Developing Story
Dow laggards
Breaking News
Job openings hover near record levels
Salesforce jumps on positive outlook
Shares of Salesforce got a boost after forecasting a 21% annual jump in second quarter revenue to earn between $7.69 billion – $7.7 billon.
On pace for largest percent increase since August 26, 2020, when it rose 26.04% as tracked by Dow Jones Market Data Group.
“There is no greater measure of our resilience and the momentum in our business than the $42 billion we have in remaining performance obligation, representing all future revenue under contract. While delivering incredible growth at scale, we’re committed to consistent margin expansion and cash flow growth as part of our long-term plan to drive both top and bottom line performance” said CEO Marc Benioff.
Breaking News
Stocks rebound, Salesforce jumps on forecast
Symbol | Price | Change | %Change |
---|---|---|---|
CRM | $160.24 | -4.86 | -2.94% |
I:DJI | $33,140.62 | +150.50 | +0.46% |
SP500 | $4,154.46 | +22.31 | +0.54% |
I:COMP | $12,204.88 | +123.49 | +1.02% |
U.S. stocks rose across the board as investors took in positive forecasts from both Salesforce and Delta. Investors are also awaiting the latest read on job openings via the JOLTS report due at 10am ET. In commodities, oil rose to $117 per barrel.
Breaking News
Delta boosts outlook as demand returns
Delta Air Lines Inc.
$
41.69
Delta Airlines says revenue is returning to pre-pandemic levels.
“June quarter 2022 results with adjusted total revenue fully restored to 2019, a 13 to 14% operating margin, ~$1.5 billion of free cash flow and adjusted net debt below $20 billion” the company disclosed in a financial update.
“Total unit revenues are expected to be 7 to 8 points better than initially expected on capacity that is 1 to 2 points lower than planned. Unit revenue improvement is being driven by broad-based demand and pricing strength across consumer, business and international travel, with improvement through the quarter” it added.
Futures at a glance
Dow Jones Industrial Average futures are up more than 100 points on Wednesday, while Nasdaq and S&P 500 futures are flat.
Meanwhile, oil prices are higher. West Texas Intermediate futures traded at around $116 a barrel and Brent crude futures traded at about $117 per barrel.
Stock futures trade mixed to start the new month
U.S. equity futures traded mixed
as the new month begins after ending May on a down note. Traders will be watching for the ADP report on private hiring, ISM manufacturing and job openings.
Gasoline continues record run
The average price for a gallon of gasoline in the U.S. rose to a record on Wednesday, jumping 5 cents to $4.67, according to the latest numbers from AAA. The price on Tuesday was $4.62. The price of diesel increased to $5.538 from $5.521.
Oil rises on Russia ban as China lifts COVID-19 lockdown
Oil prices gained Wednesday morning after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its COVID-19 lockdown in Shanghai.
U.S. West Texas Intermediate (WTI) crude traded around $116 a barrel. Brent crude traded around $117 a barrel. Both benchmarks ended May higher, marking the sixth straight month of rising prices.
Data from the U.S. government on stockpiles was expected on Thursday.
Bitcoin snaps four-day winning streak
Bitcoin traded around $31,000 Wednesday as a winning streak ended. Over the prior four-days, the cryptocurrency gained 10.5%. Bitcoin finished May down more than 17% and off more than 31% year-to-date. Ether traded around $1,900. Dogecoin remained around 8 cents.
Read More: Stocks reverse course, Salesforce bucks selloff, job openings near record: LIVE UPDATES