Stock futures rise as Wall Street tries to recover from Tuesday’s losses: Live updates

Stock futures rise as Wall Street tries to recover from Tuesday’s losses: Live updates


China consumer prices in July fall for first time in over 2 years

China’s consumer price index fell for the first time in over two years, posting a 0.3% year-on-year drop in July, but rose 0.2% month-on-month.

Economists polled by Reuters expected July CPI to drop 0.4% compared to a year ago.

Producer price index slumped 4.4% year-on-year, more than the Reuters poll of 4.1%. That’s compared to a 5.4% decline in June.

The offshore yuan strengthened slightly against the greenback after the announcement, trading at 7.2257.

— Lim Hui Jie, Evelyn Cheng

Nikon shares tumble 17% as net profit drops by almost 80% year-on-year

Shares of Japanese optics and imaging manufacturer Nikon tumbled as much as 17% on Wednesday, and was the biggest loser on the Nikkei 225.

The company posted a 78.3% year-on-year plunge in net profit for its first quarter, at 2.58 billion yen ($18 million) in the three months ended June.

Operating profit plunged 78.6% to 3.29 billion yen, while first quarter revenue increased to 158.15 billion yen, an 8.6% increase year-on-year.

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South Korea unemployment rises for second straight month to 2.7%

The unemployment rate in South Korea climbed to 2.7% in July, up from 2.6% the previous month, but down 0.2 percentage points compared to the same period last year.

Government data showed the number of unemployed persons stood at 807,000 thousand people in July, a 3.5% drop year-on-year.

South Korea’s employment to population ratio was at 63.2% in July, up 0.3% percentage points year-on-year.

— Lim Hui Jie

Behind the decline in Lyft shares could be lackluster fourth-quarter guidance

Lyft shares dropped about 7% in extended trading Tuesday after the release of the ride-hailing company’s latest quarterly results.

The stock initially jumped 14% after Lyft posted second-quarter earnings results that beat analysts’ estimates, citing strong ride sharing demand. It posted adjusted per-share earnings of 16 cents, which far exceeded the per-share loss of 1 cent anticipated by analysts polled by Refinitiv. Meanwhile, Lyft’s second-quarter revenue of $1.02 billion came in line with estimates.

However, Lyft shares turned lower after the company’s fourth-quarter outlook seemed weaker than anticipated, according to a rough calculation from CNBC’s Robert Hum. Fourth-quarter revenue growth expectations showed low- to mid-single digit increases. Meanwhile, the rough fourth-quarter earnings margin came in line to slightly lower.

What’s more, while the company cited strong demand for rides, the revenue per active rider declined 5% as Lyft used price cuts to drive demand.

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Lyft shares 1-day

— Sarah Min, Robert Hum

Stocks making the biggest moves after hours

Check out the companies making headlines after hours.

  • Rivian Automotive — Rivian Automotive dipped about 2.5% in extended trading. The decline comes even after the electric automaker beat second-quarter expectations on the top and bottom lines. Rivian reported an adjusted loss of $1.08 per share on revenue of $1.12 billion. Analysts polled by Refinitiv had expected a loss per share of $1.41 on revenue of $1.0 billion.
  • Penn Entertainment — Penn Entertainment surged 22% after the entertainment and casino company said it’s launching an online sportsbook with ESPN, called ESPN Bet, this fall.
  • Lyft — Lyft shares were 6% lower in extended trading after initially popping more than 12% following the release of the ride-hailing company’s second-quarter results. Lyft posted revenue of $1.02 billion, in line with the estimate from analysts polled by Refinitiv. Meanwhile, adjusted per share earnings came in at 16 cents, beating the expectation of a loss of 1 cent per share.

Read the full list here.

— Sarah Min

Stock futures open flat

U.S. stock futures were little changed Tuesday night.

Dow Jones Industrial Average futures fell by 23 points, or 0.06%. S&P 500 futures dipped 0.03%, while Nasdaq 100 futures gained 0.01%.

— Sarah Min



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