Ford, BP, Tesla, Moderna rise premarket; Spirit Airlines, Nio fall
Investing.com -- U.S. futures traded marginally lower Wednesday, as investors cautiously awaited the release of consumer inflation data which could provide clues as to future Federal Reserve monetary policy.
Here are some of the biggest premarket U.S. stock movers today:
Apple (NASDAQ: AAPL) stock fell 0.1% the day after the tech giant revealed four new iPhone models at its annual hardware refresher, but refrained from launching major updates to the flagship device's design or software.
Ford (NYSE: F) stock rose 1.5% after the auto giant announced plans to double production of hybrid F-150 pickup trucks in 2024, accelerating the pivot toward gas-electric powertrains as a hedge against reluctance among U.S. truck buyers to go all-electric.
BP (NYSE: BP) ADRs rose 1.7% after CEO Bernard Looney resigned after less than four years in the oil major's top job for failing to fully disclose details of past personal relationships with colleagues, casting doubt on the company’s future policies.
Spirit Airlines (NYSE: SAVE) stock fell 3.9% after the low-cost carrier lowered its third-quarter revenue outlook to account for increased fuel prices.
Moderna (NASDAQ: MRNA) stock rose 4.1% after the drug maker announced it was scaling down manufacturing of its COVID-19 vaccine, an updated version of which was approved this week by U.S. regulators, to help it sooner hit its target of 75% to 80% gross margin growth.
Tesla (NASDAQ: TSLA) stock rose 1.1% after India’s commerce minister said the EV manufacturer plans to source components worth $1.7-$1.9 billion from India this year, amid plans to set up a factory in the country.
Oracle (NYSE: ORCL) stock fell 0.3% after JPMorgan downgraded its stance on the computer software company to ‘neutral’ from ‘overweight’, citing its soft second-quarter revenue guidance.
Nio (NYSE: NIO) ADRs fell 2.1%, Li Auto (NASDAQ: LI) fell 1.0% and Xpeng (NYSE: XPEV) dropped 3.3% after the European Commission announced an anti-subsidy probe into Chinese electric vehicles.
Amazon (NASDAQ: AMZN) stock fell 0.3% after the e-commerce giant announced plans to invest over $440 million over the next year to boost wages for its contracted delivery employees.