Pre-Bell | US Stock Futures Rise; Shopify Soars 16%; Opendoor Plunges 23%; SMCI Tumbles 16%; AMD Falls 5%

Stock futures rose on Wednesday as investors analyzed the latest batch of corporate earnings following a losing session on Wall Street.

Market Snapshot

At 8:59 a.m. ET, Futures linked to the S&P 500 were up 0.2%, and Dow Jones Industrial Average futures traded 147 points higher, or 0.3%. Nasdaq 100 futures ticked higher about 0.2%. Opendoor Technologies Inc fell 23%.

Pre-Market Movers

McDonald's — Shares of the fast food giant gained 4% after second-quarter results surpassed analyst estimates. McDonald’s earned $3.19 per share after adjustments on revenue of $6.84 billion. Analysts polled by LSEG were looking for a profit of $3.15 per share and revenue of $6.7 billion.

Walt Disney — The media and entertainment giant slipped 1% on the back of mixed quarterly results.  Revenue for its fiscal third quarter came in at $23.65 billion, short of the $23.73 billion estimate from LSEG. Adjusted earnings were  $1.61 per share, topping the $1.47 consensus estimate.

Snap Inc — Stock in the social media platform pulled back nearly 17% after second-quarter revenue missed analyst estimates. The firm reported revenue of $1.34 billion, while analysts polled by LSEG were looking for $1.35 billion.

Arista Networks — Shares of the network equipment firm advanced 13% in the premarket following better-than-expected expected second-quarter results. Arista Networks earned an adjusted 73 cents per share on revenue of $2.20 billion, while analysts polled by LSEG were looking for earnings of 65 cents per share and $6.11 billion in revenue.

Uber — The stock rose 1%. The ride-hailing company reported second-quarter earnings of 63 cents per share, which was in line with the consensus estimate. Revenue of $12.65 billion exceeded the $12.46 billion expected by analysts polled by LSEG.

Advanced Micro Devices — The chipmaker’s shares dropped more than 5% after a disappointing second-quarter earnings report. The adjusted earnings of 48 cents per share was a penny shy of LSEG estimates. The company trails Nvidia in the graphics processing unit, or GPU, market.

Rivian Automotive, Inc. — Stock in the electric vehicle company fell 5% as its second-quarter results missed analyst estimates. Rivian reported a wider-than-expected loss of 80 cents per share, after adjustments. Analysts polled by LSEG were looking for an adjusted loss of 65 cents per share.

Skyworks Solutions — Shares of the wireless networking stock climbed nearly 1% after a better-than-expected fourth-quarter outlook. Skyworks said it expects revenue in the current quarter of $1 billion to $1.03 billion, while analysts surveyed by LSEG forecast $887 million. Skyworks also forecast adjusted fourth-quarter earnings of $1.40 per share, while analysts were looking for 97 cents.

Upstart Holdings, Inc.  — The artificial intelligence-powered lending marketplace lost almost 3% despite offering a strong earnings report and outlook. Upstart earned an adjusted 36 cents per share on $257 million in revenue, beating the respective LSEG consensus forecasts of 26 cents a share and $225 million estimate.

Lucid Group Inc — The EV stock fell 7% even though it adjusted its production outlook for 2025. Lucid expects to produce between 18,000 and 20,000 vehicles, compared with a previous forecast of 20,000. Lucid’s second-quarter results also missed analyst estimates.

SUPER MICRO COMPUTER INC — The server stock plunged 16% after weaker-than-expected fourth-quarter results. Super Micro earned 41 cents per share on revenue of $5.76 billion, while analysts polled by LSEG were looking for a profit of 44 cents per share and $5.89 billion in revenue. The firm’s first-quarter outlook also missed analyst estimates.

Match — The online dating service stock popped almost 7% after the firm issued a stronger-than-expected third-quarter revenue outlook. Match Group expects revenue in the current quarter to be between $910 million and $920 million, while analysts polled by LSEG were looking for $890 million.

Market News

Shopify Forecasts Quarterly Revenue Above Estimates on Resilient Demand

Shopify, forecast third-quarter revenue above market estimates on Wednesday as demand from retailers for its e-commerce services remains strong despite tariff-related jitters, sending its U.S. shares up 16% premarket.

The upbeat forecast comes as a welcome sign after investor concerns around President Donald Trump's shifting trade policies that have left many retail businesses unsure about demand, production, sourcing, and the costs of running their operations.

Elon Musk Teases Notable Improvements for Tesla's New FSD Model

Tesla CEO Elon Musk teased on Wednesday that new improvements for the company's Full Self-Driving model are on the way.

"Tesla is training a new FSD model with ~10X params and a big improvement to video compression loss. Probably ready for public release end of next month if testing goes well," wrote Musk on social media site X.