The Market News Today: U.S. Futures Rise on FedEx, Rivian Gains

Stock Futures Rise; FedEx, Rivian, Nvidia Boost Market Sentiment

Stock futures rose Wednesday as the S&P 500 rebounded. FedEx surged 14% post-earnings, while Rivian Automotive soared 48% after Volkswagen’s $5 billion investment announcement. Nvidia’s 7% jump helped end three days of declines for the S&P 500 and Nasdaq. Analysts remain optimistic about market breadth. Wall Street now focuses on Friday’s inflation data release. Quarterly results from General Mills and Paychex are due Wednesday morning, with Micron Technology reporting earnings in the afternoon.

Rivian and FedEx See Major Stock Gains on Investment, Earnings Beat

Rivian surged over 50% after Volkswagen announced a $5 billion investment. The deal aims to boost Rivian’s production and achieve cash flow positivity. Meanwhile, FedEx shares soared more than 15% post-market as it reported strong fiscal fourth-quarter earnings and revenue, exceeding analysts’ expectations. FedEx also emphasized cost-cutting measures and a $4 billion savings target by fiscal 2025. Both companies aim for strategic growth amid market challenges, with Rivian focusing on EV production and FedEx enhancing operational efficiency.

Micron Technology’s Earnings Poised for Upside

Micron Technology (MU) shares have surged over 60% this year. Wedbush analyst Matt Bryson, rating the stock as Outperform, raised his price target to $170, indicating a 22% upside. Bryson cites higher-than-expected average selling prices for memory chips as a key driver. Analysts predict earnings of 51 cents per share and a 77.6% YoY revenue increase to $6.7 billion for Micron’s fiscal third quarter, which reports after Wednesday’s close.

Treasury Yields Rise as Fed Officials Signal Rate Decisions

U.S. Treasury yields increased Wednesday as investors assessed Federal Reserve comments and awaited key economic data. Fed Governor Michelle Bowman indicated rate cuts are premature and left the door open for further hikes if inflation stalls. Governor Lisa Cook predicted little inflation change this year but sharper decreases in 2025. Investors anticipate economic reports including the PCE price index on Friday, durable goods orders, pending home sales, weekly jobless claims, and the final Q1 GDP reading.

Cryptocurrencies Rebound; Bitcoin, Solana Lead Gains

Cryptocurrencies broadly rose Tuesday, recovering from Bitcoin’s dip below $60,000. Bitcoin climbed over 3% to $62,103.90, while Solana led the market, jumping 8% after an update announcement. Ether gained 3%, and other Ethereum rivals like Cardano and Polkadot saw significant gains. Analyst Ben Kurland noted Solana’s news as a positive driver for altcoins. Stocks like Coinbase and MicroStrategy also rose, up 4% and 9%, respectively.