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