Stock Futures Higher as Wall Street Focuses on Debt Ceiling Negotiations: Live Updates

The offshore Chinese yuan weakened further to 7.0061 against the dollar, breaching the 7 mark for the first time in 2023 on Wednesday morning.

The local yuan also fell 0.18% to 6.9913 against the US dollar as investors digested Chinese economic data that came in below estimates on Tuesday.

House prices in China rose at a slower pace, with prices rising 0.2% year-on-year, compared to a 0.8% rise in the previous month, according to Reuters calculations.

Western Alliance shares jumped nearly 7% in extended trading after the bank said deposit growth for the current quarter exceeded $2 billion on May 12.

The new data was in an investor update filed with the Securities and Exchange Commission on Tuesday.

This is up from $1.8 billion in deposit growth for the quarter ended May 9th.

Western Alliance shares have been on the rebound lately, up 17% over the past week — and have gained 15% since this week’s start. However, the stock is still down about 47% for the year.

–Darla Mercado, Ethan Craft

Technology stock Keysight advanced more than 7% after the bell on the back of a strong quarterly earnings report and guidance for the current quarter.

In the company’s fiscal second quarter, the company reported earnings of $2.12 per share excluding items and revenue of $1.39 billion. By comparison, analysts polled by FactSet expected revenue of $1.96 per share and revenue to fall slightly, at $1.38 billion.

For the current quarter, the company said it expects between $2 and $2.06 in earnings per share for the current quarter, while analysts expected $1.96. Keysight guided revenue for the quarter to be between $1.37 billion and $1.39 billion, a range that contains the Wall Street consensus estimate of $1.38 billion.

– Alex Haring

The Dow Jones finished the trading session below a key threshold on Tuesday.

The 30-share index fell 336.46 points, or 1.01%, to close at 33,012.14. It closed below the 50-day moving average at 33,143.18, but has slipped below that level on a daily basis.

The 50-day moving average is a short-term technical indicator of where to trade an asset or index. Closing below this level may indicate a possible change to the downside.

–Darla Mercado, Gina Francola

Medical software stock Doximity fell more than 8% in extended trading after issuing weak guidance for the current quarter.

The company said it expects between $106.5 million and $107.5 million in revenue and between $39 million and $40 million in adjusted EBITDA for the first fiscal quarter. Both of those estimates were below expectations, with analysts polled by FactSet expecting revenue of $11.8 million and adjusted EBITDA of $45.4 million.

This overshadowed the fourth fiscal quarter results. The company reported 20 cents in earnings per share excluding items, higher than the 17 cents analysts had expected. Revenue also beat expectations at $111 million, compared to an expected $110.1 million. Adjusted EBITDA came in at $48.9 million, beating the consensus estimate of $45.7.

For the full fiscal year, the company said it expects revenue between $500 million and $506 million, a range that contains Wall Street estimates of $501.8 million. The company expects adjusted EBITDA for the year to be between $216 million and $222 million, while analysts expect $215.7 million.

– Alex Haring

Stock futures rose slightly shortly after 6 p.m. ET.

Futures related to the Dow Jones Industrial Average, S&P 500 and Nasdaq 100 were up 0.1%.

– Alex Haring