Stock futures were rising Wednesday as the rebound in risk assets continued to gather steam.
These stocks were poised to make moves Wednesday:
Marvell Technology jumped 9.8% ahead of the opening bell after the chip maker beat Wall Street's third-quarter earnings and revenue targets and forecast stronger-than-expected growth for its data-center segment. Marvell also announced that it would be acquiring artificial-intelligence start-up Celestial AI in a cash-and-stock deal valued at approximately $3.25 billion.
CrowdStrike dropped 2.1%. The cybersecurity company narrowly topped analysts' estimates for its third-quarter earnings and revenue and issued solid fourth-quarter guidance. Investors may have been looking for an excuse to dump shares, which look a little overvalued: CrowdStrike has risen 130% since bottoming out in August 2024 -- it now fetches 79 times projected free-cash-flow-per-share for the next 12 months.
Crypto stocks were rallying, with Bitcoin up 7.2% to $93,003 over the past 24 hours as investors piled back into risk assets. Major Bitcoin holder Strategy advanced 2.5%, digital-asset exchange Coinbase Global added 2.4%, and online-trading platform Robinhood Markets climbed 1.4%.
American Eagle Outfitters gained 13% after the clothing retailer reported record sales and better-than-expected earnings in its fiscal third quarter. Same-store sales climbed 4% from a year ago, reflecting the success of recent marketing campaigns featuring the likes of Sydney Sweeney and Travis Kelce, which executives said had driven customer engagement and attracted new shoppers.
Asana was up 5% after the work management platform raised its fiscal-year outlook. Asana posted a wider-than-expected third-quarter loss, but topped Wall Street's revenue target.
Box dropped 6.1% after the cloud tools developer missed analysts' estimate for third-quarter adjusted earnings. That overshadowed a beat on revenue, which Box said was down to rising demand for its artificial- intelligence-powered content management platform.
GitLab tumbled 8.8% after the software-development tools provider's forecast for the current quarter came in slightly below Wall Street expectations. GitLab also swung to a loss for the third quarter even as it posted double-digit sales gains.
Okta slid 3.3% after the identity-security company beat analysts' targets for third-quarter earnings and revenue, but didn't provide guidance for the next fiscal year.
Pure Storage slumped 12% after the data storage company's third-quarter earnings met analysts' expectations. Pure Storage's profit fell from a year ago as operating costs rose across the board.
Discount retailer Dollar Tree and department-store chain Macy's are scheduled to report earnings ahead of Wednesday's opening bell. AI company C3.ai, software company Salesforce, cloud data platform provider Snowflake, and software company UiPath are all due up after the close.