Occidental Petroleum, Coinbase, fuboTV, Apple: What to Watch in the Stock Market Today

Wall Street stocks and global indexes moved sharply lower after Russia’s invasion of Ukraine sent investors rushing for safety. Russia’s MOEX stock benchmark dropped 37%. Here’s what we’re watching on Thursday.

  • Energy stocks were among the few bright spot in markets as rising crude prices lifted their shares, including

    ConocoPhillips,

    Exxon Mobil,

    Occidental Petroleum

    and

    Chevron.

  • Defense stocks were also getting a boost, including

    Northrop Grumman,

    Lockheed Martin

    and

    Raytheon.

  • Losses in U.S. markets were broad-based and included major technology shares like

    Amazon,

    Microsoft

    and

    Apple.

An Apple store in Seoul, South Korea, Feb. 26, 2021.



Photo:

Jean Chung/Bloomberg News

  • Cryptocurrencies tumbled amid the risk-off mood, with bitcoin falling more than 6% to about $35,150. Crypto stocks were down as well, including

    Coinbase

    Global, due to report earnings after the close,

    Bakkt

    and bitcoin miner

    Marathon Digital.

  • Home-decor retailer

    Wayfair

    swung to a loss and posted lower revenue in the fourth quarter.

  • EBay

    said the value of goods sold in the recent quarter fell 10%, making the third consecutive quarterly decline.

  • Rent-A-Center

    said its results were hurt by supply-chain problems, inflation and a pullback in government relief programs.

  • Sleep Number

    missed fourth-quarter expectations and said the late arrival of semiconductor parts in December caused it to miss out on millions of dollars’ worth of sales.

  • FuboTV

    reported revenue ahead of what it had forecast in preliminary results but gave a mixed outlook.

  • Clover Health Investments

    said revenue in the recent quarter was up 160% on the year.

  • Papa John’s International

    reported quarterly profit and revenue that rose above expectations.

  • Norwegian Cruise Line Holdings

    reported a wider-than-expected loss and said it expects its cash burn to increase.

  • Bath & Body Works

    said

    Andrew Meslow

    would step down from his posts as chief executive and board member in May, citing health reasons.

  • Hertz Global

    reported a quarterly loss, though it said it had seen a recovery in demand.

  • Occidental Petroleum,

    Beyond Meat,

    Block,

    Switch

    and

    VMware

    will report results after the close.

Chart of the Day
  • Brent crude futures surged past $100 a barrel for the first time since 2014 after Russia launched military attacks on Ukraine, pushing tanks and troops into the country and hitting cities with airstrikes.

Write to James Willhite at [email protected]

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https://www.wsj.com/articles/northrop-grumman-occidental-petroleum-coinbase-fubotv-apple-what-to-watch-when-the-stock-market-opens-today-11645704179

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