STOCK NEWS: Nasdaq leads rally, Ford gross sales surge, OPEC determination hits oil

U.S. stock futures edged higher on Wednesday morning after losses in the previous session as political tensions flared during House Speaker Nancy Pelosi’s visit to Taiwan.

Major futures indices we offer an increment of 0.2% when trading starts.

Beijing has announced a ban on imports of some Taiwanese goods, but is not immediately imposing major penalties after Pelosi’s arrival.

Oil prices fell on Wednesday morning ahead of a meeting of OPEC+ producers on fears that a slowdown in global growth could weigh on demand for the fuel. West Texas Medium Raw traded around $93.00 per barrel. Brent crude futures were around $99.00 a barrel.

PayPal shares rise 10% in premarket trading. The online payments company entered into an information-sharing agreement with activist investor Elliott Investment Management to evaluate alternative capital returns.

PayPal reported net income of $6.8 billion, up 9% from last year’s second quarter, and a net loss of $341 million, or 29 cents per diluted share. Last year, the company’s net income was 1.18 billion. USD or USD 1.00 per diluted share.

Shares of Airbnb fell more than 7% in premarket trading after the company posted a worse-than-expected outlook that overshadowed otherwise strong results.

It’s another busy day for earnings with a heavy focus on healthcare. We’ll hear from CVS Health, AmerisourceBergen, Moderna and Regeneron Pharmaceuticals before the bell goes off. Also keep an eye out for hotel and casino gaming MGM Resorts, online auction house Ebay and household goods maker Clorox.

In the economic calendartraders will monitor data on service sector and manufacturing orders.

In Asia, the Shanghai Composite index fell 0.7%, the Nikkei 225 in Tokyo rose 0.5% and the Hang Seng in Hong Kong gained 0.4%.

Wall Street’s benchmark S&P 500 fell 0.7 percent on Tuesday after the Labor Department said American employers posted fewer jobs than expected in June, raising interest rates to cool rising inflation.

The S&P 500 fell to 4,091.19. It is down almost 1% this week. The Dow Jones Industrial Average fell 1.2% to 32,396.17. The Nasdaq composite fell 0.2% to 12,348.76.

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