Stock futures rise marginally as traders await comments from Powell due later this week: Live updates

Stock futures rise marginally as traders await comments from Powell due later this week: Live updates


Deutsche Bank rises after announcing settlement for bulk of Postbank lawsuit claims

U.S. shares of Deutsche Bank advanced more than 2% after announcing a settlement with many plaintiffs in a long-running case tied to its acquisition of Postbank.

The German bank said it had come to agreements with more than 80 plaintiffs, which equates to almost 60%, for a settlement of 31 euros ($34.53) per share. It’s tied to the lawsuit claiming Deutsche Bank underpaid when buying Postbank more than a decade ago.

Shares are up more than 15% in 2024.

— Alex Harring, Jenni Reid

European markets open slightly higher

European stocks opened marginally higher Thursday as investors look for indications from the Federal Reserve on the future path of interest rates.

The pan-European Stoxx 600 index was up 0.10% in early trade, with the majority of sectors and major bourses in the green. Travel and leisure stocks were up 0.44% while mining stocks fell 0.55%.

It comes after the pan-European benchmark ended the day higher on Wednesday, with the majority of sectors in positive territory as markets rebounded after snapping a winning streak on Tuesday.

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Stoxx 600.

Urban Outfitters sales remain very problematic

Urban Outfitters easily beat earnings expectations ($1.24 vs. $1.00 estimate), while revenues were about in line with what analysts projected. But shares are falling after the apparel retailer’s same-store sales figures disappointed.

The company’s namesake brand continues to be a major problem. Sales of stores open for at least a year for the Urban Outfitters brand fell 9.3% in the latest quarter — more than the 8.3% decline Wall Street expected. That is the ninth consecutive quarter of same-store sales declines for the brand.

The 9% decline during the most recent quarter also compounds the significant weakness from the past 2 years. In the year-ago quarter, the Urban Outfitters brand saw a 14% drop in same-store sales, and that was on top of a 9% drop from the quarter 2 years ago.

Robert Hum

Four of 11 sectors in S&P 500 scored 52-week highs Wednesday

The health care, utilities, real estate and consumer staples sectors inside the S&P 500 all touched 52-week highs on Wednesday, according to FactSet data. None closed more than 0.74% below the 52-week high (utilities), and real estate stocks closed only 0.08% below the 52-week high.

Energy stocks in the S&P 500 have gone the longest time since reaching a 52-week, a mark last touched on April 5, followed by materials stocks on April 9.

The largest percentage loss since a 52-week high also came in energy stocks, down 9.7%, followed by communication services at 5.56% (since July 5) and information technology, down 5% (July 10).

Although materials stocks last traded at a 52-week high in April, the group is only down 1.4% since then.

— Scott Schnipper

Snowflake, Zoom, Urban Outfitters among stocks moving after market close

Check out the companies making headlines in after-hours trading.

  • Snowflake — Shares tumbled nearly 7% even after the software company beat quarterly expectations and slightly raised its full-year product revenue guidance. Snowflake reported fiscal second-quarter adjusted earnings of 18 cents per share, higher than the 16 cents per share expected by analysts surveyed by LSEG. Its revenue was $869 million for the period, higher than the $851 million expected by analysts.
  • Urban Outfitters — The retailer fell roughly 4% after same-store sales disappointed analysts. Stores for the Urban Outfitters brand that were open for at least a year fell 9.3% in the second quarter, compared to analysts’ expectations of an 8.3% decline. The company’s earnings and revenue beat expectations, meanwhile.
  • Zoom Video — Zoom edged 2.7% higher after reporting a strong second quarter and topping guidance estimates. The company posted adjusted earnings of $1.39 per share on $1.16 billion, higher than earnings of $1.21 per share. Zoom also announced that its chief financial officer Kelly Steckelberg is leaving the company.

For more, read here.

— Pia Singh

Stock futures open just slightly higher on Wednesday



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