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 (VIX.X) , 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.
2. -- Disney's Profit Beats Estimates
Walt Disney Co. (DIS) 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) fit into his company's global plan to take on Netflix Inc. (NFLX) .
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
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.
4. -- Steve Wynn Resigns
Steve Wynn, the chairman and CEO of Wynn Resorts Ltd. (WYNN) , resigned those positions on Tuesday amid sexual misconduct allegations.
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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