Stock futures traded lower Thursday after the Federal Reserve held interest rates steady but signaled that one more quarter-point rate hike was possible this year. The central bank also projected rate cuts in 2024 but not as many as it previously did. The Bank of England also left interest rates unchanged in a surprise move.Splunk shares soared 20% to $143.
FedEx shares rose 4.8% in premarket trading after the shipping company reported fiscal first-quarter earnings that beat analysts’ estimates and an increase in operating margins amid cost-cutting measures. FedEx also boosted its fiscal-year guidance, saying it expects adjusted profit of $17 to $18.50 a share, up from its previous forecast of $16.50 to $18.50. Rival United Parcel Service was up 0.9%.
Klaviyo was down 2.3% to $32 in premarket trading after the Boston-based marketing software company opened for trading Wednesday at $36.75, up 23% from the initial offering price of $30, and closed at $32.76, up 9.2%. CrowdStrike Holdings was rising 1.3% in premarket trading after the cybersecurity company announced at a briefing at Fal.Con that it was raising its new target model of subscription gross margin to 82%-85% of revenue, up 400 basis points from its previous target, and boosting its operating margin target to 28% to 32%, up 900 basis points. The company said the timeframe for meeting those targets was three to five years.
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