Eyes on April CPI data
U.S. stock futures were strong on Wednesday morning, implying stocks would open in the green territory, following a mixed session on Tuesday.
All eyes will be on today’s consumer inflation reading, due out at 8:30 a.m. ET.
Economists polled by the Wall Street Journal expect consumer price index (CPI) rose 0.2% last month, decelerating from 1.2% in March.
On a year-over-year basis, CPI is expected to have increased 8.1% in April, compared to 8.5% in the same month last year.
Excluding volatile categories food and energy prices, CPI is likely to have risen 0.4% last month, faster than the 0.3% gain reported in March.
As of 5:40 a.m. ET, Dow futures were indicated 279 points, or 0.87% higher to 32,366. S&P 500 futures jumped 42.75 points, or 1.07% to 4,039.50 while the tech-dominated Nasdaq 100 futures rallied 158.25 points, or 1.28% to 12,507.25.
Major earnings to watch today include Disney (NYSE: DIS), Beyond Meat (NASDAQ: BYND), and Rivian (NASDAQ: RIVN)
Coinbase down 15% premarket after Q1 earnings miss
Shares of Coinbase (NASDAQ: COIN) fell in the premarket trading session on Wednesday after the company reported first-quarter results late Tuesday that were below what analysts had projected.
The cryptocurrency exchange had a loss of $429.7 million, or $1.98 a share in quarter. Revenue, the majority of which come from trading fees, dropped 35% on year-over-year basis to $1.2 billion.
Analysts polled by FactSet had forecast a loss of 1 cent a share on revenue of $1.5 billion.
Coinbase, which made its public debut in April 2021, sees its total trading volume and number of monthly transacting users (MTUs) declining in the current quarter from Q1 levels.
At the time of writing, Coinbase shares were marked 15.48%, or $11.30 lower to 61.69 apiece. The stock closed ended Tuesday’s regular session at $72.99 a share.
EA ends multidecade video game partnership with FIFA
Electronic Arts (NASDAQ: EA) has announced that it would be cutting ties with FIFA after the next game in the hugely popular franchise is released this fall.
EA and the world’s soccer governing body first made an agreement in 1993 that will expire at the end of this year.
The video game maker said on Tuesday that it would create a new soccer brand known as “EA Sports FC,” after the two sides failed to agree on a new licensing deal.
EA expects the new brand to benefit from the over 150 million players that the company has won through its FIFA games.
EA already has deals with MLS, Premier League, La Liga, Serie A, Bundesliga, UEFA Champions League, UEFA Europa League, and CONMEBOL Libertadores, among others. All of these leagues are expected to be part of EA Sports FC.
