STOCK MARKET NEWS: Nasdaq leads rally, Ford’s sales soar, OPEC decision hits oil

U.S. equity futures traded higher Wednesday morning, following losses in the prior session as political tensions were in focus over House Speaker Nancy Pelosi’s visit to Taiwan.

The major futures indexes suggest a gain of 0.2% when trading begins.

Beijing announced a ban on imports of some Taiwanese goods but no immediate major penalties following the arrival of Pelosi.

Oil prices traded lower Wednesday morning ahead of a meeting OPEC+ producers on fears of a slowdown in global growth hitting fuel demand. West Texas Intermediate crude traded around $93.00 a barrel. Brent crude futures were around $99.00 a barrel.

PayPal shares are surging 10% in premarket trading. The online payments company has entered an information sharing agreement with activist investor Elliott Investment Management to evaluate capital return alternatives.

PayPal reported net revenues of $6.8 billion, up 9% year over year in the second quarter and a net loss of $341 million, or 29 cents per diluted share. Last year, the company recorded net income of $1.18 billion, or $1.00 per diluted share.

Airbnb shares dropped more than 7% in premarket trading after the company issued a weaker-than-expected outlook that overshadowed otherwise strong results.

Another busy day coming up for earnings, with a big focus on health care. We’ll hear from CVS Health, AmerisourceBergen, Moderna, and Regeneron Pharmaceuticals ahead of the opening bell. Also watch for hotel and casino play MGM Resorts, online auctioneer Ebay, and household products maker Clorox to name a few. 

On the economic calendar, traders will watch for data on the services sector and manufacturing orders.

In Asia, the Shanghai Composite Index lost 0.7%, the Nikkei 225 in Tokyo rose 0.5% and the Hang Seng in Hong Kong added 0.4%.

Wall Street’s benchmark S&P 500 index lost 0.7% on Tuesday after the Labor Department said American employers posted fewer job openings than expected in June following interest rate hikes to cool surging inflation.

The S&P 500 fell to 4,091.19. It is down nearly 1% this week. The Dow Jones Industrial Average lost 1.2% to 32,396.17. The Nasdaq composite slipped 0.2% to 12,348.76.