Social Buzz: Wallstreetbets Stocks Mostly Higher Premarket Wednesday; Trump Media & Technology Group, Tesla Lead Gainers
Market Overview
U.S. stock futures were mostly higher in premarket trading on Wednesday, as investors digested a slew of corporate earnings and awaited key economic data later in the week.
The Dow Jones Industrial Average was up 0.2%, or 60 points, to 34,030. The S&P 500 was up 0.3%, or 12 points, to 4,140. The Nasdaq Composite was up 0.4%, or 55 points, to 12,130.
The gains came amid a relatively quiet day for economic news. Investors are awaiting the release of the latest consumer price index (CPI) data on Thursday, which will provide fresh insight into the level of inflation in the U.S. economy.
Stocks in Focus
Among the stocks in focus on Wednesday, Trump Media & Technology Group (TMTG) was up more than 10% in premarket trading. The social media company, which is backed by former President Donald Trump, announced on Tuesday that it had raised $1 billion in funding.
Tesla (TSLA) was also up more than 10% in premarket trading. The electric car maker reported better-than-expected earnings and revenue for the fourth quarter on Tuesday.
Other notable gainers in premarket trading included:
- GameStop (GME): up 5%
- AMC Entertainment (AMC): up 4%
- Bed Bath & Beyond (BBBY): up 3%
Analyst Commentary
"The market is taking a breather today after a strong rally yesterday," said Edward Moya, senior market analyst at Oanda. "Investors are digesting a slew of corporate earnings and awaiting key economic data later in the week."
"The CPI data on Thursday will be a key focus for investors," added Moya. "A hotter-than-expected reading could reignite concerns about inflation and lead to a sell-off in the market."
