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Futures are hovering just above the flat line after stocks on Wall Street hit a record close. Here’s what we’re watching ahead of Wednesday’s trading session.

  • Meme stocks were ticking higher after a rally on Tuesday saw  GameStop  and  AMC Entertainment surge 28% and 20%, respectively, while other names including  BlackBerry ,   Koss  and  Naked Brand Group  also jumped. Premarket Wednesday AMC gained another 5.7%, GameStop ticked up 1.2% and Naked Brand jumped 4.8%.
  • Shares of trading platforms popular with retail traders, Robinhood Markets and Coinbase for the crypto fans, were both edging down premarket, by 0.5% and 1.1% respectively.
  • Dick’s Sporting Goods is expected to post results before the opening bell.
  • Shares of apparel retailer Express were up 5.8% premarket after it posted net income of $10.6 million, compared with a loss of $107.8 million in the same period last year. Shoe Carnival was also up, by 1.2%, after it said its profit and sales rose for the fiscal second quarter as it saw demand amid a normalized beginning to the back-to-school season
  • Luxury home builder  Toll Brothers added 3.2% premarket after it said third-quarter profit more than doubled, driven by an increase in revenue as low mortgage rates and a dearth of housing continued to support home buying.
  • TurboTax parent Intuit gained 2.3% after it said revenue rose more than expected but the company’s costs rose, depressing operating and net income.
  • Department-store blues: Nordstrom shares dropped 7.8% ahead of the bell after it said its quarterly sales doubled as compared with the year-ago period, but fell slightly as compared with the 2019 quarter.
  • Urban Outfitters dropped 5.1% premarket, though the retailer beat analysts’ expectations in the second quarter, citing a sharp increase in digital sales compared with its 2019 trends.
  • Salesforce , Box , NetApp , Williams-Sonoma  are among the companies reporting earnings after Wednesday’s close.
Chart of the Day
  • Companies are returning to the public markets to issue shares and raise cash from investors at the same time that existing shareholders are tapping the public market to unload their stockholdings at a record clip.

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Source: WSJ

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