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Wall Street will be watching the minutes of the Federal Reserve’s latest meeting as traders return from the Independence Day holiday.
The time of dreams
Stock futures were lower on Wednesday as Wall Street returned from the Independence Day holiday with weak data on services activity in China that rattled sentiment. Later in the trading day, investors will follow the minutes of the Federal Reserve meeting in June.
These stocks were set to move on Wednesday:
Amazon.co.uk
(AMZN) is down 0.6% pre-market and
Microsoft
(MSFT) fell 0.7% following a Wall Street Journal report that the United States was preparing to restrict Chinese companies’ access to American cloud services. If adopted, the rule would likely require
Amazon
And
Microsoft
to seek US government approval to provide cloud services using advanced artificial intelligence chips to Chinese customers, the Journal reported.
The Biden administration’s move would follow China’s announcement on Monday that it was restricting exports of gallium and germanium, components critical to semiconductor production.
Rivian Automotive
(RIVN) rose 3.5% after the electric vehicle maker’s second-quarter production nearly tripled. Rivian manufactured 13,992 electric vehicles during the period and sold 12,640 units. The title gained more than 17% on Monday, the day of the publication of the production figures.
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(TSLA) fell 0.9% in premarket trading. Shares jumped 6.9% on Monday after the company delivered a record number of electric vehicles in the second quarter and swept away expectations.
netflix
(NFLX) gained 1% to $446.01 in premarket trading as shares of the streaming giant were upgraded to Neutral from Sell by Goldman Sachs analysts, who also raised the price target by the stock at $400 from $230, the Fly reported.
netflix
publishes its second quarter results on July 19.
Coinbase global
(COIN) fell 2.4% to $78 in premarket trading after shares of the crypto trading platform were downgraded to neutral from overweight to
Piper Sandler
.
The price target was lowered to $60 from $65.
Shares of
Metaplatforms
(META) fell 0.5% in premarket trading as the company is set to launch a microblogging service to rival Twitter.
Meta
‘s Threads is slated for release on Thursday.
Write to Joe Woelfel at joseph.woelfel@barrons.com