McAfee, Square, PRA Health Sciences: What to Watch When the Stock Market Opens Today


Here’s what we’re watching before Wednesday’s trading action gets started.

U.S. stock futures edged higher as investors awaited fresh comments from

Jerome Powell

a day after the Federal Reserve chairman soothed unsettled markets.

Futures tied to the S&P 500 rose 0.2%, while contracts on the Dow Jones Industrial Average added 0.1%. Futures on the technology-heavy Nasdaq-100 rose 0.3%. Read our full market wrap.

What’s Coming Up

Earnings are due from

Lowe’s


LOW -2.22%

and

TJX Cos.


TJX 0.98%

before markets open.

Hostess Brands,


TWNK -1.81%

L Brands,


LB 0.65%

Rent-A-Center


RCII -0.61%

and

Fidelity National Financial


FNF 0.30%

will give updates after the close.

Federal Reserve Chairman Jerome Powell testifies on monetary policy before the House Financial Services Committee at 10 a.m. Livestream here.

U.S. new-home sales for January, due at 10 a.m., are expected to rise to an annual pace of 850,000 from 842,000 a month earlier.

Market Movers to Watch

PRA Health Sciences


PRAH 0.34%

shares jumped 24% ahead of the bell after drug and medical-device developer

Icon


ICLR 0.18%

agreed to acquire it.

—Cybersecurity firm

McAfee


MCFE -0.10%

‘s shares shot 11% higher premarket. It reported earnings after Tuesday’s close and said it was targeting $50 million in cost savings over the next 12 months after a recent restructuring.

Square


SQ -4.29%

shares dropped 4.3%, though the payments company reported a profit in its fourth quarter, which was lifted by its investment in

DoorDash.


DASH -2.57%

Toll Brothers


TOL 1.08%

shares added 1.8% premarket. The luxury homebuilder reported higher profit and sales for the fiscal first quarter as low mortgage rates, tight housing inventory and the pandemic helped boost demand.

Snap


SNAP 11.10%

shares added 1.3% premarket, building on gains that came during Tuesday’s investor presentation, KeyBanc raised its price target for the stock.

Intuit


INTU -0.61%

shares dropped 2% ahead of the bell. The maker of financial management tools TurboTax, QuickBooks and Mint posted lower profit in the recent quarter as costs and expenses rose, but it saw 11% revenue growth in its small business and self-employed group business.

TurboTax is among the financial tools produced by Intuit.



Photo:

Andrew Harrer/Bloomberg News

Market Fact

The Dow Jones Transportation Average added 0.2% on Tuesday, rising 21.69 points to 13403.11, a new record close.

Chart of the Day

This year’s furious rally in cryptocurrencies lost steam, knocking prices for bitcoin and ether from recent highs, alongside drops in other risky assets including tech stocks.

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