Here’s what we are watching as markets kick into gear Thursday.
—Stock futures jumped, putting the S&P 500 on track to extend its sharpest rally in a week since April. Investors are cheering curbs on new regulations and diminished chances of higher taxes under a split Congress. Technology shares are likely to be the biggest winners for a second day. Read our full market wrap here.
—What’s coming up. The Federal Reserve will release a policy statement at 2 p.m. ET, offering their latest view on how the economy is faring. Chairman Jerome Powell is likely to field questions on whether monetary policy can make up for any shortfalls in fiscal spending in coming months at his news conference at 2:30 p.m.
Market Movers to Watch
surged over 14% in offhours trading. The mobile-phone chip-making giant said it expects a surge in smartphones sales next year as consumers flock to 5G-capable devices such as Apple Inc.’s new iPhone 12. That helped lift its latest results.
rose over 2% before the opening bell, extending its 80% rally this year. An analyst at DZ Bank recommended investors buy the shares, and predicted its price would rise to $210 apiece. PayPal closed Wednesday at $194.29.
dropped over 4% offhours. The game maker’s third-quarter revenue and forecast was boosted by two acquisitions, but it still reported a loss.
rose 1.7% premarket, a day after the stock bucked the market trend to slide lower.
climbed 1.7% before the bell. The drugmaker’s third-quarter earnings exceeded analysts’ predictions. The company said it was making progress toward U.S. approval for its experimental Covid-19 treatment.
leapt 5.5% premarket after third-quarter earnings beat analysts’ predictions.
Alibaba Group Holding
‘s American depositary receipts dropped 2.6%. The Chinese technology company’s fiscal second-quarter profit fell 60%. Investors and shareholders are also still reeling from the abrupt suspension of its affiliant Ant’s blockbuster listing.
jumped 5.3% premarket after a measure of earnings beat analysts’ expectations. The company also raised its guidance for full-year profit.