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SoFi, Bakkt, Bank of America, Cisco: What to see when the stock market opens today

Wall Street stock indices rose, reversing some of Tuesday's losses. Here's what we see in Wednesday's trade:

  • Fintech SoFi Technologies SOFI 13.56% said it won regulatory approval to become a bank holding company.
  • Baked Holdings BKKT 0.18% said it partnered with Nexo to store its bitcoin and ether.
  • Bank of America BAC 1.45% reported a fourth-quarter profit that beat expectations.
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Bank of America reported earnings early Wednesday.

Photo: CARLO ALLEGRI / REUTERS
  • US Bancorp USB -6.35% said its fourth-quarter profit rose due to a lower provision for credit losses as the global economy improved, despite lower net interest income and higher non-interest expenses.
  • Cisco CSCO -0.88% Systems shares fell after Goldman Sachs downgraded its stock to neutral from buying.
  • Morgan Stanley MS 1.58% beat the profit estimates for the fourth quarter based on strong results in its investment banking and asset management divisions.
  • Procter & Gamble PG 4.29% reported another quarter of strong sales growth as consumers, unafraid of higher prices, filled up on household items from Gillette razors to Tide detergent.
  • US-traded shares in Sony Group SONY -2.81% was down in the morning trade. The company's stock fell nearly 13% in Tokyo on Wednesday due to concerns about new tough competition for its video game business from the recently announced combination of Microsoft MSFT 1.73% and Activision Blizzard. THAT WE -0.35%
  • Pfizer's PFE -0.26% the new Covid-19 pill, Paxlovid, was effective against the Omicron variant in laboratory tests, an encouraging early sign that the drug will be an important tool as the strain spreads.
  • Alcoa AA -0.47% and United Airlines UAL -1.78% is among the companies that sign up after Wednesday's closing.
Today's chart
  • The crypto market coincided with US equities in the first two weeks of the year, with both markets struggling under the same dynamics.

Write to James Willhite at james.willhite@wsj.com

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