Revere Securities’ Scott Fullman and Seaport Securities’ Teddy Weisberg give investment advice amid looming inflation.
U.S. stock futures were mixed Thursday, a day after the major averages closed at record highs following the Federal Reserve announcing plans to begin tapering asset purchases.
Dow Jones Industrial Average futures slipped two points, or 0.01%, while S&P 500 futures and Nasdaq 100 futures rose 0.16% and 0.41%, respectively.
The Fed said Wednesday that later this month it would begin to scale back its purchases of Treasurys and mortgage-backed securities. Markets are pricing in the first rate increase to occur in July.
In stocks, Moderna Inc. posted quarterly earnings and sales that missed analyst expectations and slashed its 2021 forecast for COVID-19 vaccine sales due to production snags. The drug maker sees full-year sales for its vaccine to be between $15 billion and $18 billion, down from $20 billion previously.
Qualcomm Inc. reported smartphone chip sales soared 56% year over year and the company issued strong guidance for the current quarter.
Roku Inc. guided revenue for the critical holiday quarter below Wall Street estimates.
Wayfair Inc. booked a quarterly loss and reported sales that fell short of expectations as consumers shifted their spending habits as the economy reopened from COVID-19 restrictions.
Airbnb Inc., Square Inc. and Dropbox Inc. are among the companies scheduled to report after the closing bell.
Meanwhile, MGM Resorts International announced plans to sell its Mirage casino in Las Vegas.
In labor news, Kellogg Co. failed to reach a deal with U.S. cereal plant workers who have been on strike since Oct. 5 and are seeking higher wages and improved benefits. The cereal maker said its latest offer rejected by the union was its “last best offer.”
Deere & Co. said the most recent offer rejected by the United Auto Workers was its “best and final offer.” The contract would have given workers a 10% raise this year and 5% raises in 2023 and 2025 in addition to lump sum bonuses worth 3% of pay in 2022, 2024 and 2026.
In commodities, West Texas Intermediate crude oil jumped $1.44 to $82.30 a barrel and gold climbed $16.20 to $1,780.10 an ounce.
Overseas markets were broadly higher.
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In Europe, Britain’s FTSE 100 ticked up 0.08%, France’s CAC 40 rose 0.43% and Germany’s DAX 30 advanced 0.55%.
Japan’s Nikkei 225 paced the gains in Asia, trading up 0.93%, while Hong Kong’s Hang Seng index and China’s Shanghai Composite rallied 0.8% and 0.81%, respectively.
