Here’s what we’re watching ahead of Wednesday’s opening bell.
—U.S. stock futures ticked lower as investors awaited the Federal Reserve’s latest economic outlook and any signals on interest rates and bond purchases for the next few years.
Futures tied to the broad S&P 500 index were down 0.3% and Dow Jones Industrial Average futures edged up 0.1%. Contracts linked to the technology-heavy Nasdaq-100 fell 1.1%.
What’s Coming Up
—The Federal Reserve releases a policy statement and updated economic projections at 2 p.m.; Chairman Jerome Powell holds a press conference at 2:30 p.m.
—Earnings are due from retailer
Williams-Sonoma
WSM -0.25%
after the close.
Market Movers to Watch
—Shares of
Plug Power
PLUG -14.74%
dropped 14% premarket. The hydrogen and fuel-cell technology company will restate its results for fiscal years 2018 and 2019 as well as quarterly filings for the 2019 and 2020 periods, mainly due to accounting errors.
—”Meme” stocks
GameStop
GME 6.73%
are
AMC Entertainment
AMC 2.38%
were both down before the open, by 1% and 2% respectively. The House Financial Services Committee today will continue its investigation into this year’s short-squeeze retail-trading frenzy.
—
Uber
UBER -4.23%
shares slipped 3.1% ahead of the bell. The ride-hailing company said it will grant its U.K. drivers an employment status entitling them to vacation pay and pension contributions, a costly shift in one of its largest overseas markets.
—
CrowdStrike
CRWD -1.17%
shares gained 1.9% premarket. The cybersecurity company reported better-than-expected results for the fourth quarter and projected more than $1 billion in revenue this year.
George Kurtz, chief executive officer of CrowdStrike, spoke during the Montgomery Summit in Santa Monica, Calif., March 4, 2020.
Photo:
Patrick T. Fallon/Bloomberg News
—
Cintas
CTAS -0.16%
shares slid 1.4% premarket after the uniform-rental service delivered its latest quarterly earnings report.
—
Coupa Software
COUP -8.35%
slipped 0.8% premarket. The business-software provider swung to a surprise adjusted profit in its fiscal fourth quarter and reported quarterly sales above Wall Street expectations.
—
Apple
AAPL -1.74%
ticked slipped 1.4% premarket. The French competition regulator rejected a plea from advertising companies and publishers to block Apple’s plan to restrict tracking of individuals’ mobile-app usage.
Market Fact
The Russell 2000 Index of small-cap stocks has risen more than 17% this year. By comparison, the S&P 500 is up 5.5% and the Nasdaq Composite has gained 4.5%.
Chart of the Day
Builders and manufacturers are passing along higher prices for wood, copper and bricks—while building permits for residential construction are being issued at their highest rate since 2006.
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