Futures tracking the Dow and the S&P 500 index edged lower on Monday, as investors pivoted towards economically sensitive sectors, with focus turning towards upcoming economic readings and ongoing talks over increased government spending.
At 8:00 a.m. ET, Dow e-minis were up 80 points, or 0.23%, S&P 500 e-minis were down 3 points, or 0.07%, and Nasdaq 100 e-minis were down 82 points, or 0.54%.
Oil majors Exxon Mobil and Chevron Corp rose 1.8% and 1.7% in premarket trade, respectively, tracking crude prices, while big lenders including JPMorgan, Citigroup, Morgan Stanley and Bank of America Corp gained about 0.8%.
Investors will now watch for a raft of economic indicators, including durable goods orders and the ISM manufacturing index this week to gauge the pace of the recovery, as well as bipartisan talks over raising the $28.4 trillion debt ceiling.
The U.S. Congress faces a Sept. 30 deadline to prevent the second partial government shutdown in three years, while a vote on the $1 trillion bipartisan infrastructure bill is scheduled for Thursday.
Stocks making the biggest moves in the premarket:
Alphabet(GOOGL) – Alphabet’s Google unit will cut the commissions it collects on third-party software sales in its Cloud Marketplace. That’s according to a person familiar with the matter who spoke to CNBC, who said Google will now collect just 3% of sales compared to the prior 20%.
Tesla(TSLA) – Tesla rolled out a software update that allows customers to request access to its Full Self-Driving beta software. Access will be granted to Tesla drivers who get a sufficiently high safety score.
Gores Guggenheim(GGPI) – The special purpose acquisition company will take electric car maker Polestar public through a merger, at a valuation of $20 billion including debt. Polestar is controlled by car maker Volvo and its parent Zhejiang Geely Holding Group. Gores rose 3.5% in premarket trading.
Acceleron Pharma(XLRN) – Acceleron is in talks to be acquired by an unidentified large pharmaceutical company for about $180 per share, according to people familiar with the matter who spoke to Bloomberg.Bristol-Myers Squibb(BMY) is considered one potential candidate, as it already owns an 11.5% stake in Acceleron.
Box(BOX) – Box was upgraded to “market outperform” from “market perform” at JMP Securities, which cited the cloud computing company’s execution among other factors. Box added 2% in the premarket.
Altice USA(ATUS) – The broadband and video company was downgraded to “neutral” from “outperform” at Credit Suisse, which notes the likely short-term negative impact from an aggressive fiber buildout strategy. Altice USA slid 1.6% in premarket action.
Toyota Motor(TM) – The automaker’s shares rose 1.3% in the premarket after the company said it had completed a 25.8 million share buyback.
Best Buy(BBY) – The electronics retailer was named a “top idea” at Piper Sandler, which is enthusiastic about the upcoming rollout of Best Buy’s new “Best Buy Total Tech” membership program.
Gannett(GCI) – The USA Today publisher said it was seeking to refinance up to $550 million in senior secured debt. Gannett said its plan was subject to market conditions and that there is no assurance it will be able to execute the refinancing.
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