At the start of trading on Tuesday, the futures showed a big rise as investors got ready for the Federal Reserve’s rate announcement the next day. The following are a few stocks to watch when trading begins:
Stocks to watch
- In premarket trading, Uber (NYSE:UBER) rose more than 10% as investors dismissed a larger-than-expected loss in favor of the company’s record-breaking revenue. The ride-hailing service reported top-line revenue of $8.3 billion, a 72% increase from the prior year. In the meantime, adjusted EBITDA increased to $516 million.
- In premarket trade, Pfizer (NYSE:PFE) advanced. The overall results and bottom line of the pharmaceutical company’s quarterly results were better than expected, even though revenue was down by 6% from the same time last year. This occurred as COVID-related product sales were declining. Revenue increased by 2% operationally when Paxlovid and Comirnaty were excluded. PFE also provided a positive sales outlook, aiming for full-year revenue of $99.5 billion to 102 billion dollars, versus a consensus of $99.56 billion among analysts.
- Following its quarterly report, rival drugmaker Eli Lilly (NYSE:LLY) lost ground. Prior to the opening bell, shares fell more than 1%. With its Q3 results, the company did better than expected, but it lowered its outlook for the whole year because currency exchange could have more negative effects.
- A mixed Q3 earnings report from Molson Coors (NYSE:TAP) was released. The company’s revenue was better than expected, growing by 4% from the year before to reach $2.9 billion. However, the company’s earnings fell short of expectations.
- Following the closing bell, AMD (NASDAQ:AMD) will release its quarterly results. The manufacturer of semiconductors anticipates normalized EPS of $0.70 and revenue of $5.65 billion. The firm’s advice will be sought by investors, particularly in light of the weak PC market.
For more information about the market as a whole, Strategas says that the dovish tilt of the Federal Reserve is still not trusted by the interest rate markets.
Featured Image – Megapixl © Arturszczybylo
Author Jowi Kwasu 
