
- XPeng (XPEV)
- Advance Auto Parts (AAP)