Dow Jones futures tilted lower Wednesday morning, along with S&P 500 futures and Nasdaq futures. Tesla China sales jumped in August, PayPal (PYPL) made a “buy now, pay later” deal while Bitcoin and crypto exchange Coinbase remained in focus.
The stock market rally was mixed Tuesday, though Apple stock, Tesla (TSLA) and some other big-cap leaders fared well. Software and industrial names retreated. Bitcoin and other cryptocurrencies tumbled, though they and Bitcoin-related stocks such as Coinbase (COIN) pared losses somewhat.
Overnight Earnings, Movers
Coupa Software (COUP), Smartsheet (SMAR) and UiPath (PATH) headlined earnings reports after the close.
Coupa easily beat EPS views and guided higher. Smartsheet also topped while guiding fiscal 2022 EPS in line. UiPath topped views and offered in-line to slightly higher guidance. COUP stock initially surged more than 10% overnight, but pared gains early Wednesday to 4.5%. SMAR stock, slightly extended from a buy zone, fell 3% in extended trade. PATH stock tumbled 8% before the open, threatening post-IPO lows.
Meanwhile, Bumble (BMBL) fell 5% in premarket trade. The dating app where women choose the matches will offer 15 million shares on behalf of existing holders. BMBL stock, which came public in February, hit 60.87 intraday Tuesday, briefly clearing a 60.44 bottoming base buy point. But shares reversed to close down 3.6% to 57.77.
Global-e Online (GLBE) will sell 12 million shares on behalf of existing holders. GLBE stock, another 2021 IPO, fell overnight but turned higher before Wednesday’s open. Shares have been on a big run, but have pulled back over the last several sessions.
Apple Stock Leads Big Techs
Apple (AAPL) rose 1.55% to 156.69, hitting a new high. The Dow Jones tech titan said it will hold a product launch event on Sept. 14, with new versions of the iPhone and Apple Watch expected to be unveiled. Meanwhile, Ford (F) hired Doug Field, who had been in charge of the secretive Apple Car project. Field previously was a top Tesla executive and decades ago worked at Ford.
Apple stock is still above a 150.10 buy point, within …….