Qualcomm, Apple, Paypal, Zynga: What to Watch When the Stock Market Opens Today

 Qualcomm, Apple, Paypal, Zynga: What to Watch When the Stock Market Opens Today

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Here’s what we are watching as markets kick into gear Thursday.

Stock futures jumped, putting the S&P 500 on track to extend its sharpest rally in a week since April. Investors are cheering curbs on new regulations and diminished chances of higher taxes under a split Congress. Technology shares are likely to be the biggest winners for a second day. Read our full market wrap here.

What’s coming up. The Federal Reserve will release a policy statement at 2 p.m. ET, offering their latest view on how the economy is faring. Chairman Jerome Powell is likely to field questions on whether monetary policy can make up for any shortfalls in fiscal spending in coming months at his news conference at 2:30 p.m.

Breaking news. New claims for jobless benefits were little changed last week, showing layoffs stabilized at an elevated level even as virus cases surged in several states.

Qualcomm shares surged ahead of the market optimism as investors cheered its forecast for 5G chip sales.

Qualcomm shares surged ahead of the market optimism as investors cheered its forecast for 5G chip sales.

Photo: pau barrena/Agence France-Presse/Getty Images

Market Movers to Watch

Qualcomm
surged over 13% in offhours trading. The mobile-phone chip-making giant said it expects a surge in smartphones sales next year as consumers flock to 5G-capable devices such as Apple Inc.’s new iPhone 12. That helped lift its latest results.

Technology stocks are poised to extend their rally, led by market-heavyweights
Apple,
Microsoft,
Amazon.com,
Alphabet,
and
Facebook.

General Motors
surged over 5% before the market open after reporting third-quarter profit that leapfrogged Wall Street’s expectations.

PayPal Holdings
rose 3% before the opening bell, extending its 80% rally this year. An analyst at DZ Bank recommended investors buy the shares, and predicted its price would rise to $210 apiece. PayPal closed Wednesday at $194.29.

Zynga
dropped over 6% offhours. The game maker’s third-quarter revenue and forecast was boosted by two acquisitions, but it still reported a loss.

Tesla
rose 1.6% premarket, a day after the stock bucked the market trend to slide lower.

Alibaba Group Holding
‘s American depositary receipts dropped 4.1%. The Chinese technology company’s fiscal second-quarter profit fell 60%. Investors and shareholders are also still reeling from the abrupt suspension of its affiliant Ant’s blockbuster listing. 

Regeneron Pharmaceuticals
climbed 1.9% before the bell. The drugmaker’s third-quarter earnings exceeded analysts’ predictions. The company said it was making progress toward U.S. approval for its experimental Covid-19 treatment.

Linde
jumped 5.6% premarket after a measure of earnings beat analysts’ expectations. The company also raised its guidance for full-year profit.

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