U.S. stock index futures edged higher on Monday as big industrial firms were supported by the passage of a $1 trillion infrastructure bill, while Tesla fell on Chief Executive Elon Musk's plan to sell about a tenth of his stake.
At 8:00 a.m. ET, Dow E-minis were up 68 points, or 0.19%, S&P 500 E-minis were up 2.5 points, or 0.05% and Nasdaq 100 E-minis were down 5.75 points, or 0.04%.
Caterpillar Inc , Boeing Co and 3M Co rose between 0.5% and 3% in premarket trading after the Congress passed a long-delayed infratructure bill, hailed by President Joe Biden as a "once in a generation" investment.
Steel and aluminum producers also gained, with Nucor Corp up 2.6% and United States Steel Corp adding 4.9%.
"The news that Joe Biden is on the cusp of signing off a $1 trillion infrastructure package does provide a boost for industrial names that have largely enjoyed a strong third quarter in any case," Joshua Mahony, senior market analyst at IG, said in a client note.
Stocks making the biggest moves in the premarket:
Tesla Motors (TSLA) – Shares of the automaker slumped 4.3% in premarket trading after CEO Elon Musk asked his followers on Twitter if he shouldsell 10% of his stock in the company.
Regeneron Pharmaceuticals (REGN) – Shares of the pharmaceutical company rose 2% after Regeneron said that a single dose of its antibody cocktail could provide long-term protection against Covid-19.
Caterpillar (CAT) – The industrial stock jumped more than 4% in premarket trading after it was announced a fresh pick at investment firm Baird. Caterpillar could see strong earnings in the next few years as the newly passed infrastructure bill adds to a strong demand environment, Baird said in a note to clients.
Autolus Therapeutics PLC (AUTL) – The biotech stock surged 25% after Blackstone said it would invest up to $250 million in Autolus. The investment will help Autolus continue to build on a treatment for leukemia, the companies said in a release.
Coty (COTY) – The makeup and beauty stock rose 6.5% after the company reported better-than-expected results for its fiscal first quarter, according to estimates from StreetAccount. Coty also announced that it was selling more of its stake in Wella to KKR.
Krispy Kreme, Inc. (DNUT) – Shares of the doughnut chain dipped in premarket trading following a downgrade from Truist. The investment firm said that the tight labor market could hold back Krispy Kreme’s expansion plans.
Canopy Growth Corporation (CGC) – The pot stock was under pressure in premarket trading following a pair of downgrades from Cowen and Canaccord Genuity. Canopy reported its fiscal second-quarter results last week, and revenue missed expectations.
Softbank Group Corp – Shares of the Japanese bank fell less than 1% in Tokyo trading after SoftBank reported a loss for its fiscal second quarter. The company took a$10 billion loss from its Vision Fund, weighed down by losses in Chinese tech stocks, according to Reuters.
Live Nation Entertainment (LYV) – The entertainment promotion company saw its stock fall nearly 4% in premarket trading on Monday after multiple people died at a Travis Scott concert over the weekend. Live Nation has reportedly been named a defendant in lawsuits about the event.
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