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Stock futures held steady on Wednesday amid a pause in the global chip sell-off and significant rebounds in Nvidia and other tech stocks. Market participants look ahead to PCE price data, the Fed’s preferred inflation measure, and the 2024 first presidential debate.
Here are some of Wednesday’s biggest stock movers:
Biggest stock gainers
Calif.-based Rivian’s (NASDAQ:RIVN) stock has soared 36.7% in pre-market trading as Volkswagen (OTCPK:VLKAF) plans to invest $1 billion in Rivian Automotive, with plans to increase by $4 billion if a joint venture between the two companies succeeds. The initial and planned investments by Volkswagen (OTCPK:VLKAF) of $5 billion, including Rivian’s cash position, are expected to fund electric vehicle operations through the ramp of R2 in Normal, Illinois, and the midsize platform in Georgia.
FedEx (NYSE:FDX) shares surged 13.5% in early trading after topping consensus estimates with its FQ4 earnings report and setting revenue guidance ahead of expectations. Management said they expect recent momentum to continue in fiscal 2025, and the shipping giant issued stronger-than-expected guidance for the year. The Memphis-based shipping giant reported revenue rose 0.9% year-over-year to $22.1 billion in FQ4. EPS came in at $5.41 vs. $5.37 consensus and $4.94 a year ago. Notably, the company said it is conducting an assessment of the role of FedEx Freight in value-creation plans.
Biggest stock losers
Shares of Taysha Gene Therapies (NASDAQ:TSHA) slipped 15.2% in the pre-market after commencing a securities offering to raise capital of $75 million via the issuance of its common stock and pre-funded warrants. The company also intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock offered in the public offering.