U.S stock futures were trending higher on Wednesday as investors continued to digest additional sanctions on Russia. The latest developments have seen the U.S. ban Russian flights from using its airspace.
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Dow futures (DJIA) were up 0.63%, S&P futures (SPX) were up 0.66%, and Nasdaq futures (NDX) were up 0.65% at the time of writing.
On the economic front, data shows U.S. manufacturing activity picked up more than expected in February as COVID-19 infections subsided. Construction spending also surged. Data showing that the U.S economy is accelerating is helping offer support to equities amid fears triggered by the geopolitical tensions in Europe.
Corporate Earnings
Abercrombie Fitch (ANF), Dine Brands Global Inc. (DIN), and VersaBank (VBNK) are set to report their quarterly results before the bell. Velo3D (VLD), Signify Health (SGFY), and Marchex (MCHX) are set to report their quarterly results after the market close.
Market News
DoorDash, Inc. (DASH) has reached an agreement to acquire hospitality technology startup Bbot. The financial terms of the deal remain under wraps. The acquisition should strengthen its push to provide restaurateurs’ food and beverage venue operators with more solutions for their in-store and online channels. Bbot’s best-in-class features should help DoorDash support the ever-growing range of merchant needs.
Apple (AAPL) has suspended the sale of its products in Russia following the country’s invasion of Ukraine. The products are currently listed as “unavailable” in Apple’s online store in Russia. The tech giant has also removed RT News and Sputnik News from the app store and limited access to Apple Pay and other services.
Halliburton Company (HAL) has opened its first chemical reaction plant in Saudi Arabia’s PlasChem Park in Jubail to cater to growing needs in the oil and gas industries. The new facility is expected to strengthen the company’s presence in the Middle East and strengthen its capacity to produce a diverse range of chemicals.
Domino’s Pizza (DPZ) delivered disappointing Q4 2021 and full-year results characterized by earnings and revenue missing estimates. Revenue in the quarter was down $13.4 million year-over-year to $1.34 billion, falling short of consensus estimates of $1.39 billion. Diluted earnings per share were up 22.8% year-over-year to $4.25, missing consensus estimates of $4.30 a share.
Shares of Lordstown Motors (RIDE) fell 19.9% after the full-sized electric pickup truck delivered a disappointing Endurance vehicles production outlook. However, the company posted better-than-expected Q4 earnings results. Adjusted loss in the quarter landed at $0.42, lower than the estimated loss of $0.73. The company is projecting production and sales of 500 units in 2022, down from the initial guidance of 2,000 Endurance pickups.
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