FedEx shares jumped 13% premarket on Wednesday after the delivery giant reassured investors with a largely upbeat annual profit forecast and said it would weigh options for its less-than-truckload business that one analyst valued at $30 billion.
Cheerios cereal maker General Mills posted a bigger-than-expected drop in quarterly sales on Wednesday, as cash-strapped consumers cut back on its higher-margin products and turned to cheaper alternatives.
Rivian Automotive surged 36% premarket on Wednesday after a $5 billion investment from Volkswagen offered the loss-making startup more firepower to scale production in a slowing electric-vehicle market.
Southwest Airlines on Wednesday lowered its second-quarter forecast for revenue per available seat miles (RASM), a proxy for pricing power, citing uneven travel demand.
UBS is pushing the Swiss government to clarify how much more the bank will need to hold in capital buffers after buying Credit Suisse, amid concerns the talks will drag on for months, unnerving investors, sources familiar with the matter said.
U.S. Federal Reserve Governor Michelle Bowman on Wednesday reiterated her baseline view that “inflation will decline further with the policy rate held steady,” and that rate cuts will “eventually” be appropriate if inflation does move sustainably toward 2%.
Futures for the Nasdaq advanced on Wednesday as Nvidia and other chip stocks continued to regain momentum, while those tracking the Dow edged lower ahead of a key inflation reading this week.
Private equity giant Blackstone has agreed to buy British hotel operator Village Hotels, the company said on Wednesday, part of a wider investor push into the hospitality sector as it outperforms the broader commercial property market.
Perhaps the most famous one-liner in a presidential debate, Ronald Reagan’s “Are you better off than you were four years ago?” question to voters in his match with Democratic incumbent Jimmy Carter in October 1980, came as high inflation pummeled consumers’ spending power and captured a general malaise about the economy.
