Futures Fall as Investors Mull Tech Earnings; Bitcoin Drops Below $70,000

Ciena to Replace Dayforce in S&P 500

FROM 2 minutes ago

Ciena (CIEN) has been tapped to move up to the S&P 500.

After markets closed yesterday, S&P Dow Jones Indices announced that the networking systems company will join the benchmark index from the S&P MidCap 400, effective before the opening bell next Monday, Feb. 9.

Ciena will be replacing Dayforce after it was acquired and taken private by Thoma Bravo in a deal that closed Wednesday.

In addition, S&P SmallCap 600 component Arrowhead Pharmaceuticals (ARWR) on Monday will replace Ciena in the S&P MidCap 400, while ADT (ADT) will replace Arrowhead Pharmaceuticals in the S&P SmallCap 600.

Ciena shares slipped 1% before the bell Thursday, while ADT and Arrowhead were up about 3% and 1%, respectively.

Don’t Like Trump’s Economy? Maybe You Will Next Year

FROM 19 minutes ago

Treasury Secretary Scott Bessent came to Congress Wednesday with a message to critics who say his administration’s tariffs are not delivering on promises to re-industrialize the country: give it some time.

Bessent answered questions from the House Financial Services Committee in a hearing Wednesday, addressing tariffs, the president’s attacks on the Federal Reserve, and other economic matters.

Bessent faced a mixture of supportive and critical questions from lawmakers during his testimony.

Ritchie Torres, a Democrat from New York, pointed out that the economy has lost thousands of manufacturing jobs every month since Trump imposed sweeping import taxes on most U.S. trading partners last year.

Bessent said a slew of factories have broken ground in response to the tariffs, which are intended to tip the scales in favor of domestic manufacturing over imports. Those factories will take some time to get up and running, he said.

Read the full article here.

–Diccon Hyatt

Peloton Stock Tanks on Weak Results, Outlook

FROM 32 minutes ago

Peloton Interactive (PTON) reported weaker-than-estimated results for its holiday quarter. Its current-quarter and full-year projections aren’t so hot, either.

Peloton shares sank 9% in premarket trading Thursday after the connected fitness company posted less revenue and a wider loss than analysts were expecting.

The New York-based firm reported a fiscal 2026 second-quarter loss of 9 cents per shares on revenue that slipped 3% year-over-year to $656.5 million. Analysts surveyed by Visible Alpha had expected a loss of 6 cents per share on revenue of $677.2 million.

For the current quarter and full year, Peloton sees revenue of $624 million and a range of $2.40 billion to $2.44 billion, respectively. Visible Alpha consensus is for $637 million and $2.48 billion, respectively.

In October, Peloton announced a relaunched product line and higher subscription and hardware prices.

“The new Cross Training Series is resonating in the marketplace, our subscription base is highly committed, our integrated Commercial Business Unit is growing and well-positioned to continue doing so, and Member engagement with Peloton IQ is encouraging,” CEO Peter Stern said. “Looking ahead, our focus remains on executing our strategy to increase our share of the growing global wellness economy while continuing to enhance our magic formula of premium hardware, intuitive software, and unmatched human coaching.”

Peloton shares entered the day down 22% over the past year.

Amazon, UPS and Other Major Companies Are Making Big Job Cuts. Is AI To Blame?

FROM 1 hr 19 min ago

The labor market limped into 2026, and big layoff announcements in recent weeks have added fresh anxiety to the fragile jobs picture.

Amazon.com (AMZN) said it plans to eliminate about 16,000 corporate roles, while United Parcel Service (UPS) announced 30,000 new job cuts, following an even larger reduction last year. Chemical manufacturing company Dow (DOW) slashed 4,500 jobs, or roughly 12% of its workforce, while Home Depot (HD) and Nike (NKE) each cut hundreds more.

For many workers, the fear isn’t just about layoffs—it’s about why they’re happening. A recent Reuters/Ipsos poll found that 71% of Americans worry artificial intelligence could permanently replace their job.

With AI frequently cited in corporate earnings calls and layoff announcements, it’s easy to connect the dots. But when economists and labor researchers dig into the data, a more complicated—and far less AI-driven picture—emerges.

Read the full article here.

–Peter Gratton

Stock Futures Little Changed as Investors Assess Tech Earnings

FROM 1 hr 39 min ago

Futures contracts connected to the Dow Jones Industrial Average were down 0.1%.

S&P 500 futures pointed 0.1% higher.

Nasdaq 100 futures were up 0.2%.