Here are five things you must know for Wednesday, Feb. 7:
1. -- Wall Street Remains Volatile
U.S. stock futures suggested Wall Street would decline sharply at the start of trading on Wednesday, Feb. 7, while European shares rose and Asian stocks traded mixed as investors remained on edge amid high volatility and climbing bonds yields.
Contracts tied to the Dow Jones Industrial Average fell 45 points, while those tied to the S&P 500 declined 8.25 points.
Stocks bounced back on Tuesday, Feb. 6, after having swung wildly in and out of positive territory throughout much of the session.
The Dow Jones Industrial Average finished up 567 points, or 2.3%. At its lows for the day, the Dow dropped as much as 567 points, putting the index into correction territory. The blue-chip index dropped 1,175 points, or 4.6%, on Monday, Feb. 5, the largest single-day point drop ever.
The S&P 500 rose 1.74% on Tuesday after it plunged 4.1% on Monday. The Nasdaq gained 2.13%.
The Cboe Volatility Index, better known as the VIX I:VIX , was up 3.8% early Wednesday to 31.12 after spiking past the 50 mark for the first time since 2009 in Tuesday's historic session. Those moves followed the biggest one-day rise on record -- a jump of 115% on Monday -- that sent futures prices for the S&P 500 on a wild two-day ride that saw prices swing in range of 4.75%, the most extreme market movements in more than two years.
The economic calendar in the U.S. on Wednesday includes Oil Inventories for the week ended Feb. 2, at 10:30 a.m. ET.
Michael Kors Holdings Ltd. (KORS) ,reported fiscal third-quarter adjusted profit of $1.77, easily topping Wall Street estimates of $1.29. The stock jumped 7%.
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Earnings are also expected Wednesday from Tesla Inc. (TSLA) - Get Tesla Inc Report , Twenty-First Century Fox Inc. (FOXA) - Get Fox Corporation Class A Report , Hasbro Inc. (HAS) - Get Hasbro, Inc. (HAS) Report , Allstate Corp. (ALL) - Get Allstate Corporation Report , Exelon Corp. (EXC) - Get Exelon Corporation Report , Take-Two Interactive Software Inc. (TTWO) - Get Take-Two Interactive Software, Inc. Report and Yelp Inc. (YELP) - Get Yelp Inc Report .
2. -- Disney's Profit Beats Estimates
Walt Disney Co. (DIS) - Get Walt Disney Company Report rose 2.2% in premarket trading on Wednesday to $108.50 after fiscal first-quarter earnings from the media giant topped forecasts but sales came in below Wall Street's expectations.
CEO Bob Iger presented details of the new ESPN app and told investors in an earnings call on Tuesday how the major assets of Twenty-First Century Fox Inc. (FOXA) - Get Fox Corporation Class A Report fit into his company's global plan to take on Netflix Inc. (NFLX) - Get Netflix, Inc. (NFLX) Report .
Adjusted earnings of $1.81 a share beat expectations of $1.61. Revenue of $15.35 billion, however, missed forecasts of $15.48 billion. Disney announced a $1.6 billion benefit from the new U.S. tax bill.
Iger said Disney has begun seeking regulatory approvals for its acquisition of Twenty-First Century Fox's film and TV studios, cable networks, global satellite TV businesses and other assets for $52.4 billion, or $66.1 billion including debt.
Among other benefits, Iger said Fox would bring the capacity for more content that can feed into its direct-to-consumer video offerings.
"This obviously has implications well beyond domestic consumption and domestic distribution platforms," Iger said.
3. -- Snap Skyrockets
Snap Inc. (SNAP) - Get Snap, Inc. Class A Report beat quarterly earnings expectations for the first time in its brief life as a public company and the stock jumped nearly 21% in premarket trading on Wednesday to $17.01, just above its initial public offering price of $17, which it hasn't reached in months.
Snapchat's parent company reported an adjusted loss in the fourth quarter of 13 cents a share, 3 cents narrower than estimates, while revenue of $285.7 million beat forecasts of $253 million.
Snap's solid report doesn't put to rest all of the concerns that have swirled about the company's long-term prospects, wrote TheStreet's Eric Jhonsa. But it does reflect pretty well on how its management has been executing in a competitive environment that remains challenging in multiple respects.
The company also finally managed to beat its daily active user (DAU) consensus: DAUs rose 5% sequentially and 18% annually to 187 million, beating an average analyst estimate of 184 million.
- Snap's Improved Revenue and User Growth May Have Won It Some Goodwill
- Snap Shares Rocket Higher as Users Return to Messaging App After Big Redesign
4. -- Steve Wynn Resigns
Wynn Resorts' board promoted company President Matt Maddox to the position of CEO, effective immediately.
"In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity," Wynn said in a statement Tuesday.
"As I have reflected upon the environment this has created -- one in which a rush to judgment takes precedence over everything else, including the facts -- I have reached the conclusion I cannot continue to be effective in my current roles."
The Wall Street Journal reported in late January that several women said Wynn harassed or assaulted them and that one case led to a multi-million dollar settlement.
The Las Vegas casino mogul, who founded the company, has denied the allegations.
Shares of Wynn Resorts rose 10.9% in premarket trading.
5. -- Falcon Heavy Launch Is a Success
SpaceX's big new rocket -- Falcon Heavy -- blasted off Tuesday on its first test flight, carrying a red Tesla roadster.
The Falcon Heavy became the most powerful rocket in use today, doubling the liftoff punch of its closest competitor, according to The Associated Press.
SpaceX is the private rocket company run by Elon Musk, who also serves as Tesla CEO. For the company, the launch was mostly triumphant test of a new, larger rocket designed to hoist supersize satellites as well as equipment to the moon, Mars or other far-flung points, the AP noted.
Two of the rocket's boosters -- both recycled from previous launches -- returned minutes after liftoff for on-the-mark touchdowns at Cape Canaveral.
Musk revealed that the third booster, which was brand new, slammed into the Atlantic at 300 mph and missed the floating landing platform.
This article has been updated to include earnings from Humana and Michael Kors.
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