STOCK MARKET NEWS: eBay shares rise, Clorox falls, Nasdaq leads rally, Ford shares rise

U.S. equity futures were higher on Wednesday morning, after losses in the previous session, as political tensions focused on House Speaker Nancy Pelosi’s visit to Taiwan .

Major index futures suggest a gain of 0.2% as trading begins.

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

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

PayPal shares are up 10% in premarket trading. The online payments company has signed an information sharing agreement with activist investor Elliott Investment Management to evaluate capital return alternatives.

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

Shares of Airbnb fell more than 7% in premarket trading after the company issued weaker-than-expected guidance that overshadowed otherwise strong results.

Another busy day for earnings is coming up, with a big focus on health care. We’ll hear from CVS Health, AmerisourceBergen, Moderna and Regeneron Pharmaceuticals before the opening bell. Also look at hotel and casino games MGM Resorts, online auctioneer Ebay, and household goods manufacturer Clorox, to name a few.

In the economic calendar, traders will be watching data from the services sector and manufacturing orders.

In Asia, the Shanghai Composite lost 0.7%, Tokyo’s Nikkei 225 rose 0.5% and Hong Kong’s Hang Seng added 0.4%.

Wall Street’s benchmark S&P 500 lost 0.7% on Tuesday after the Labor Department said US employers posted fewer job openings than expected in June following rate hikes of interest to cool the rising inflation.

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


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About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!