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Nike Inc jumped 12.6% in premarket trading after it reported its
best quarterly revenue growth in more than a decade barring one
quarter and handily beat profit expectations, as North American
shoppers rushed to stock up on sneakers and sportswear before
the holidays.
FedEx Corp, which sparked a market selloff in September by
pulling financial forecasts, rose 4.7%, after the delivery
company said it will slash an additional $1 billion in costs.
"We had some better news from the likes of Nike yesterday, which
suggested that consumer sentiment and spending was holding up,"
said Stuart Cole, head macro economist at Equiti Capital.
"With equities so low, and having suffered so much this year, I
think investors are increasingly willing to jump onto any
glimmers of hope that the worst may be behind us now."
Wall Street's main indexes closed slightly higher on Tuesday,
following early losses as Treasury yields jumped after the Bank
of Japan's surprise monetary policy tweak.
Fears about the U.S. central bank's plan to keep raising
interest rates have weighed heavily on equities since its policy
meeting last week, despite signs of cooling inflation.
December's consumer confidence survey due at 10 a.m. ET is
expected to show a marginal improvement in business conditions
at 101.0 from 100.2 a month ago, while existing home sales are
expected to fall 5.4% in November, lower than the 5.9% fall a
month ago.
Other data expected through the week on core inflation and the
labor market will likely determine the future course of interest
rate hikes by the Fed.
At 6:10 a.m. ET, Dow e-minis were up 233 points, or 0.7%, S&P
500 e-minis were up 20 points, or 0.52%, and Nasdaq 100 e-minis
were up 47 points, or 0.42%.
Tesla Inc's shares added 1.9% after tumbling to a fresh two-year
low in the previous session. Billionaire Elon Musk said he will
step down as Twitter CEO once he finds a replacement.
Market volumes are expected to decline this week before the
Christmas and New Year holidays.
(Reporting by Shubham Batra and Amruta Khandekar in Bengaluru;
Editing by Shounak Dasgupta)
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