Dow Jones Today Dips, Nasdaq Rises Ahead Of Fed Announcement; Nike Up

Stock futures whirled in mixed trade Wednesday as investors responded to earnings news and some strong early jobs data, while waiting on an afternoon policy announcement from the Federal Reserve. Partnership news was an early driving force, powering gains from Bed, Bath & Beyond (BBBY) and utility AES (AES). On the Dow Jones today, Nike (NKE) led in early trade, after expanding its partnership with Dick’s Sporting Goods (DKS).

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Dow Jones futures dropped 0.2%, and S&P 500 futures slipped 0.1% below fair value. Nasdaq 100 futures trimmed early gains to less than 0.1% on the stock market today, as the Nasdaq Composite aims to extend its really to an eighth day.

Vertex Pharmaceuticals (VRTX) rallied 3% on earnings news to lead the Nasdaq 100. Also high on the Nasdaq 100, T-Mobile U.S. (TMUS) jumped more than 3%, after Raymond James upgraded the stock to a strong buy. The firm lifted the stock’s price target to 158 from 151 — 37% above where shares closed on Tuesday.

Utility AES (AES) swung 3% higher, to the top of the S&P 500, after announcing a partnership with Microsoft (MSFT) aimed at providing continuous energy from renewable sources to Microsoft’s data centers in Virginia.

Lyft (LYFT) rallied on earnings, climbing almost 13% in the premarket session. Camping World Holdings (CWH) vaulted 7% on a strong earnings beat. Positive earning sent Capri Holdings (CPRI) up 7.8%, to just below a 61.35 cup base buy point.

New York Times (NYT) rose nearly 4%, aiming to extend its gain from an early October breakout. On the downside of earnings, Zillow (Z), Freshworks (FRSH), ActivisionBlizzard (ATVI), Tupperware (TUP) and Biocryst Pharmaceuticals (BCRX) all suffered double-digit losses.

The day’s central news item is this afternoon’s Federal Reserve policy announcement and press conference. In addition, markets kept a close eye on elections in Virginia, where Republican challenger Glenn Youngkin took the governor’s seat, and in New Jersey, where incumbent Democratic Phil Murphy is fighting a tight race for governor with Republican challenger Jack Ciattarelli. Lawmakers in Washington are also a factor in the week’s market behavior, as progress toward two massive spending initiatives work their way through Congress.

Commodities were mixed. Oil prices fell hard, with West Texas Intermediate futures down more than 2%, ahead of the Energy Information Administration’s weekly inventories report at 10:30 a.m.ET. Also, OPEC+ meets Thursday to determine production quotas. Bond yields backed off 1 basis point to 1.53%, and bitcoin traded 0.9% lower, around $62,624.

Dow Jones Today: Nike’s Buy Point

Premarket action showed Nike pacing the Dow Jones today, up 1% after announcing a partnership expanding its marketing relationship with Pittsburgh, Penn.-based Dick’s Sporting Goods. Nike shares ended Tuesday less than 4% below a cup-base buy point at 178.44.

The news sent shares of Dick’s up more than 3%, suggesting the stock could potentially climb back…