US Stock Futures

US stock futures edged higher Thursday ahead of a highly-anticipated speech by Fed chair Jerome Powell, which could provide clues over future monetary policy.

Biggest Premarket US Stock Movers

• Disney (NYSE: DIS) stock surged 7% after the entertainment giant reported better-than-anticipated income and revenue in the fourth quarter, bolstered by strength at its key streaming business, which helped power a 14% jump in revenue at its entertainment.

• Tapestry (NYSE: TPR) stock rose 7.3% while Capri (NYSE: CPRI) fell 4.8% after the two US-based luxury fashion houses called off their merger, blocked by the Federal Trade Commission.

• Cisco (NASDAQ: CSCO) stock fell 3.7% after unveiling a tepid full-year outlook, reporting a fourth straight quarter of declining revenue.

• Advanced Micro Devices (NASDAQ: AMD) stock rose 1% after announcing it will lay off 4% of its global staff, or around 1,000 positions, to cut costs and strengthen its foothold in the growing AI chip space.

• Merck (NS: PROR) stock rose 0.3% after signing a licensing agreement valued at up to $3.3 billion with Shanghai-based LaNova Medicines to develop, make, and sell an experimental cancer drug.

• General Mills (NYSE: GIS) stock rose 0.4% after entering into a definitive agreement to acquire Whitebridge Pet Brands' North American premium cat feeding and pet treating business in a transaction valued at $1.45 billion.

• Advance Auto Parts (NYSE: AAP) stock fell 5% after reporting disappointing third-quarter results and slashing its full-year outlook.

• Sonos (NASDAQ: SONO) stock rose 7.2% after launching new products for the holiday season, following software improvements.

• Campbell Soup (NYSE: CPB) stock rose 1.3% after Piper Sandler upgraded its stance on the food company to ‘overweight’ from ‘neutral’, citing better long-term growth expectations with the company’s Rao’s brand.