Stitch Fix, Coupa Software, Clover Health, Tesla: What to watch out for when the stock market opens today

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WSJ.com: Markets

US stock futures fluctuated, suggesting that major indices would show mixed performance after the opening bell, implying an extension of the most recent choppy but range-bound trade.

  • S&P 500 futures were flat. Futures on the Dow Jones Industrial Average were down 0.2%. Contracts for the tech-heavy Nasdaq-100 rose 0.2%.
  • 10-year government bond yields fell from 1.570% to 1.553%. The dollar has risen and oil prices have fallen slightly. Read our full market report here.
What’s up
  • April US trade balance data is due at 8:30 a.m. ET.
  • Job vacancies are expected to be published at 10 a.m.
  • Casey’s general store CASY -1.68%

    and American software AMSWA 2.11%

    must report profits after the market closes.

Market movers in view
  • Stichfix SFIX 4.36%

    : The online apparel company’s losses decreased in the third fiscal quarter as sales increased 44%, boosted by an increase in customers shopping online. Shares rose 14% before they were placed on the market.

The Nasdaq stock exchange in New York is showing advertisements for Stitch Fix’s IPO in 2017.


Photo:

Richard B. Levine / Levine Roberts / Newscom / Zuma Press

  • Clover Health Investments’ shares soared after showing up on Reddit forums as the newest retail target. The healthcare company’s share price rose over 32% on Monday and rose another 13% in pre-trading on Tuesday.
  • Shares of Coupa Software COUP 2.82%

    declined 7.9% before the bell. The company forecast a loss in fiscal 2022 and named Tony Tiscornia as its new chief financial officer.

  • Tesla TSLA 1.01%

    Stocks rose 2.6%. The China Passenger Car Association said the electric vehicle maker sold 21,936 Shanghai-made vehicles in China and exported 11,527 cars overseas as of May.

  • Marvell technology MRVL -0.88%

    gained 4.6% after the chipmaker’s record quarterly sales.

  • Equity residential real estate EQF 0.74%

    fell 3.6% ahead of the market. Real Estate Investment Trust stocks had rallied in recent weeks after analysts at Morgan Stanley and BMO Capital Markets raised their price targets for the stock.

  • Another REIT, WP Carey,

    WPC -0.40%

    slipped by 2.5%. The trust said it plans to raise approximately $ 395 million in a stock offering to fund potential investors and repay debt.

  • Etsy 2.52%

    lost 1.7% after the online craft market proposed a private offer of $ 1 billion in convertible senior notes late Monday.

Market facts
  • According to Cboe Global Markets, traders last week spent $ 11.6 billion on options contracts tied to AMC Entertainment Holdings, more than the SPDR S&P 500 ETF Trust, Invesco QQQ Trust, and Tesla Inc. combined. Options on these stocks are typically among the most popular on the market.
  • Biogen’s shares rose 38% on Monday after US regulators gave the go-ahead for the drug known as aducanumab, the first such approval of a drug for the treatment of Alzheimer’s in nearly two decades.
  • According to the International Energy Agency, the demand for lithium for batteries is expected to increase by a factor of 30 by 2030. Cobalt and nickel are also needed for batteries, while copper is used for transmission lines, electric vehicles and wind turbines.
Chart of the day
  • The rally in stocks like AMC Entertainment AMC 14.80%

    and GameStop GME 12.74%

    has sparked an outbreak in options trading and turned traditional dynamics in the derivatives market on its head. The once-unknown corner of the market has seen a boom this year, with many new investors trying their hand at the pandemic shutdowns.

Got to read since you went to bed

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