BY THE NUMBERS
U.S. stock index futures pointed to a higher open on Wednesday as the market continues to bounce back from a steep sell-off that was sparked by worries over a new strain of coronavirus. The Dow on Tuesday jumped 407 points, or 1.4%. The S&P 500 gained 1.5% to end the day. The Nasdaq advanced 2.1% to a record close. Stocks surged for a second day, making up even more ground from last week’s steep drop. (CNBC)
* Short sellers are propelling the stock market higher, Jim Cramer says (CNBC)
On the data front, ADP private payrolls numbers for January are due at 8:15 a.m. ET, before December international trade at 8:30 a.m. ET. The final January services purchasing managers’ Index reading is out at 9:45 a.m. ET, followed by ISM nonmanufacturing at 10 a.m. ET. (CNBC)
Shares of Tesla (TSLA) were off about 4% in the premarket after surging another 13.7% on Tuesday. Canaccord on Wednesday downgraded the stock, which has doubled this year. Investors should wait for a better opportunity to buy after Tesla’s “electrifying” run, said Canaccord. On Monday, Tesla shares soared nearly 20%. (CNBC)
IN THE NEWS TODAY
Four months after Democrats in the House of Representatives launched a formal impeachment inquiry into President Donald Trump’s dealings with Ukraine, the Senate is poised today to acquit him on charges of abuse of power and obstruction of Congress. Trump faces a 4 p.m. ET vote that will determine whether he can complete his term as president. (Reuters)
Macy’s (M) said it plans to shut 125 stores over the next three years and slash about 2,000 corporate jobs, as it closes its Cincinnati headquarters and tech offices in San Francisco. Macy’s said it plans to exit weaker shopping malls, and instead shift its focus toward opening smaller-format stores in strip centers. (CNBC)
STOCKS TO WATCH
Shares of eBay (EBAY) surged over 8% in the premarket after the Wall Street Journal reported that Intercontinental Exchange (ICE) has made a bid to acquire eBay’s marketplace business. ICE shares fell 7.4% on the news.
Chipotle Mexican Grill (CMG) reported quarterly earnings that topped analysts’ expectations as its limited-time carne asada drove customers to its restaurants.
Nike (NKE) said it’s closed half of its stores in China as the government tries to contain a new virus outbreak there, saying it will have a “material impact” on its operations across the country.
Ireland’s top privacy regulator has launched a probe into Google’s (GOOGL) processing of location data that it collects from users.
Snap (SNAP) released its fourth-quarter earnings, and the company missed on revenue expectations, sending shares plunging as much as 14% after the bell on Tuesday.
Best Buy (BBY) backed CEO Corie Barry after the retailer’s board investigated the chief executive over allegations of an inappropriate romantic relationship.
WATERCOOLER
Baby Yoda will be back in October. Disney CEO Bob Iger said “The Falcon and the Winter Soldier” will arrive on the service in August, “WandaVision” will appear in December and “The Mandalorian” will return in October. The release date reveal comes just days after the company gave fans a brief glimpse of those upcoming Marvel shows in an ad that ran during the Super Bowl. (CNBC)
