U.S. stock index futures hit record highs on Monday, led by gains in Tesla and economy-sensitive stocks at the start of a week packed with economic data as well as the Federal Reserve’s potential move to slow down bond purchases.
At 8:00 a.m. ET, Dow e-minis were up 154 points, or 0.43%, S&P 500 e-minis were up 18.5 points, or 0.4%, and Nasdaq 100 e-minis were up 59 points, or 0.37%.
Tesla Inc rose 3.4% in premarket trading, pointing to a record open after it notched a trillion dollars in market capitalization last week.
Other mega-cap technology stocks Google-owner Alphabet Inc , Meta Platforms, formerly Facebook Inc, Microsoft Corp, Amazon.com and Apple Inc traded mixed.
Focus is now on the Fed’s policy meeting on Nov. 2-3, where the central bank is expected to announce the tapering of its $120 billion monthly bond buying program by $15 billion.
Stocks making the biggest moves in the premarket:
NIO(NIO) – NIO delivered 3,667 vehicles in October, decreasing by 27.5% YoY.The stock turned to dived nearly 3% after rising 4% in premarket trading.
Xpeng(XPEV) – Xpeng shares jumped 4% in premarket trading after the Chinese electric vehicle maker said it delivered 10,138 cars in October, an increase of 233% over a year ago.
Li Auto(LI) – Li Auto delivered 7,649 Li ONEs in October, increasing 107.2% YoY.The stock fell more than 1% in premarket trading.
Lucid Group(LCID) – Lucid stock surged more than 8% in premarket trading on automaker's first deliveries.Lucid Motors has held an event on October 30 called Dream Delivery where the first reservation-holding customers can pick up their Lucid Air Dream Edition EVs,which is the longest range electric car ever produced.
AMC Entertainment(AMC) – The movie theater operator’s stock rallied 2.1% in premarket action after AMC said its theater admissions revenue in October was the highest in any month since February 2020.
Novavax(NVAX) – Novavax, Inc. today announced the completion of its rolling submission to Health Canada for authorization of its COVID-19 vaccine candidate, the first filing of a protein-based COVID-19 vaccine inCanada. In addition, the company has completed the submission of all data and modules to the European Medicines Agency (EMA) to support the final regulatory review of its dossier.The stock surged 11.7% in premarket trading.
Moderna(MRNA) – Moderna said the Food and Drug Administration had delayed a decision on the use of its Covid-19 vaccine in adolescents aged 12 to 17, while the agency studies whether the shot increases the chance of myocarditis — an inflammation of the heart muscle. The drugmaker said a final decision from the FDA would likely not come until January. The stock lost 2.5% in the premarket.
Spotify(SPOT) – The music streaming service’s stock rose 2% in premarket trading after it was named a “top pick” at Morgan Stanley, on the prospects for accelerating growth in its Premium service and expanding profit margins.
Crowdstrike(CRWD) – The cloud computing company’s stock fell 2.3% in the premarket after it was downgraded to “neutral” from “buy” at BTIG. The firm points to increasing competition as well as the prospects for slowing growth.
GameStop(GME) – GameStop Chief Operating Officer Jenna Owens is leaving the videogame retailer after just seven months. GameStop did not give a reason for the departure of Owens, who had been a top executive at Amazon and Google before joining GameStop.
Roblox(RBLX) – Roblox is back online after the online gaming site suffered an outage that lasted from Thursday night through Sunday afternoon. The company did not give a specific cause of the outage but told The Wall Street Journal that there was no evidence of an external intrusion. Roblox shares rose 1% in premarket action.
Trivago(TRVG) – The travel services company saw its stock jump 4.2% in the premarket after it reported an unexpected profit and better-than-expected revenue for its latest quarter. Trivago cited improving travel trends as pandemic restrictions ease and vaccinations increase.
Barclays(BCS) – Barclays CEO Jes Staley will step down following an investigation into his relationship with disgraced financier Jeffrey Epstein by British regulators. Staley plans to contest the investigation’s findings, and has said in the past that he regrets any association with Epstein. Barclays fell 1.3% in premarket trading.
Deere(DE) – Deere reached a tentative contract agreement with striking workers, with a vote on the six-year pact set for Tuesday. The deal will give workers higher raises and bonuses and would end Deere’s first strike in 35 years. Deere shares gained 1.8% in premarket trading.
Harley-Davidson(HOG) – The motorcycle maker’s shares soared 7% in the premarket after the U.S. and the European Union ended a dispute involving steel and aluminum tariffs. Harley could have paid European tariffs of 56% if the dispute had not been resolved.
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