Stock futures rise as Wall Street tries to recover from Tuesday’s losses: Live updates

The Nasdaq Composite‘s 0.8% drop on Tuesday was enough to pull it into negative territory for the week.

The slide pulled the index below flat on the week, more than erasing the 0.6% gain seen Monday.

While the Dow and S&P 500 also ended Tuesday lower, the losses weren’t large enough to outweigh Monday’s advances. The Dow and S&P 500 were still up 0.7% and 0.5%, respectively, on the week.

— Alex Harring

These are some of the companies making headlines before the bell on Wednesday:

• WeWork — The stock plunged 25.7% after WeWork said in an SEC filing that there’s doubt about the company’s ability to keep operating amid by weaker-than-expected membership rates. WeWork warned of measures such as a potential bankruptcy or restructuring or refinancing its debt. Its share price, which was below $1 since early this year, dropped to $0.05 in premarket trading.
• Carvana — Online used-car retailer Carvana added 7.4% before the bell. Carvana expects adjusted EBITDA for the third quarter to be above $75 million, which is higher than its prior guidance and analysts’ expectations of $46.4 million, according to StreetAccount. The company, which announced a debt restructuring agreement in July, has seen its stock price soar more than 850% so far this year buoyed by short sellers rushing to cover their bets.
• Lyft — Shares lost almost 6% premarket after the ride-hailing company announced its second-quarter earnings. Lyft posted revenue of $1.02 billion, in line analyst estimates, according to Refinitiv. Meanwhile, adjusted per share earnings came in at 16 cents, beating estimates of a loss of 1 cent per share.

Read here to see the full list.

— Pia Singh

Analysts on Wall Street think electric vehicle maker Rivian still has a prolonged path toward profitability.

The company reported a smaller-than-expected quarterly loss and raised its forecast for full-year vehicle deliveries on Tuesday.

“RIVN is working through bottlenecks with operating leverage and lower write-downs,” Morgan Stanley’s Adam Jonas said. “Investors will focus on bolstering the $10bn cash pile and exploring the scope for more strategic tie-ups.”

CNBC Pro subscribers can read the full story here.

— Brian Evans

Wendy’s slipped more than 2.2% in premarket trading after the fast-food chain reported worse-than-expected revenue in the second quarter.

The company saw $561.6 million in the quarter, while analysts polled by FactSet anticipated $566.2 million. But the company beat forecasts on earnings per share by 1 cent with 28 cents earned, excluding items.

— Alex Harring

Adam Crisafulli of Vital Knowledge said the stock market is “stuck in a purgatory zone, with valuation constraints blocking a sustained close above 4600 in the near-term while favorable macro news flow (goldilocks data, the end of near end of rate hikes, decent earnings) prevents a sharp break through ~4400.”

He added that declines below 4,450 “should be purchased, while rallies above 4550 are to be faded, but the sideways pattern (that’s been in place for a few weeks) will likely persist for a bit.”

— Fred Imbert, Michael Bloom

China’s consumer price index fell for the first time in over two years, posting a 0.3% year-on-year drop in July, but rose 0.2% month-on-month.

Economists polled by Reuters expected July CPI to drop 0.4% compared to a year ago.

Producer price index slumped 4.4% year-on-year, more than the Reuters poll of 4.1%. That’s compared to a 5.4% decline in June.

The offshore yuan strengthened slightly against the greenback after the announcement, trading at 7.2257.

— Lim Hui Jie, Evelyn Cheng

Shares of Japanese optics and imaging manufacturer Nikon tumbled as much as 17% on Wednesday, and was the biggest loser on the Nikkei 225.

The company posted a 78.3% year-on-year plunge in net profit for its first quarter, at 2.58 billion yen ($18 million) in the three months ended June.

Operating profit plunged 78.6% to 3.29 billion yen, while first quarter revenue increased to 158.15 billion yen, an 8.6% increase year-on-year.

The unemployment rate in South Korea climbed to 2.7% in July, up from 2.6% the previous month, but down 0.2 percentage points compared to the same period last year.

Government data showed the number of unemployed persons stood at 807,000 thousand people in July, a 3.5% drop year-on-year.

South Korea’s employment to population ratio was at 63.2% in July, up 0.3% percentage points year-on-year.

— Lim Hui Jie

Lyft shares dropped about 7% in extended trading Tuesday after the release of the ride-hailing company’s latest quarterly results.

The stock initially jumped 14% after Lyft posted second-quarter earnings results that beat analysts’ estimates, citing strong ride sharing demand. It posted adjusted per-share earnings of 16 cents, which far exceeded the per-share loss of 1 cent anticipated by analysts polled by Refinitiv. Meanwhile, Lyft’s second-quarter revenue of $1.02 billion came in line with estimates.

However, Lyft shares turned lower after the company’s fourth-quarter outlook seemed weaker than anticipated, according to a rough calculation from CNBC’s Robert Hum. Fourth-quarter revenue growth expectations showed low- to mid-single digit increases. Meanwhile, the rough fourth-quarter earnings margin came in line to slightly lower.

What’s more, while the company cited strong demand for rides, the revenue per active rider declined 5% as Lyft used price cuts to drive demand.

— Sarah Min, Robert Hum

Check out the companies making headlines after hours.

• Rivian Automotive — Rivian Automotive dipped about 2.5% in extended trading. The decline comes even after the electric automaker beat second-quarter expectations on the top and bottom lines. Rivian reported an adjusted loss of $1.08 per share on revenue of $1.12 billion. Analysts polled by Refinitiv had expected a loss per share of $1.41 on revenue of $1.0 billion.
• Penn Entertainment — Penn Entertainment surged 22% after the entertainment and casino company said it’s launching an online sportsbook with ESPN, called ESPN Bet, this fall.
• Lyft — Lyft shares were 6% lower in extended trading after initially popping more than 12% following the release of the ride-hailing company’s second-quarter results. Lyft posted revenue of $1.02 billion, in line with the estimate from analysts polled by Refinitiv. Meanwhile, adjusted per share earnings came in at 16 cents, beating the expectation of a loss of 1 cent per share.

Read the full list here.

— Sarah Min

U.S. stock futures were little changed Tuesday night.

Dow Jones Industrial Average futures fell by 23 points, or 0.06%. S&P 500 futures dipped 0.03%, while Nasdaq 100 futures gained 0.01%.

— Sarah Min