U.S. stock index futures dipped on Wednesday, with the Nasdaq particularly impacted as shares of Alphabet and AMD fell following subdued forecasts, while negative earnings reactions in other sectors compounded losses.
Market Snapshot
At 8:30 a.m. ET, Dow e-minis were down 49 points, or 0.11%, S&P 500 E-minis were down 26 points, or 0.43%, and Nasdaq 100 E-minis were down 175.5 points, or 0.81%.
Pre-Market Movers
Alphabet, the parent company of search giant Google, reported fourth-quarter earnings that beat analysts' estimates but the stock was falling 7% after revenue of $96.47 billion missed forecasts of $96.68 billion. Revenue at Alphabet's cloud business during the quarter of $11.96 billion, up 30% from a year earlier, also missed expectations of $12.19 billion. The company said it plans to invest $75 billion in capital expenditures in 2025 as it expands its generative artificial-intelligence initiatives.
Advanced Micro Devices posted fourth-quarter adjusted earnings of $1.09 a share that edged past estimates of $1.08. Revenue was $7.7 billion, above analysts' expectations of $7.5 billion, but a jump in data-center revenue of 69% to $3.9 billion was shy of projections of $4.1 billion. The chip maker forecast first-quarter sales of $7.1 billion at the midpoint of its range versus estimates of $7 billion. AMD shares fell 8.8%.
Apple declined 2.8% following a report from Bloomberg that said China's antitrust watchdog was considering launching a probe into the tech giant's policies and the fees it charges app developers. The State Administration for Market Regulation has been examining Apple's policies, which include taking a cut of as much as 30% on in-app spending, Bloomberg reported, citing people familiar with the matter.
Shares of Disney rose 2.4% in premarket trading. Walt Disney sharply outperformed Wall Street's quarterly earnings estimates on Wednesday, with results buoyed by the strong holiday box office performance of animated sequel "Moana 2" and higher profits at the company's streaming business.
Uber Technologies shares fell 7% during premarket trading after reporting weaker-than-expected fourth-quarter earnings and operating income, overshadowing steady bookings growth. Shares declined in premarket trading on Wednesday.
Palantir Technologies fell 1.5% in premarket trading after shares of the AI software company finished up 24% on Tuesday at a record closing high of $103.83. The stock also set an intraday record high Tuesday of $106.91 after Palantir topped Wall Street's quarterly earnings expectations.
U.S.-listed shares of Novo-Nordisk rose 4% after the Danish drugmaker reported fourth-quarter earnings that beat analysts' expectations but forecast slower growth ahead. Novo Nordisk is the maker the widely popular weight-loss and diabetes drugs Ozempic and Wegovy.
Amgen's fourth-quarter adjusted earnings of $5.31 a share topped expectations of $5.08 as revenue in the period rose 11% to $9.09 billion. The biotechnology company said 10 products delivered at least double-digit sales growth in the period. The stock was down 1.5%.
Shares of Alibaba listed in the U.S. fell 2.4%, JD.com declined 3.3%, and PDD Holdings Inc slumped 6.5% as the Chinese e-commerce stocks took a hit from plans by the U.S. Postal Service to stop accepting parcels from China and Hong Kong.
Chipotle Mexican Grill was down 6% in premarket trading after the fast-casual restaurant chain posted solid fourth-quarter earnings but revenue of $2.8 billion missed analysts' expectations of $2.85 billion. Chipotle also reduced its fiscal year same-store sales outlook to an increase in the low to mid-single digits.
Enphase Energy said it anticipates first-quarter sales of between $340 million and $380 million, compared with analysts' consensus of $338 million. Shares of the solar-power company rose 5.6%.
Mattel surged 13% after the toy maker reported adjusted earnings of 35 cents a share in the fourth quarter on revenue of $1.65 billion, topping analysts' estimates on both metrics, and said it expects adjusted earnings of $1.66 to $1.72 a share in 2025, higher than estimates of $1.57.
Market News
Trump Says US Should Take Over Gaza, Sparking Rebukes
Donald Trump said the US should take control of the devastated Gaza Strip, shunt the area’s residents to other countries and turn it into a “Riviera,” a proposal that drew sharp opposition from Palestinian and other Arab officials.
“The US will take over the Gaza Strip,” Trump said Tuesday during a White House news conference alongside Israeli Prime Minister Benjamin Netanyahu. “We’ll own it and be responsible for dismantling all of the dangerous unexploded bombs and other weapons on the site.”
JD.com Revives Interest in Buying German Retailer Ceconomy
Chinese e-commerce firm JD.com Inc. has renewed its interest in acquiring German electronics retailer Ceconomy AG, according to people familiar with the matter.
JD.com recently approached Ceconomy about a potential deal and has started sounding out large shareholders of the German company, the people said, asking not to be identified because the information is private.
Honda-Nissan Deal Thrown Into Doubt Only Weeks After Talks Began
Honda Motor Co. and Nissan Motor Co. called into question an agreement reached less than two months ago to consider combining, casting doubt on their efforts to form one one of the world’s largest automakers.
The pair are discussing various options, including the possibility of withdrawing from deal talks, according to separate statements issued Wednesday. The companies were responding to an earlier Nikkei newspaper report that said Nissan will pull out of an agreement with Honda because the two sides are unable to agree on terms.
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