Stock futures are wavering after the S&P 500 reached its 55th record close of the year. Here’s what we’re watching ahead of Friday’s action.
- Snap shares plummeted 21% premarket. The social-media company said it expects growth to slow in the current quarter because of recent changes to Apple ‘s App Store privacy rules.
- Other big names in social media were dragged down as well. Facebook fell 4.1% premarket, and Twitter shed 4.5%.
- The SPAC that agreed to merge with Donald Trump’s social-media company, Digital World Acquisition , was extending its surge premarket. The stock added 65% ahead of Friday’s opening bell, after having more than quadrupled in value during Thursday’s session.
- Intel shares dropped 9.9% premarket. The semiconductor company disappointed investors even as it posted stronger third-quarter earnings, as component shortages weighed on computer shipments and China’s crackdown on gaming hurt server-chip sales.
- American Express , Honeywell and HCA Healthcare are due to report earnings before the opening bell.
- Zoom Video Communications gained 2.4%. The stock got a ratings upgrade from JPMorgan.
- Chipotle Mexican Grill edged down 0.4% after the burrito chain said higher menu prices helped boost its profit as it deals with increased labor and commodity costs.
- Mattel shot 6.3% higher. The toy maker raised its full-year sales outlook after posting better than expected third-quarter results, with strong sales continuing for key brands like Barbie and Hot Wheels.
- Whirlpool slid 3.3% after the appliance maker’s chief executive said shortages of dishwashers and refrigerators are likely to stretch well into next year, as supply-chain problems constrain production and consumer demand remains strong.
Chart of the Day
- A key measure of investors’ inflation expectations has climbed in recent weeks, adding fuel to concerns about lasting pressures on consumer prices.
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