Futures are slipping ahead of the release of minutes from the Federal Reserve’s July policy meeting. Here’s what we’re watching before Wednesday’s opening bell.
- U.S.-traded shares of Alibaba BABA -0.79% clawed back 0.9% premarket after Tuesday’s 4.9% drop, which put the tech giant’s stock down more than 25% this year. New draft guidelines released Tuesday by China’s top market regulator aim to prevent internet companies from adopting forced exclusivity and blocking competitors’ links and apps.
- Target TGT -2.78% was among the first of the big retailers reporting earnings on Wednesday. Its shares slipped 2% premarket after the release, though the earnings topped estimates, and the board approved a new $15 billion share repurchase program.
Target’s stock lost ground after its earnings report.
Photo: Daniel Acker/Bloomberg News
- Home-improvement retailer Lowe’s LOW 9.59% gained 3.9% premarket after it said it now expects 2021 revenue of about $92 billion. In May, the company said only that it was tracking above a previous forecast for sales of $86 billion.
- Vaccine makers were charting divergent courses ahead of the bell. The Biden administration is expected to call for a third Covid-19 shot for Americans who were fully vaccinated with the Pfizer PFE -2.20% or Moderna MRNA -0.76% shot. But while Moderna gained 0.5%, Pfizer edged down 0.1%.
- Two U.S. senators are urging the Federal Trade Commission to open a probe into whether Tesla TSLA 3.50% used deceptive marketing practices involving driver-assistance features that the electric-vehicle maker calls Autopilot and Full Self-Driving. Investors don’t seem worried. Tesla shares gained 0.6% premarket.
- CDK Global CDK -8.49% dropped 8.5% premarket after the digital-services firm focused on the car industry reported earnings following Tuesday’s close.
- TJX Cos. TJX 5.57% nudged up 1.9% premarket after the discount retailer delivered its quarterly report. Net sales were up 81% from the same quarter a year ago, when its stores had been closed for part of the time due to the pandemic.
- Bath & Body Works BBWI 0.46% and Cisco Systems CSCO -1.54% are among the companies reporting earnings Wednesday.
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- Refiners such as Marathon Petroleum MPC -1.44% are benefiting from a surge in U.S. gasoline demand, but investors remain wary because of rising costs for meeting environmental rules.
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