U.S. Stock Futures Edge Higher
U.S. stock futures edged broadly higher on Wednesday after the S&P 500 and Nasdaq Composite broke their three-day losing streaks. Strength in Nvidia and other major tech firms propelled the S&P 500 and Nasdaq Composite into positive territory. Nvidia shares surged by 6.8%, recovering from a recent dip, while the Philadelphia Semiconductor Index rose by 1.8%. The tech sector, led by Nvidia, Alphabet, and Meta Platforms , buoyed overall market performance. Meanwhile, the Dow Jones Industrial Average lagged, finishing in the red.
FedEx Advances on Upbeat Outlook
Shares of FedEx jumped over 13% in extended trading following an optimistic forecast and the announcement of a $2.5 billion share buyback. FedEx expects full-year revenue growth in the low- to mid-single digits and projected earnings between $20 to $22 per share for fiscal 2025. The company also reported a 7.2% increase in income, excluding items, to $1.34 billion on revenue of $22.1 billion.
Pool Shares Sink
Pool stock dropped 7% after the company lowered its earnings and revenue forecasts due to reduced consumer spending on home improvement projects. Pool noted a potential 15% to 20% decline in construction activity this year and a 6.5% decrease in sales year-to-date compared to 2023. This downturn also affected other companies in the sector, including Hayward Holdings and Leslie’s
Rivian Shares Soar on VW Investment Plan
Rivian shares surged in extended hours trading following Volkswagen’s announcement of a potential $5 billion investment. The partnership aims to create a 50/50 joint venture, allowing VW to leverage Rivian’s EV technology. The final decision on the joint venture is still pending.
Crude Prices Inch Up
Crude prices rose Wednesday despite a surprise increase in U.S. stockpiles. By 03:26 ET, U.S. crude futures were up 0.6% at $81.28 per barrel, and the Brent contract climbed 0.5% to $84.62 per barrel. The rise in crude prices is driven by geopolitical tensions and strong demand during the summer driving season.
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