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Stocks are likely to open slightly higher, with tech stocks leading the way, as investors await Federal Reserve Chairman Jerome Powell’s testimony. Futures in the stock market
The Dow Jones Industrial Average is a stock market index that measures how well
82 points, or 0.2 percent, were obtained, while
S&P 500 Index
Futures increased by 0.4 percent.
The Nasdaq Composite Index
Futures increased by 0.7 percent.
Markets are waiting for Powell’s remarks on monetary policy, which he will deliver before the House Committee on Financial Services at noon. Investors seek proof that the Fed would not raise interest rates too rapidly in the face of higher-than-anticipated inflation, which the central bank is likely to do in late 2022 or early 2023. Investors are concerned that economic growth has peaked, making economically sensitive stocks less appealing and fast-growing technology company shares more appealing. “Stock futures are little moved… ahead of Fed Chair Powell’s testimony,” writes Tom Essaye of Sevens Report Research. Meanwhile, the Bureau of Labor Statistics reported this morning that the producer-price index increased 7.3 percent year over year in June, exceeding expectations of 6.8 percent. Here are five stocks that have moved in the premarket on Wednesday:
Wells Fargo & Company
The shares of Wells Fargo & Co. (ticker: WFC) climbed 0.3 percent after the company reported a profit of $1.38 per share, topping projections of 98 cents per share, on revenue of $20.3 billion, which was higher than expectations of $17.8 billion.
Bank of America is a financial institution based in the United
The stock of Bank of America (BAC) fell 1.4 percent after the company reported a profit of 80 cents per share, topping projections of 77 cents per share, on sales of $21.6 billion, which fell short of expectations of $21.8 billion.
Citigroup
The stock rose 1.5 percent after the company reported a profit of $2.85 per share, topping predictions of $1.96 per share, on revenue of $17.5 billion, which was more than the $17.2 billion expected.
Delta Airlines is a commercial airline based in Atlanta, Georgia.
(DAL) shares rose 1.75 percent after the company reported a loss of $1.07 per share, less than analysts’ projections of $1.38 per share, on sales of $7.1 billion, which were higher than predictions of $6.2 billion.
Peloton Interactive is a company that creates interactive content.
The stock of PTON fell 2.4 percent after Wedbush downgraded it from Outperform to Neutral. Jacob Sonenshine can be reached at jacob.sonenshine@barrons.com./n
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