U.S. stocks futures held steady on Tuesday, putting the main indexes on course to end August on a firm footing, as investors shrugged off risks around rising coronavirus infections on hopes that the Federal Reserve’s dovish stance would support economic growth.
At 8:05 a.m. ET, Dow E-minis were down 11 points, or 0.03%, S&P 500 E-minis were down 1.75 points, or 0.04% and Nasdaq 100 E-minis were down 1.25 points, or 0.01%.
While a strong recovery in economic growth and corporate earnings have put the S&P 500 on pace for its longest monthly winning run since 2018, investors are concerned about rising coronavirus cases and how quickly the Fed will tighten monetary policy once it begins its taper.
A Reuters poll last week showed strategists believe the S&P 500 is likely to end 2021 not far from its current level.
Stocks making the biggest moves in the premarket:
Zoom – Zoom reported quarterly earnings of $1.36 per share, 20 cents a share above estimates. Revenue also beat forecasts and topped $1 billion for the first time. Growth rates have slowed from the meteoric levels seen as the pandemic began in 2020. Its shares plunged 11.3% in the premarket.
Designer Brands Inc – The footwear retailer formerly known as DSW reported quarterly earnings of 56 cents per share, compared to a 24 cents a share consensus estimate. Revenue was well above Wall Street forecasts. Comparable-store sales surged 84.9%, more than the 62.2% increase forecast by analysts surveyed by StreetAccount. Its shares surged 7.5% in premarket trading.
Chico's FAS – The apparel retailer’s shares rallied 4.5% after the company reported an unexpected quarterly profit. Chico’s earned 21 cents per share, compared to consensus estimates of an 8 cents per share loss. Revenue was also well above estimates. Chico’s said the results represented the company’s best second quarter in eight years.
Textron – Textron added 1.8% in premarket action after Cowen upgraded the stock to “outperform” from “market perform,” based in part on robust business jet demand as well as an “underappreciated” opportunity in the electric helicopter market.
Uber – Russian technology company Yandex(YNDX) announced a deal to buy out Uber’s interest in several food delivery and ride-hailing joint ventures for $1 billion. Uber was little changed in the premarket, but Yandex gained 1.2%.
Virgin Galactic – Virgin Galactic gained 3.3% in the premarket after Jefferies initiated coverage on the space travel company with a “buy” rating. Jefferies notes an expected ramping up in capacity by Virgin Galactic as well as rapidly growing demand.
Square – Square plans to offer a new paid version of its invoicing software called Invoices Plus, according to announcements shared with some sellers and seen by TechCrunch. The new service will offer some advanced features that had been tested over the past year in limited trials.
Support.com – Support.com remains on watch, after soaring 38% Monday, tripling over the past week and bringing its year-to-date gain to more than 1,500%. The technical support company’s stock is among heavily shorted stocks that have been targeted by investors on social media. The stock added another 4.4% in premarket trading.
Moderna, Inc. – Moderna’s Covid-19 vaccine produced more than twice the number of antibodies as the Pfizer-BioNTech vaccine, according to a study published by the Journal of the American Medical Association. Moderna shares had been under pressure following the suspension of 1.63 million doses in Japan on contamination concerns, and a temporary hold on two vaccine lots in the Gunma and Okinawa prefectures which were ultimately cleared for distribution. Moderna rose 1.4% in the premarket.
NetEase – NetEase reported better-than-expected earnings for its latest quarter, with the China-based online gaming company seeing revenue in line with forecasts. The stock had fallen 3.4% Monday amid new restrictions on online gaming imposed by the Chinese government. NetEase gained 2.1% in the premarket.
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