Virgin Galactic, Nike, FedEx, CarMax: What to watch out for when the stock exchange opens today

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WSJ.com: Markets

Updated June 25, 2021 9:11 a.m. ET

Wall Street indices are poised for gains to end a week of multiple highs. Here’s what we’re watching as Friday trading gets underway.

  • US stock futures rose slightly, putting the S&P 500 on track to end its best week in more than two months amid renewed confidence in global economic expansion.
  • Futures for the S&P 500 rose 0.2% daily after the broad equity index hit a record high for the 30th time in 2021. Contracts on the Dow Jones Industrial Average rose 0.5% and futures on the tech-heavy Nasdaq-100 rose 0.2%. Read our full market report.
  • Household spending was flat over the last month as consumers cut back on their large goods purchases and spent more on services.
What’s up
  • The University of Michigan final June consumer survey is due at 10 a.m.
Market movers in view
  • Nike OF 15.53%

    Stocks are sprinting higher and are up 13% ahead of the market after the sneaker giant reported sales for the May quarter that nearly doubled from the same period last year.

A pair of ‘Nike Air Yeezy 1’ prototype sneakers designed by Kanye West will be on display at the Hong Kong Convention and Exhibition Center before going on sale at Sotheby’s on April 16, 2021.


Photo:

Joyce Zhou / Reuters

  • Virgo Galactic SPCE 38.87%

    Stocks neared escape speed, rising 21% ahead of opening after receiving FAA approval to fly paying customers to the edge of space. The company also said it completed a full review of its test flight data on May 22nd and confirmed it scores well across all flight destinations.

  • CarMax KMX 6.67%

    Shares stepped on the accelerator, up 6% pre-launch after the used car dealer beat earnings estimates for its first fiscal quarter.

  • Caterpillar CAT -1.38%

    Shares rose 1.1% before the bell, building on the 2.6% rise the previous day that came after President Biden and a group of 10 centrist senators approved a roughly $ 1 trillion infrastructure plan .

  • FedEx FDX -3.63%

    delivered difficult news to investors: the company said it will increase capital spending by 22% this year to expand the capacity of its network after a surge in e-commerce packages caused delays in ground delivery. Shares lost 3.3% before the bell. Rival United Parcel Service UPS -0.24%

    also retreated 1.3%.

  • VMC volcanic materials 0.97%

    The stocks were promoted by Jefferies, which raised their price target for the stock. Its shares added 3% ahead of the IPO.

  • Paychex PAYX 1.28%

    is paying off for investors, posting a 1.6% gain ahead of the market after earnings per share rose.

Market facts
  • The S&P 500 Value Index is down 1.9% this month and is on track for its worst month since October as investors moved into growth stocks, reversing a month-long trend.
  • The KBW Nasdaq Bank Index is up about 28% this year, more than double the S&P 500’s 13.5%. The Federal Reserve announced Thursday that it would lift temporary restrictions on dividend payments and share buybacks after US banks performed well in annual stress tests.
  • On that day in 1974, Texas Instruments and three of its chief engineers, Jack S. Kilby, Jerry D. Merryman, and James H. VanTassel, received U.S. Patent No. 3,819,921 for their aluminum portable calculator. The thing was 1 3/4 inches thick and weighed 2 pounds, 13 ounces. It could be added, subtracted, multiplied, and divided and cost between $ 84.95 and $ 119.95.
Chart of the day
  • In a year of twin crises in connection with the collapse of clients Archegos and Greensill, Credit Suisse CS 1.70%

    had a booming blank check business to fall back on. That has now slowed down dramatically.

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