U.S. stock futures traded lower in early pre-market trade after the Dow Jones climbed more than 480 points in the previous session.
At 8:05 a.m. ET, Dow E-minis were down 125 points, or 0.37%, S&P 500 E-minis were down 19.5 points, or 0.45% and Nasdaq 100 E-minis were down 85.5 points, or 0.58%.
Investors also kept close watch on rising U.S. Treasury yields after data last week showed increased consumer spending, accelerated factory activity and elevated inflation growth, which could help push the Federal Reserve towards tightening its accommodative monetary policy sooner than expected.
Stocks making the biggest moves in the premarket:
Tesla Motors – Tesla shares rose 3% in the premarket after the company announcedit delivered 241,300 vehiclesduring the third quarter, its most ever for a quarter and a 73% increase over the same quarter a year ago.
Moderna, Inc. ,Novavax – Moderna and Novavax shares are under pressure once again this morning. Both Covid-19 vaccine makers saw double-digit percentage losses Friday, following news ofMerck’s(MRK) successful late-stage trial for its new anti-viral pill. Moderna fell 4% in premarket trading, while Novavax slid 3.3%. Merck rallied another 2.7% in the premarket following Friday’s 8.4% surge.
General Motors – Hedge fund Engine No. 1 announced its support for GM’s goal to have a 100% electric car portfolio by 2035, as well as an investment in the automaker. Engine No. 1 gained prominence earlier this year by successfully placing three climate-focused independent directors onExxon Mobil’s(XOM) board.
Delta Air Lines – Delta reinstated its original third-quarter revenue forecast, after cutting it a month ago. CEO Ed Bastian said ticket sales stabilized and then improved, and the airline is also expecting 2022 domestic bookings to surpass pre-pandemic levels. Delta will report third-quarter results on October 13.
Southwest Airlines – Southwest added 1.4% in premarket trading after Barclays upgraded the stock to “overweight” from “equal weight,” saying it sees bluer skies ahead for airlines and that it favors low-cost, low-fare carriers like Southwest.
Sun Life – The financial services company struck a deal to buy oral health care provider DentaQuest for $2.47 billion in cash. The transaction is aimed at increasing Sun Life’s employee benefits offerings.
3M – 3M fell 1.5% in the premarket after J.P. Morgan Securities downgraded the stock to “neutral” from “overweight,” citing a lack of “fundamental direction” for the company.
Roper – Roper is selling its engineering solutions unit TransCore to Singapore Technologies Engineering for $2.68 billion. TransCore focuses on safety solutions for roads, bridges and tunnels.
Johnson & Johnson – Johnson & Johnson is planning to ask the Food and Drug Administration this week to authorize a booster shot for its Covid-19 vaccine, according to The New York Times citing officials familiar with the company’s plans.
Amazon.com – Amazon released what it is billing as “Black Friday-worthy” deals – nearly eight weeks before the actual Black Friday date. Amazon also announced a program that will allow Prime members to send gifts using just a mobile phone number or email, without having to know the recipient’s address.
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