Futures are edging down ahead of a wave of economic data and the release of minutes from the Federal Reserve’s recent meeting. Here’s what we’re watching in Wednesday’s trading:
- Gap shares sank 20% ahead of the bell. The clothing retailer said its brands were unable to meet strong demand from shoppers as continued fallout from Covid-19 outbreaks led to factory closures and clogged ports.
- Nordstrom plunged 27% premarket. The retailer’s earnings for the third quarter missed analysts’ forecasts. Jefferies cut its rating and price target for the stock.
- Autodesk fell 14% premarket after the software maker narrowed its revenue and profit guidance and lowered its billings outlook for the year.
- Dell added 2.3%. The technology company said it had its strongest-ever third quarter, with sales of $26.4 billion and net income of $3.9 billion.
- HP jumped 6.6%. The computer maker reported strong earnings and gave an upbeat outlook, aided by office reopenings and an expectation for healthy consumer demand through the holiday shopping season despite supply shortages.
- VMware slipped 1.3%. The company reported increased third-quarter sales, beating analysts’ estimates, as companies continued to demand cloud software and services.
- Earnings are due from Deere before the open.
Chart of the Day
- Turkey’s economic crisis entered a tumultuous new phase, with its currency plunging to a record low and President Recep Tayyip Erdogan preparing to meet the leader of a regional rival in search of foreign investment.
Write to James Willhite at email@example.com