U.S. equity index futures rose on Tuesday as technology shares recovered from a sharp selloff in the previous session, while economy-sensitive cyclical stocks were in favor ahead of the closely watched monthly payrolls data later in the week.
At 8:05 a.m. ET, Dow E-minis were up 174 points, or 0.51%, S&P 500 E-minis were up 21.75 points, or 0.51% and Nasdaq 100 E-minis were up 73.75 points, or 0.51%.
High-growth stocks including Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc rose between 0.3% and 0.7% in premarket trading.
Facebook was up 1.5% after taking a beating a day earlier, when its app and its photo-sharing platform Instagram were down for hours before being restored late in the evening.
President Joe Biden said the federal government could breach its $28.4 trillion debt limit in a historic default unless Republicans join Democrats in voting to raise it in the two next weeks.
Cyclical stocks held their ground including those of banks, with Goldman Sachs Group Inc, Bank of America Corp and Morgan Stanley rising between 0.8% and 1%.
Investors are now looking ahead to the release of September employment data on Friday that could pave the way for the tapering of the U.S. Federal Reserve’s asset purchase program.
Stocks making the biggest moves in the premarket:
Lordstown Motors Corp. – The electric truck maker was downgraded to “underweight” from “equal-weight” at Morgan Stanley, which notes that the recently announced sale of Lordstown’s Ohio plant to Foxconn values the plant at less than a fifth of prior estimates. Lordstown tumbled 6.8% in the premarket.
Histogenics – The developer of gene therapy treatments soared 10.7% in the premarket after it announced joint development and supply agreements involving its Covid-19 vaccine candidate and its treatment for dry age-related macular degeneration.
Pepsi – The snack and beverage giant beat estimates by 6 cents a share, with quarterly earnings of $1.79 per share. Revenue beat Street forecasts as well. PepsiCo also raised its annual revenue forecast as the easing of pandemic restrictions boosts sales at restaurants and movie theaters. The stock rose 1% premarket.
Facebook – Facebook staged a modest rebound following a nearly 5% drop Monday, rising 1.1% in premarket action. Monday’s decline came in the wake of a “60 Minutes” whistleblower report as well as a six-hour outage that impacted all of Facebook’s services.
Tesla Motors – Tesla will have to pay former worker Owen Diaz about $137 million, over a hostile work environment that included enduring racist remarks. That ruling came from a San Francisco federal court, with the jury awarding more than attorneys had requested for their client. Tesla rose 1% in premarket trading.
Albertsons Companies, Inc. – The supermarket operator’s shares fell 4% in the premarket after BMO Capital downgraded the stock to “underperform” from “market perform.” BMO notes increasing wage costs and a more price-sensitive consumer environment.
Southwest Airlines – Southwest is the latest airline to announce a Covid-19 vaccine mandate for its workers. Employees will have until December 8th to comply, although they will be allowed to apply for religious or medical exemptions.
Veoneer, Inc. – Veoneer agreed to be acquired by investment firm SSW Partners for $37 per share, with SSW then selling the auto tech firm’s sensor and driving platform business to Qualcomm (QCOM). Veoneer had agreed in July to be bought by Canadian auto supplier Magna International (MGA) for $31.25 per share. Veoneer fell 1% in the premarket.
The Duckhorn Portfolio, Inc. – Duckhorn Portfolio reported quarterly profit of 8 cents per share, well above the 1 cent a share consensus estimate. The Calfornia-based wine producer’s revenue also topped Wall Street forecasts. Duckhorn Portfolio issued a better-than-expected full-year earnings outlook as well. Its shares rose 2.2% in premarket trading.
Johnson & Johnson – J&J submitted an application to the Food and Drug Administration for emergency use authorization of a booster shot utilizing its Covid-19 vaccine. The FDA had already scheduled an expert panel review of booster data for both J&J and Moderna (MRNA) next week.
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