Stock futures were declining Wednesday as Wall Street returned from the Independence Day holiday with weak China services activity data denting sentiment. Later in the trading day investors will be monitoring the minutes from the Federal Reserve’s meeting in June.
These stocks were poised to make moves Wednesday:
Amazon.com
(ticker: AMZN) was down 0.3% in premarket trading and
Microsoft
(MSFT) fell 0.7% following a report from The Wall Street Journal that said the U.S. was preparing to restrict Chinese companies’ access to U.S. cloud-computing services. If adopted, the rule likely would require
Amazon
and
Microsoft
to seek approval from the U.S. government to provide cloud services that use advanced artificial-intelligence chips to Chinese customers, the Journal reported.
The move from the Biden administration would follow China’s announcement on Monday that it was restricting exports on gallium and germanium, components that are key to the production of semiconductors.
Rivian Automotive
(RIVN) was rising 7.8% after second-quarter production at the electric-vehicle maker nearly tripled. Rivian made 13,992 electric vehicles in the period and sold 12,640 units. The stock gained more than 17% on Monday, the day the production figures were released.
Lumentum
(LITE) fell 4.5% after shares of the maker of commercial lasers were downgraded to Underweight from Equal Weight at
Barclays.
United Parcel Service
(UPS) dropped 2.6% in premarket trading after the Teamsters Union said contract talks with management of the shipping giant have stalled.
Coinbase Global
(COIN) was down 2.1% to $78.25 in premarket trading after shares of the crypto trading platform were downgraded to Neutral from Overweight at
Piper Sandler.
The price target was lowered to $60 from $65.
BioMarin Pharmaceutical
(BMRN) rose 2.1% after the biopharmaceutical company was upgraded to Outperform from Market Perform at BMO Capital.
Netflix
(NFLX) gained 0.8% to $444.85 in premarket trading as shares of the streaming giant were upgraded to Neutral from Sell by analysts at Goldman Sachs, who also boosted the stock’s price target to $400 from $230.
Netflix
reports second-quarter earnings on July 19.
Tesla
(TSLA) fell 0.4% in premarket trading. Shares jumped 6.9% on Monday after the company delivered a record number of EVs in the second quarter and blew away expectations.
Write to Joe Woelfel at [email protected]
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