Stock market news live updates: December 21, 2022

US stock futures pushed higher in pre-market trading Wednesday, with strong earnings from Nike and FedEx offering a boost to investors looking to claw back into the year-end period after a recent bout of selling.Futures tied to the S&P 500 (^GSPC ) advanced 0.4%, while futures on the Dow Jones Industrial Average (^DJI) jumped 200 points, or 0.6%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) inched up 0.1%. Nike (NKE) shares soared 11.3% ahead of the open after the retailer handily beat second quarter profit and revenue expectations and reported a decline in inventories from the previous period . While the pileup was still up year-over-year, Nike CEO John Donahoe said he believed the company was past its inventory peak. Shares of FedEx Corporation (FDX) rose 4.2% pre-market after the company revealed its aggressive cost saving efforts. CEO Raj Subramaniam said FedEx identified an additional $1 billion in savings beyond the forecast it gave in September as part of its “ongoing transformation while navigating a weaker demand environment.” FedEx sparked a deep selloff in September when it issued a warning about its outlook for the US economy. Tesla (TSLA) remained in the limelight after sliding another 8% to a fresh two-year low on Tuesday – a decline that came after dropping 16 % last week. Chief Executive Elon Musk confirmed on Twitter late Tuesday that he would step down as head of Twitter once he finds a replacement. Shares were up 1% ahead of Wednesday’s open. Separately, Tesla is expected to freeze hiring and deliver another round of layoffs next quarter, per a report from Electrek, which cited a source familiar with the matter. Oil prices rose for a third straight day as traders weighed a report that showed a larger-than-expected drop in US stockpiles against worries over demand and an expected snowstorm domestically.West Texas Intermediate (WTI) crude futures were up 1.8% to top $77 per barrel.Story continuesThe economic calendar will bring investors the Conference Board’s latest consumer confidence survey at 10:00 am ET. On the earnings side, results from companies including Micron Technology (MU), Rite Aid (RAD) and Carnival Cruises (CCL) are due out Wednesday. Screens on the floor at New York Stock Exchange (NYSE) show Federal Reserve Chair Jerome Powell during a news conference, December 14, 2022. REUTERS/Andrew KellyWednesday’s moves come after a volatile session Tuesday that followed a hawkish move by the Bank of Japan – seen as the last of central banks with easy money policies – to raise the cap on its 10 -year government bond yield after the US Federal Reserve, European Central Bank, and others raised interest rates last week.Investors have been hoping for a Santa Claus rally — a steady rise in the stock market that typically occurs at the end of December, typically defined as covering the last five trading days of the year and the first two of the new year. But concerns over “higher for longer” rates and a looming recession have dampened seasonal optimism. —Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnycClick here for the latest trending stock tickers of the Yahoo Finance platformClick here for the latest stock market news and in-depth analysis, including events that move stocksRead the latest financial and business news from Yahoo FinanceDownload the Yahoo Finance app for Apple or Android Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube

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