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Futures tied to the Dow Jones Industrial Average rebounded into positive territory Wednesday following the Bank of England’s bond-buying plan to stabilize the falling British pound.
Futures for the 30-stock index recaptured 65 points, or 0.2%, early Wednesday to 29,268.
Futures for the S&P 500 eked up three points, or 0.1%, to 3,664.
Futures for the NASDAQ Composite Index lost 40.25 points, or 0.4%. at 11,293.50.
Shares of Apple were down nearly 4% in pre-market trading after a Bloomberg report, citing people familiar with the matter, said the tech company is ditching plans to increase new iPhone production after demand fell short of expectations.
Biogen soared 45.6% in pre-market trading after Biogen and Japanese partner Eisai said their experimental Alzheimer’s drug dramatically slowed the disease’s progression in a study, reducing cognitive and functional decline by 27%.
Thor Industries gained 3.6% in the pre-market after the recreational vehicle maker reported better-than-expected profit and revenue for its latest quarter. Thor saw particular strength in its motorized RV segment, with a 24.5% gain over the prior year.
Lyft said it would freeze hiring through the end of this year. That follows the ride-hailing company’s previous statement that it would slow hiring “dramatically” as it seeks to cut costs. Lyft slid 2.5% in pre-market trading.
Stock futures pared earlier losses after the Bank of England said it would temporarily purchase long-dated U.K. government bonds in an effort to stabilize the plunging British pound. Sterling briefly popped on the news before trading 0.5% lower against the dollar at $1.0647.
In Japan, the Nikkei 225 collapsed 1.5%, while in Hong Kong, the Hang Seng fell 3.4%.
Oil prices took on a nickel to $78.55 U.S. a barrel.
Gold prices docked 80 cents to $1,648.30 U.S. an ounce.
