U.S. stock futures fell Wednesday, amid fears the upcoming Federal Reserve policy-setting meeting will signal interest rates being held at elevated levels for a longer time.
Here are some of the biggest premarket U.S. stock movers today:
Amazon (NASDAQ:AMZN) stock rose 1.7% after the e-commerce and tech giant’s first-quarter earnings beat estimates. However, gains were limited as its revenue forecast disappointed, as the e-commerce giant forecast increased costs on AI spending. despite the beverage giant reporting
Advanced Micro Devices (NASDAQ:AMD) stock fell over 7% after the chipmaker said it expects AI chip sales of roughly $4 billion for 2024, an increase of $500 million from its prior estimate for the year. However, this was not enough to meet Wall Street's lofty expectations.
Super Micro Computer (NASDAQ:SMCI) stock fell 13% after the chipmaker's forecast of $4 billion in AI chip sales for 2024 fell short of elevated expectations. Starbucks (NASDAQ:SBUX) stock dropped 12% after its first quarter profit missed expectations, while its revenue weakened on worsening demand in North America and China.
Kraft Heinz (NASDAQ:KHC) stock fell 3.9% after the food giant missed expectations for first-quarter sales, as inflation-weary consumers pushed back on higher prices of its products.
Pfizer (NYSE:PFE) stock rose 1% after the drugmaker tops first-quarter expectations, and boosts its full-year outlook.
Yum! Brands (NYSE:YUM) stock fell 5.7% after the restaurant group reported a surprise fall in quarterly global same-store sales, hurt by choppy demand for its KFC and Pizza Hut brands from inflation-weary consumers. Estee Lauder (NYSE:EL) stock fell 5.9% after the beauty products company as its earnings and revenue topped consensus expectations, but guidance fell short of consensus estimates. Marriott International (NASDAQ:MAR) stock fell 1.7% despite the hotel operator raising its forecast for annual adjusted profit on Wednesday, noting that domestic U.S. travel is normalizing after the post-COVID surge. .
Pinterest (NYSE:PINS) stock surged 16% after the social media firm forecast second-quarter revenue above Wall Street estimates.
CVS Health (NYSE:CVS) stock slumped 11% after the pharmacy chain reported a decline in first-quarter profits and slashed its full-year earnings outlook.
New York Community Bancorp (NYSE:NYCB) stock rose 15% after the commercial real estate-focused lender reported a loss for the first quarter, as it set aside more funds to cover possible defaults.
