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

US stock futures traded higher Wednesday morning, after losses in the previous session, as political tensions ran high during House Speaker Nancy Pelosi’s visit to Taiwan.

Major futures indices suggest a 0.2% gain when trading begins.

Pelosi announced a ban on the import of some Taiwanese goods, but no immediate major sanctions after Pelosi’s arrival.

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

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

PayPal reported net sales 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 posted net income of $1.18 billion, or $1.00 per diluted share.

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

Another busy day ahead for earnings, with a big focus on healthcare. We hear from CVS Health, AmerisourceBergen, Moderna and Regeneron Pharmaceuticals before the opening bell. Also check out hotel and casino game MGM Resorts, online auctioneer Ebay and household products maker Clorox to name a few.

On the economic calendar, traders will want to pay attention to service sector data and production orders.

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

Wall Street’s benchmark S&P 500 index lost 0.7% on Tuesday after the Labor Department said US employers posted fewer job openings in June than expected following rate hikes to cool rising 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 fell 0.2% to 12,348.76.

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