Exxon Mobil, Palo Alto, Adobe fall premarket; Nvidia rises

Investing.com -- US stock futures steadied Wednesday, with investors cautious ahead of the release of more employment data as well as the minutes from the last Federal Reserve policy-setting meeting.

Here are some of the biggest premarket US stock movers today: Exxon Mobil (NYSE:XOM ) stock fell 0.7% after the oil major warned that a decline in oil refining profits, along with weak returns from across its operations, would dent its fourth-quarter income by around $1.75 billion versus the prior three-month period. Nvidia (NASDAQ:NVDA ) stock rose 0.5%, rebounding after the chip giant notched its biggest one-day drop on Tuesday since early September 2024. Palo Alto Networks (NASDAQ:PANW ) stock fell 2.7% after analysts at BTIG and Deutsche Bank (ETR:DBKGn ) downgraded the stock, with BTIG citing concerns over the company's growth prospects in its core network security market and its Next-Generation Security business. United Parcel Service (NYSE:UPS ) stock rose 0.6% after Wall Street analysts from Wolfe Research and Bernstein issued more optimistic outlooks for the logistics giant. Ferguson Enterprises (NYSE:FERG ) stock rose 0.5% after BofA Securities upgraded its stance on the cooling solutions company to "buy" from "underperform", saying this is an attractive entry point into a company poised to benefit from structural growth drivers and favorable inflation dynamics in the United States. Adobe (NASDAQ:ADBE ) stock fell 1.3% after Deutsche Bank cut its stance on the software group to "hold" from "buy", seeking “more tangible evidence" of monetization of its artificial intelligence capabilities. Tapestry (NYSE:TPR ) stock rose 1.3% after Barclays (LON:BARC ) upgraded the luxury name to "overweight" from "equal weight", saying it’s in the 'sweet spot' in the global handbag sector. Coca-Cola (NYSE:KO ) stock rose 0.3% after TD Cowen upgraded its stance on the soft drinks giant to “buy” from “hold”, saying the stock’s pullback is an "overreaction" among investors to volume concerns and worries over the impact of the upcoming Trump administration's trade policies.

Source: Investing.com