- U.S. stock futures were mixed on Tuesday
- Investors are awaiting remarks from Fed Chair Jerome Powell and Treasury Secretary Janet Yellen
U.S. Stock futures were mixed on Tuesday as investors await testimony from Fed. Chair Jerome Powell, who is expected to confirm that the US economy still has some way to go before a recovery can be verified.
At 8:13 a.m. ET, Dow E-minis were down 130 points, or 0.4%, S&P 500 E-minis were down 14 points, or 0.4% and Nasdaq 100 E-minis were up 8.5 points, or 0.1%.
The dollar strengthened, while the 10-year U.S.Treasury yield slid for a second day ahead of this week’s offerings, which include a seven-year note, a maturity that fared poorly in last month’s auction.WTI crude oil dropped below $60 a barrel on concerns about the near-term demand outlook.
Stocks making the biggest moves in the premarket:
AstraZeneca (AZN) – The drugmaker’s stock fell 2.3% in premarket trading after an independent monitoring board told U.S. health officials that the company may have given incomplete efficacy data from its Covid-19 vaccine trial. The Data Safety Monitoring Board said it wanted AstraZeneca to work with it to review the data to ensure it is accurate and up to date.
Li Auto (LI) – On Tuesday, China's Ministry of industry and information technology released two catalogues of new energy vehicles that previously enjoyed preferential tax treatment, among which Li Auto, Nio,Xpeng and BYD all had models on the list. Affected by this, the shares of Li Auto fell 3.5%, Nio,Xpeng fell 2.4% and NIO fell 1.2% in premarket trading.
Baidu (BIDU) – Baidu made its debut on the Hong Kong stock exchange following a secondary listing that raised $3.1 billion for the China-based internet company. Baidu’s U.S. shares sank 2.7% in premarket trading.
Tencent Music Entertainment (TME) – Tencent Music reported quarterly results that came in slightly below Wall Street forecasts. The music streaming service also announced a multi-year licensing agreement with Warner Music and the formation of a joint venture music label with Warner in China. Tencent shares dropped 5.3% in premarket trading.
Microsoft (MSFT) – Microsoft is in talks to buy videogame chat community Discord for more than $10 billion, according to people familiar with the matter who spoke to Bloomberg. One person familiar with the matter said Discord is more likely to go public than to sell itself, however.
Boeing (BA) – Boeing struck a deal for a $5.28 billion two-year revolving credit agreement, higher than the $4 billion that the jet maker was originally said to be seeking. Boeing shares fell 1% in the premarket.
Bilibili (BILI) – Bilibili is set to raise $2.6 billion following the pricing of a Hong Kong secondary listing, according to people with direct knowledge of the matter who spoke to Reuters. The price for the online video site operator’s stock was said to be 2.6% below its Monday close in U.S. trading.
GameStop(GME) – Shares of videogame retailer GameStop Corp, which is transitioning itself into an ecommerce firm, up 0.8% ahead of its fourth-quarter results due after markets close. The stock has been at the center of a recent retail trading frenzy.
ViacomCBS (VIAC) – ViacomCBS will raise $3 billion from stock offerings, following a recent runup in its stock price. The media company will sell $2 billion in class B common shares and $1 billion in mandatory convertible preferred shares. Media companies with streaming services – like the company’s recently rebranded Paramount+ — have been ramping up spending on new content. Viacom fell 5.9% in premarket action.
SunRun (RUN) – The solar power company’s stock jumped 2.5% in premarket trading after Goldman Sachs upgraded it to “buy” from “neutral,” pointing to accelerating growth and valuation. SunRun gained 4% Monday after being rated “positive” in new coverage at Susquehanna Financial.
Peloton (PTON) – Peloton recently bought three companies in a flurry of acquisitions, according to a Bloomberg report. The fitness equipment maker’s acquisitions involved artificial intelligence, wearables and hardware.
Apollo Global (APO) – The private-equity firm’s shares rose 0.2% in premarket action after Citi upgraded the stock to “buy” from “neutral.” Citi said Apollo’s recent corporate governance moves should reduce headline and other risk factors.
Discovery (DISCA) – Discovery lost 4.6% in premarket trading after UBS downgraded the media company’s stock to “sell” from “neutral,” noting the valuation after the stock nearly quadrupled over the past 12 months. UBS said the risk/reward profile is more challenging at current levels.
Pfizer (PFE) – CEO Albert Bourla told The Wall Street Journal that the drugmakerwould expand its mRNA vaccine businessto target other viruses and pathogens beyond the coronavirus. Bourla said the company gained a decade’s worth of experience in working with Germany’s BioNTech(BNTX) on the Covid-19 vaccine and is now ready to proceed on its own.
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