Stitch Fix, Coupa Software, Clover Health, Tesla: what to watch for when the stock market opens today
US equity futures wavered, suggesting that the major indices would give mixed performance after the opening bell on a continuation of recent choppy but limited to a range trading.
- Futures contracts on the S&P 500 remained stable. Futures contracts on the Dow Jones Industrial Average slipped 0.2%. Contracts for the highly technical Nasdaq-100 edged up 0.2%.
- Yields on 10-year Treasury bills fell to 1.553% from 1.570%. The dollar is up and oil prices are down slightly. Read our full market overview here.
What is coming
- US trade balance data for April is due at 8:30 a.m. ET.
- The job posting figures are expected to be released at 10 a.m.
General Stores Casey’s CASY -1.68%
and the American software AMSWA 2.11%
must report their profits after the stock market closes.
Market movers to watch out for
Stitch Fix SFIX 4.36%
: The online clothing company’s losses declined in the fiscal third quarter, as sales jumped 44%, supported by an increase in the number of customers who shopped online. Shares jumped 14% before market.
- Shares of Clover Health Investments have skyrocketed after becoming the latest target for retail traders on the Reddit forums. The healthcare company’s stock price rose more than 32% on Monday and rose another 13% on Tuesday in pre-market trading.
- Coupa Software actions COUP 2.82%
fell 7.9% before the bell. The company predicted it would record a loss in its 2022 fiscal year and has appointed Tony Tiscornia as its new chief financial officer.
Tesla TSLA 1.01%
stocks rose 2.6%. The China Passenger Car Association said the electric vehicle maker sold 21,936 Shanghai-made vehicles in May to China while exporting 11,527 cars overseas.
Marvell MRVL technology -0.88%
gained 4.6% after the chipmaker posted record quarterly sales.
Residential Equity EQR 0.74%
fell 3.6% pre-market. Real estate investment trust stocks had rallied in recent weeks after analysts at Morgan Stanley and BMO Capital Markets raised their target prices for the stock.
- Another REIT, WP Carey,
slipped 2.5%. The trust said it was looking to raise around $ 395 million in a stock offering to fund potential investors and pay off debt.
Etsy ETSY 2.52%
fell 1.7% after the online craft market offered a private offer of $ 1 billion in senior convertible bonds on Monday night.
- Traders spent $ 11.6 billion last week on options contracts linked to AMC Entertainment Holdings, more than on the SPDR S&P 500 ETF Trust, Invesco QQQ Trust and Tesla Inc. combined, according to data from Cboe Global Markets . The options on these stocks are generally among the most popular on the market.
- Biogen shares jumped 38% on Monday after US regulators gave the green light to the drug known as aducanumab, the first such drug approved in treat Alzheimer’s in nearly two decades.
- Demand for lithium used in batteries is expected to increase 30-fold by 2030, according to the International Energy Agency. Cobalt and nickel will also be needed for batteries while copper will be used by transmission lines, electric vehicles and wind turbines.
Card of the day
- The rally of stocks such as AMC Entertainment AMC 14.80%
and GameStop GME 12.74%
sparked an explosion in options trading, upsetting the traditional dynamics of the derivatives market. The once dark corner of the market has exploded this year, with many new investors trying their hand during pandemic shutdowns.
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