Stocks choppy, Dick’s Sporting Goods warns, Durable Goods soft: LIVE UPDATES
Durable Goods fall from prior month
Durable Goods for April came in below estimates rising 0.4% month-over-month less than the prior read of 1.1%. Ex-transports orders rose 0.3% also less than the 1.4% from the prior month.
Dick’s Sporting Goods Dinged
Dicks Sporting Goods Inc.
Shares of Dick’s Sporting Goods are falling in pre-market trading after reporting a 8.4% same-store sales drop and forecasting 2022 profits of between “$9.15 to 11.70 on a non-GAAP basis” below the $13.10 prior target.
Amazon’s stock split coming?
Stock futures choppy ahead of retail earnings, Fed minutes
equity futures traded mixed on Wednesday morning following a day in which stocks struggled on weak U.S. housing sales and a profit warning from a prominent social media brand. Retailers will continue to report earnings including Dick’s Sporting Goods, Express, Williams-Sonoma and Guess.
Musk, Twitter ‘fireworks’ could come at annual shareholder meeting: analyst
Tesla CEO Elon Musk
and Twitter’s board are expected to square-off at the social media giant’s annual shareholder meeting on Wednesday. Though Twitter’s board has accepted Musk’s $54.20 per share offer to take the company private, the deal is now temporarily on hold as the billionaire has asked the company to show how it calculates an internal estimate that spam and fake accounts make up less than 5% of the platform’s users.
Gasoline at $4.60 per gallon
The average price for a gallon of gasoline in the U.S. barely rose Wednesday to $4.599, according to the latest numbers from AAA. The price on Tuesday was $4.598. The price of diesel actually slipped a bit to $5.544 from $5.549.
Oil prices climb on prospects for tighter supply
Oil prices traded higher Wednesday morning, boosted by tight supplies and ahead of the start of the U.S. summer driving season. U.S. West Texas Intermediate (WTI) crude futures traded above $110 a barrel. Brent crude futures were around $114 a barrel. Data from the U.S. government on stockpiles were expected on Wednesday.
Bitcoin adds to recent gains
Bitcoin was trading higher Wednesday morning around the $30,000 level. The cryptocurrency
has gained in three of the past four days. Bitcoin remains off more than 23% month-to-date and down more than 36% year-to-date. Other cryptocurrencies were trading mixed. Ether was around $2,000 and Dogecoin was around 8 cents.