U.S. stock-index futures rose on Wednesday, as investors hoped the Federal Reserve to signal it remains supportive of the economy as the country struggles in its fight against the COVID-19 pandemic.

Global Stocks:

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Apple (AAPL) target raised to $340 from $295 at Credit Suisse

Raytheon Technologies (RTX) downgraded to Hold from Buy at Argus

FXStreet notes that the S&P 500 maintains a bearish “reversal day” and the index shows potential to form a small “head and shoulders” top if the market can close below 3198, which would reinforce the Credit Suisse analyst team bias for a short term phase of risk-off.

“A small bearish ‘outside day’ yesterday increases the risk to see the construction of a ‘right-hand shoulder’ to a small potential ‘head and shoulders’ top, with the market also still maintaining a bearish ‘reversal day’ from late last week and with the Nasdaq 100 also seen at risk of a ‘double top’ following its own bearish ‘reversal day’.”

“Key near-term support stay seen at its 13-day average at 3215, with a break below 3200/3198 still needed to confirm the aforementioned top. This would then open the door to a swing lower within the broader sideways range with support seen next at 3173, ahead of 3154 and then more importantly 3116.”

“Resistance is seen at 3233 initially, with a move above 3244/48 needed to ease the topping threat and see a move back to 3266. Above 3279/81 though is needed to reassert an upward bias again, with the top of the February gap seen at 3328/38.”

Boeing (BA) reported Q2 FY 2020 loss of $4.79 per share (versus -$5.82 per share in Q2 FY 2019), much worse than analysts’ consensus estimate of -$2.63 per share.

The company’s quarterly revenues amounted to $11.807 bln (-25.0% y/y), missing analysts’ consensus estimate of $12.946 bln.

BA rose to $173.30 (+1.44%) in pre-market trading.

General Motors (GM) reported Q2 FY 2020 loss of $0.50 per share (versus earnings of $1.64 per share in Q2 FY 2019), better than analysts’ consensus estimate of -$1.76 per share.

The company’s quarterly revenues amounted to $16.800 bln (-53.4% y/y), generally in line with analysts’ consensus estimate of $16.927 bln.

GM rose to $27.35 (+3.87%) in pre-market trading.

General Electric (GE) reported Q2 FY 2020 loss of $0.15 per share (versus earnings of $0.17 per share in Q2 FY 2019), worse than analysts’ consensus estimate of -$0.09 per share.

The company’s quarterly revenues amounted to $17.750 bln (-38.4% y/y), beating analysts’ consensus estimate of $17.269 bln.

GE rose to $7.02 (+1.89%) in pre-market trading.

Visa (V) reported Q2 FY 2020 earnings of $1.07 per share (versus $1.37 per share in Q2 FY 2019), beating analysts’ consensus estimate of $1.04 per share.

The company’s quarterly revenues amounted to $4.837 bln (-18.6% y/y), generally in line with analysts’ consensus estimate of $4.847 bln.

V fell to $194.00 (-1.39%) in pre-market trading.

Starbucks (SBUX) reported Q3 FY 2020 loss of $0.46 per share (versus earnings of $0.78 per share in Q3 FY 2019), better than analysts’ consensus estimate of -$0.57 per share.

The company’s quarterly revenues amounted to $4.222 bln (-38.1% y/y), beating analysts’ consensus estimate of $4.138 bln.

The company issued in-line guidance for Q4 FY 2020, projecting EPS of $0.18-0.33 versus analysts’ consensus estimate of $0.27 and its prior guidance of $0.15-0.40.

It also issued upside guidance for FY 2020, projecting EPS of $0.83-0.98 versus analysts’ consensus estimate of $0.77 and its prior guidance of $0.55-0.95.

SBUX rose to $78.80 (+5.57%) in pre-market trading.

Advanced Micro (AMD) reported Q2 FY 2020 earnings of $0.18 per share (versus $0.08 per share in Q2 FY 2019), beating analysts’ consensus estimate of $0.17 per share.

The company’s quarterly revenues amounted to $1.930 bln (+26.1% y/y), beating analysts’ consensus estimate of $1.856 bln.

The company also issued upside guidance for Q3 and FY 2020. It sees Q3 revenues of $2.55 bln, +/- $100 mln, equating to revenues of $2.45-$2.65 bln versus analysts’ consensus estimate of $2.3 bln. For FY 2020, it predicts revenues growth of 32%, equating to revenues of ~$8.88 bln versus analysts’ consensus estimate of $8.39 bln.

AMD rose to $75.57 (+11.77%) in pre-market trading.