MARKET NEWS: Futures up, Oil slides, Bitcoin at $23,000


U.S. stock futures traded higher on Wednesday morning after losses in the previous session as political tensions were front and center during House Speaker Nancy Pelosi’s visit to Taiwan.

Major futures indices point to a 0.2% gain at the start of trading.

Beijing announced a ban on imports of some Taiwanese products, but no immediate major sanctions after Pelosi’s arrival.

Oil prices fell Wednesday morning ahead of an OPEC+ producers’ meeting on fears of slowing global growth hitting fuel demand. West Texas Intermediate crude was trading around $93.00 a barrel. Brent futures were around $99.00 a barrel.

PayPal shares rise 10% in premarket trading. The online payments company has entered into an information-sharing agreement with activist investor Elliott Investment Management to assess capital return alternatives.

PayPal reported net revenue of $6.8 billion, up 9% year-over-year in the second quarter, and a net loss of $341 million, or 29 cents per diluted share. Last year, the company posted net income of $1.18 billion, or $1.00 per diluted share.

Airbnb shares fell more than 7% in premarket trading after the company issued a weaker-than-expected outlook that overshadowed otherwise strong results.

Another busy day ahead for profits, with a big focus on healthcare. We’ll hear from CVS Health, AmerisourceBergen, Moderna, and Regeneron Pharmaceuticals before the opening bell. Also keep an eye out for hotels and casinos MGM Resorts, online auctioneer Ebay and household products maker Clorox, to name a few.

On the economic calendar, traders will be watching data on the services sector and manufacturing orders.

In Asia, the Shanghai Composite Index lost 0.7%, the Nikkei 225 in Tokyo rose 0.5% and the Hang Seng in Hong Kong gained 0.4%.

Wall Street’s benchmark S&P 500 index fell 0.7% on Tuesday after the Labor Department said U.S. employers posted fewer job openings than expected in June following interest rate hikes. interest in calming soaring inflation.

The S&P 500 fell to 4,091.19. It is down almost 1% this week. The Dow Jones Industrial Average fell 1.2% to 32,396.17. The Nasdaq composite slipped 0.2% to 12,348.76.


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