U.S. stock futures rose after Republicans offered a short-term debt-limit extension, helping stave off immediate concerns about a possible government default. Here’s what we’re watching ahead of Wednesday’s open.
- Twitter TWTR 2.39% shares rose 2% in premarket trading after the company said it is selling mobile ad firm MoPub to AppLovin APP 4.41% for $1.05 billion in cash. AppLovin jumped more than 9%.
- Private equity giant Blackstone BX -0.82% rose 3.3%. It said it will acquire a majority stake in visa outsourcing services provider VFS Global from EQT, another private equity investor.
- Barry Diller ‘s media conglomerate IAC/InteractiveCorp. IAC 0.91% climbed 4.5% after it reached a $2.7 billion deal to buy Meredith, a magazine publisher with brands such as People and InStyle.
- Megacap tech companies gained premarket as government bond yields edged down. Amazon.com, AMZN 1.27% Google-parent Alphabet GOOG 0.86% and Microsoft MSFT 1.51% all added around 1%. Nvidia NVDA 1.22% rose 2%.
- Earnings are due from Conagra Brands, CAG 0.61% Tilray, TLRY -2.79% Lamb Weston LW -0.18% and Helen of Troy HELE -0.75% before the opening bell.
- Levi Strauss LEVI -5.13% advanced 4%. The denim company reported higher sales in the third quarter, lifting profits.
- Vaccine maker Moderna MRNA -8.94% slipped 1.7%, extending Wednesday’s slide into a second day. The stock has lost over 20% of its value this month so far.
- Oil company shares followed crude prices down. Valero Energy VLO 1.44% slipped 2.4%, Occidental Petroleum OXY -2.35% declined 2.3% and Diamondback Energy FANG -0.05% retreated 2%.
- Accolade ACCD -0.40% will report earnings after the close.
Chart of the Day
- Airline stocks have gained more than 10% over the past month, as broader equity markets tumbled. However, this is merely a partial rebound from a bad summer for aviation shares, including those of plane makers. Only budget-airline stocks currently trade above their pre-Covid levels.
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