SpaceX Gains on Earnings as U.S. Stocks Rise

U.S. stock futures and early trading moved higher Wednesday as investors weighed quarterly results, with SpaceX shares rallying after profit beat expectations and Netflix falling on weaker guidance. The market gains were modest and varied by index and trading snapshot; the reports did not establish where stocks ultimately ended the session. SpaceX shares rose more than 8% in premarket trading, with early reports putting the gain as high as 10%, after the company reported quarterly profit above analyst expectations. The company’s quarterly revenue grew 161%, according to one report. Elon Musk said SpaceX and Tesla had formed special committees to discuss a possible merger, while downplaying the prospect of an imminent deal. The discussions do not amount to a merger agreement. Netflix shares dropped more than 6% before the market opened after the streaming company issued weaker guidance. It lowered its advertising-sales outlook, according to one account, and another described its revenue guidance as weak. Netflix nevertheless reported third-quarter profit above Wall Street expectations. The contrasting reactions underscored how company outlooks affected shares during the...