Stock futures pointing to modest losses on Wall Street
Stock futures are pointing to more losses in U.S. stock markets Wednesday after the major indices ended the previous session.
At around 5:20 a.m. ET, futures for the blue-chip Dow implied a loss of 132 points, or 0.38% to 34,959.
S&P 500 futures fell 13.50 points, or 0.30% to 4,505.75 while the tech-heavy Nasdaq 100 futures gave away 36.25 points, or 0.23% to 15,638.50.
On Tuesday, the Dow and S&P 500 finished the first day down 269.09 points and 15.40 points, respectively. The Nasdaq Composite ended 10.81 points higher to earn its 36th record high of the year.
Coinbase could face SEC punishment, company discloses
Coinbase (NASDAQ: COIN) has been alerted that the U.S. Securities and Exchange Commission could sue the cryptocurrency exchange over its proposed crypto lending program, the company disclosed Tuesday in a blog post.
In the blog post, Coinbase’s chief legal officer, Paul Grewal said SEC officials have issued the company with a Wells notice over its plan to launch a program dubbed ‘Lend’ that would allow users to earn interest by lending crypto assets.
According to the SEC website, a Wells notice is what the agency typically sends to an entity or a person to explain proposed charges and to give them a chance to explain their position.
Grewal said Coinbase expects to delay the launch of the product until October because of the regulatory check.
As of this writing, Coinbase stock was indicated $7.81, or 2.93% lower to $259.00 per share.
Bitcoin volatility recedes, reclaims $46K
In other cryptocurrency news, the price of bitcoin steadied early Wednesday after slumping nearly 20% to $43,000 on Tuesday, its lowest level since Aug. 7.
Bitcoin, the world’s most valuable cryptocurrency, was trading around $46,000 per coin, according to Coindesk data.
Rivals Dogecoin and Ethereum were trading around 24 cents and $3,350 per coin, respectively.
The losses that bitcoin suffered yesterday came after Reddit traders attempted to coordinate the purchase of the cryptocurrency to show support for El Salvador’s adoption of the coin as legal tender.
GameStop earnings eyed
Today’s earnings calendar includes meme-stock king GameStop (NYSE: GME) and Lululemon Athletica (NASDAQ: LULU).
Analysts expect GameStop to post a second-quarter loss of 66 cents per share on revenue of $1.12 billion after the market close.
Lululemon Athletica is seen reporting second-quarter earnings of $1.18 per share on revenue of $1.33 billion.
Other notable earnings to watch today include Avid Bioservices (NASDAQ: CDMO) and executive recruiter Korn Ferry (NYSE: KFY).
Apple expected to reveal its iPhone 13 lineup next week
Meanwhile, Apple (NASDAQ: AAPL) has confirmed a special event that will take place on Tuesday, Sept.14.
The tech giant Tuesday put out a short video, announcing the mid-September event, which is considered its most important of the year as millions of avid shoppers prepare to snap up new Apple products during the holiday shopping season.
Industry watchers expect Apple to unveil the new iPhone 13, the Apple Watch 7, a new 2021 iPad, and possibly a new pair of AirPods at the event.
