Stock market live updates: Dow futures up 140, Bed Bath & Beyond tanks, Powell ahead


Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2020.

Brendan McDermid | Reuters

This is a live blog. Check back for updates.

8:36 am: Shopify rises following strong fourth quarter results.

Shares of Shopify gained more than 9% in premarket trading after the e-commerce company beat expectations for the fourth quarter and projected higher than expected revenue for 2020. The company reported 43 cents in adjusted earnings per share and $505.2 million in revenue, with its subscriptions solutions segment growing by 37%. Analysts expected 24 cents in earnings per share and $482.1 million in revenue, according to Refinitiv. The company also said it expects revenues to be between $2.13 billion and $2.16 billion in 2020, about 35% higher than last year. Wall Street expected guidance of $2.12 billion, according to FactSet. —Pound

8:35 am: Sentiment readings bouncing back

The percentage of bullish investors has bounced back to where it was before the coronavirus outbreak rattled the market, Peter Boockvar of Bleakley Advisory Group said in a note. Boockvar was citing data from Investors Intelligence. “Bottom line, after seeing extreme bull readings in a variety of metrics literally days before the virus outbreak, the pullback in stocks rung some of that optimism out but it’s coming back rather quickly. Buy on the dip remains firmly embedded in the mentality of the investor as we know,” Boockvar wrote. —Pound

8:32 am: Wynn, Las Vegas Sands jump on Bank of America upgrade

Shares of Wynn Resorts and Las Vegas Sands popped 3.2% and 2.2%, respectively, in premarket trading on Wednesday after Bank of America upgraded the casino stocks to buy from neutral. The firm said the casino companies, which have been hit from heightened fear about the Chinese coronavirus, will rebound as the number of virus cases meaningfully deadline. This is a reversal for Bank of America, which last month downgraded Wynn Resorts due to fear about the virus. The firm said the next catalyst for the stocks will be the reopening of casinos in Macao, which government officials closed for 15 days. —Fitzgerald

8:30 am: Micron jump 3% as UBS says stock can rally 31%

Shares of chipmaker Micron rose nearly 3% in the premarket after UBS updated them to a buy. “As cyclical concerns evaporate, structural dynamics should carry the day,” the analysts said. The firm also lifted its target on the stock to $75 per share from $47 per share, which is 31% higher than where it closed Tuesday. UBS also raised its full-year estimates on Micron, saying it has “closed the gap with other major semiconductor companies.” Shares of Micron have rallied 41% over the last year. —Stevens

8:27 am: CVS gains more than 2%

Shares of CVS Health rose nearly 3% in Wednesday’s premarket trading after the company’s fourth-quarter earnings topped analyst expectations on the top and bottom line. Adjusted earnings per share came in at $1.73 while revenue rose to $66.9 billion. Consensus estimates were for $1.68 per share in earnings and $63.97 billion, respectively, according to Refinitiv. Same-store sales rose 3.2% during the quarter, while sales in the pharmacy unit grew 4.1%. In September, a federal judge signed off on the company’s $69 billion merger with insurer Aetna, which CVS has said will lead to double-digit growth. —Stevens

8:23 am: Powell slated to testify before the Senate at 9:30 am ET

Federal Reserve Chairman Jerome Powell is scheduled to return to Capitol Hill on Wednesday for a second day of testimony on monetary policy, the economy and financial statutes. The Senate Banking Committee hearing is set to begin at 9:30 a.m. ET and include Powell’s already-published prepared remarks before a Q&A session. In his testimony before the House Financial Services Committee on Tuesday, Powell said that the current, low level of interest rates is appropriate given tame inflation, low unemployment and modest economic growth. But he cautioned that low interest rates, while a positive for business borrowing, could hamstring the Fed’s ability to stimulate the economy in the event of a future downturn. —Franck

8:21 am: Bed Bath & Beyond plummets 25% on disappointing guidance

Shares of Bed Bath & Beyond tanked 25% during Wednesday’s premarket trading after the company said that same-stores sales in December and January fell 5.4%. The company said that sales were hurt by additional promotions, inventory issues and falling store traffic. “We are experiencing short-term pain in our efforts to stabilize the business, including the pressures of store traffic trends coupled with our own executional challenges,” CEO Mark Tritton said. Shares of the retailer gained more than 50% in 2019, but are down 14% so far this year. —Stevens

8:15 am: Futures rise despite coronavirus, Sanders victory

U.S. stock futures are trading higher as investors shrug off lingering coronavirus fears. Dow Jones Industrial Average futures indicate a gain of more than 100 points at the open. The futures themselves were up 141 points. S&P 500 and Nasdaq 100 futures also point to solid gains. As of Tuesday night, with total confirmed cases passing 44,000. However, the pace of new reported cases appears to be slowing down. —Imbert

With reporting from Maggie Fitzgerald and Jesse Pound.

Subscribe to CNBC on YouTube.

Products You May Like

Articles You May Like

10 Bathroom Design Trends We’ll See In 2023
How to avoid mistakes with required minimum distributions from your retirement accounts
Despite ongoing Covid risks, more employees consider cutting back on health-care benefits
Stocks making the biggest moves after hours: Salesforce, Snowflake, Costco, Five Below and more
Delta is making it harder to get into its airport lounges after they were flooded by travelers