BY THE NUMBERS
Dow futures on Wednesday jumped as Wall Street waits to hear from the Federal Reserve in the afternoon about its tightening plans after its two-day January meeting. Dow stock Microsoft's over 4% premarket jump on strong earnings helped boost overall sentiment as a recent stretch of volatility continued. S&P 500 and Nasdaq futures rose roughly 1.5% and more than 2%, respectively. (CNBC)
The Dow on Tuesday closed modestly lower following another volatile session, which saw intraday swings from an over 800-point decline to a more than 220-point advance. The S&P 500 and the Nasdaq on Tuesday closed down more than 1% and over 2%. The Nasdaq sank deeper in a correction. (CNBC)
The 30-year Treasury yield, which has moderated recently, dipped to around 1.78% early Wednesday. Concerns about rising inflation and how the Fed is going to further combat it will be front and center in investors' minds as the central bank releases its policy statement at 2 p.m. ET. Fed Chairman Jerome Powell holds his post-meeting news conference at 2:30 p.m. ET. (CNBC)
* Mortgage refinance demand plunges 13% as rates climb toward 2--year highs (CNBC)
* Democrats’ bid to keep the Senate will include plans to fight inflation (CNBC)
IN THE NEWS TODAY
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Boeing (BA) took a $3.5 billion pretax charge on its 787 Dreamliners after production issues prevented the company from delivering the planes to airlines for most of the last 15 months. Before the bell, Boeing also said it generated positive cash flow in the fourth quarter. The Dow stock added more than 2% in the premarket. Boeing reported a much wider-than-expected Q4 loss and missed on revenue. (CNBC)
AT&T (T) on Wednesday morning beat estimates for fourth-quarter adjusted earnings and revenue, boosted by strong growth from Warner Media and its streaming platform HBO Max. The stock over rose 2% in the premarket. AT&T hopes to close its deal to combine Warner Media and Discovery into a stand-alone company by mid-2022. (Reuters)
Tesla (TSLA) and Dow stock Intel (INTC) lead the quarterly reports scheduled for release after the bell. Late Tuesday, it was Microsoft's turn. The tech giant announced fiscal second-quarter earnings and revenue that beat estimates. Microsoft also gave an upbeat forecast for the current quarter. Microsoft hopes to close its deal to buy Activision Blizzard (ATVI) in fiscal 2023. (CNBC)
* Cramer's Investing Club: Microsoft's strong earnings report further confirms why we own the stock (CNBC)
A prominent European Union court has overturned a $1.2 billion antitrust fine that was levied against U.S. chipmaker Intel 13 years ago. The 2009 fine was handed out by the European Commission, the executive arm of the EU, on the basis that Intel had unfairly tried to squeeze out its rivals. (CNBC)
Mattel (MAT) shares jumped Wednesday after the toy maker said it won the license for toys based on Walt Disney's (DIS) princess lineup, including the popular "Frozen" franchise. The deal marks a big win for Mattel after it lost the license to rival Hasbro (HAS) in 2016. (CNBC)
The National Football League is nearing $2 billion in partnership fees, the most in professional sports. Sports gambling firms, casinos, and lotteries saw the most significant spike in NFL sponsorship agreements. Verizon also has one of the more prominent NFL deals, playing the league more than $300 million annually. (CNBC)
STOCKS TO WATCH
Corning (GLW) rallied 7.7% in premarket trading after reporting better-than-expected quarterly earnings and revenue. The materials science company also issued an upbeat forecast, as it sees growth in areas like optical components, life sciences and automotive.
Kimberly-Clark (KMB) fell 4.4% in the premarket after issuing weaker-than-expected revenue and earnings guidance. Kimberly-Clark did, however, report better-than-expected profit and revenue for the fourth quarter.
DraftKings (DKNG) jumped 6.7% in the premarket after Morgan Stanley upgraded it to "overweight" from "in-line." The firm said the U.S. sports betting and gaming market is likely to be very large with only a few winners, and that DraftKings will be one of them.
Texas Instruments (TXN) earned $2.27 per share for its latest quarter, compared with a consensus estimate of $1.94, and revenue above estimates. The chipmaker also issued an outlook that exceeded analyst forecasts amid continued strong demand for semiconductors. Shares jumped 4.3% in premarket trading.
F5 (FFIV) slumped 13% in premarket trading after the cloud security company's current quarter guidance fell below analyst forecasts. It also cut its full-year outlook, due in part to the impact of supply chain issues.
Navient (NAVI) tumbled 11.7% in the premarket after the student loan servicing company reported a quarterly loss amid higher expenses and falling revenue.
JinkoSolar (JKS) surged 15% in premarket trading after the solar company's shares more than doubled during their first day of trading in Shanghai and reached a premium of about 800% over the U.S.-listed shares.