Shares will fall after Tuesday’s trend reversal on Wall Street

US equity futures fell on Wednesday, a day after Wall Street’s wild ride in which the Nasdaq recovered almost all of a loss of nearly 4% to close at just 0.5%. The S&P 500 reversed a 1.8% decline to close slightly, snapping a five-session losing streak. The Dow Jones Industrial Average eliminated a drop of 360 points, or more than 1%, to close modestly higher for the third consecutive session. (CNBC)

* Top analyst calls of the day: Square, Snap, Mattel, American Eagle (CNBC)

Tuesday’s sea change, especially in tech stocks, came after Federal Reserve Chairman Jerome Powell told the Senate Banking Committee that inflation remains “soft” and that the economic outlook remains “very uncertain “due to the pandemic. That eased fears of a central bank policy change. Powell will appear before the House Financial Services Committee on Wednesday. (CNBC)

* Treasury yields rise slightly ahead of Powell’s second round on Capitol Hill (CNBC)

On today’s economic calendar, the government publishes January new home sales at 10 am ET, with forecasts calling for a 0.9% gain at an annual rate of 850,000 units. New home sales increased 1.6% in December. (CNBC)

* Mortgage applications fall 11% as rates rise and Texas cuts reduce demand (CNBC)

Lowe’s shares rose 2% in premarket trading after the home improvement retailer said Wednesday its fourth-quarter same-store sales rose 28% as consumers spent more on projects. for the home during Covid. Adjusted quarterly earnings of $ 1.33 per share on revenue of $ 20.31 billion beat expectations. (CNBC)

Tesla’s (TSLA) recovery in pre-market trading moderated after making a major comeback on Tuesday. At one point, when bitcoin prices plunged, the stock fell 13%. Tesla recently revealed an investment in bitcoin. By Tuesday’s closing bell, it recovered most of those losses to end just 2.2% lower. (CNBC)

* Cathie Wood bought one more ton of Tesla in Tuesday’s trade, possibly sparking a trade (CNBC Pro)
* High-profile SPAC rebounds after crumbles on plan to merge with Tesla rival Lucid (CNBC)

Bitcoin rose again above $ 50,000 on Wednesday, after a big sell-off earlier this week. Bitcoin is up more than 70% to date and more than 400% in the last 12 months. Square (SQ) said Tuesday that it bought $ 170 million in bitcoin. The fintech firm led by Twitter CEO Jack Dorsey bought the world’s largest cryptocurrency for $ 50 million last year. (CNBC)

MicroStrategy (MSTR) was up 6% in pre-market trading as Bitcoin made a comeback. The business analysis company has approximately $ 4.5 billion in bitcoin, including more than $ 1 billion worth of it that was revealed in a press release today. Shares tumbled 21% on Tuesday after bitcoin prices fell. (CNBC)

* MicroStrategy CEO says bitcoin will one day have a market value of $ 100 trillion (CNBC)
* Brinks CEO: Cash Usage Has Increased Amid Pandemic (CNBC)

FDA staff approved Johnson & Johnson’s Covid-19 vaccine for emergency use, a critical step in bringing a third injection to the U.S. market. The staff report is intended to inform the FDA’s Advisory Committee on Vaccines and Related Biologics, which will meet Friday to review J & J’s application for emergency use authorization. (CNBC)

GameStop CFO Jim Bell will step down next month. A source told Reuters that Bell’s departure was unrelated to the recent sharp swings in GameStop shares fueled by Reddit. However, the source said that his departure was initiated by GameStop, in a sign that he was not considered the right candidate as the retailer moved into a technology-oriented business.

* Tenev de Robinhood faces Portnoy de Barstools for the GameStop saga (MarketWatch)
* Michael Bolton sings about order flow checkout in ‘invest in social media’ video (The Verge)

The FAA ordered immediate inspections of Boeing (BA) 777-200 aircraft powered by Pratt & Whitney PW4000 engines before conducting more flights after an engine failed on a United (UAL) flight on Saturday. United had temporarily grounded its fleet prior to the FAA announcement. Boeing said it supported the latest FAA inspection guide. (Reuters)

President Joe Biden is preparing to sign an executive order to review US supply chains for large-capacity batteries, pharmaceuticals, critical minerals, and semiconductors that power cars, phones, military equipment, and other goods. (AP)

A luxury SUV driven by Tiger Woods crashed and flipped over Tuesday morning in Southern California, leaving the golf superstar seriously injured. Woods is “awake, responsive and recovering in his hospital room” after undergoing emergency surgery, according to a statement posted on his Twitter account. Last month, Woods revealed that he had “recently” undergone another back surgery. (CNBC)

Casper Sleep (CSPR): Casper Sleep lost 37 cents a share in its latest quarter, 2 cents a share more than analysts had anticipated. However, the mattress retailer posted better-than-expected revenue, and its shares were up 4.6% in the previous market.

Six Flags (SIX): The theme park operator lost $ 1 a share in its latest quarter, more than the 89 cents a share that analysts had been anticipating. Revenues were well above estimates, as was spending per guest. Six Flags said it is focusing on opening all of its parks by the 2021 season and expects significant profit growth once the operating environment becomes more normal.

ODP Inc. (ODP): Office Depot’s parent stock was up 1.1% on premarket stock, despite missing final results in its latest quarterly report. ODP earned 55 cents a share, compared to a consensus estimate of 83 cents a share, but earnings were slightly above analysts’ forecasts.

Bausch Health (BHC) – The pharmaceutical and medical products manufacturer announced an agreement with investor Carl Icahn, adding Brett Icahn and Steven Miller of Icahn Capital to the board of directors. Icahn owns 7.83% of Bausch Health.

Toll Brothers (TOL): Toll Brothers gained 76 cents a share in its latest quarter, compared to a consensus estimate of 47 cents a share. The luxury home builder’s revenue also beat forecasts. Toll Brothers also raised the bar for a variety of key metrics, with strong demand and low home inventories, and its shares were up 1.4% pre-market.

Intuit (INTU): Intuit stock fell 2.3% pre-market after reaching 23 cents a share below estimates, with a quarterly profit of 68 cents a share. The financial software maker’s revenue was also lower than Street’s projections. The company behind TurboTax and QuickBooks predicted an upbeat current quarter, which includes tax filing season.

Everton football club’s ambitious project to build a stadium on Liverpool’s waterfront is one step closer to becoming a reality after its planning request was unanimously approved by the local authority. The vision of the English Premier League team’s new home incorporates a range of features and technologies focused on energy efficiency and the environment. (CNBC)