Stock futures fell as investors exited interest rate-sensitive technology stocks. US Treasury bond yields reached their highest level in three months. The oil price reached a three-year high. Here’s what we’ll watch before the opening bell.
- Tech stocks like Facebook, Netflix, Apple, and Amazon.com – all of which are sensitive to the interest rate outlook as earnings soar well into the future – each fell 1% or more in pre-trading hours.
- Ford Motor gained 3.4% ahead of market price. The automaker plans to spend $ 7 billion to build two battery factories in Kentucky and a third in western Tennessee – part of a collaboration with SK Innovation – and a factory to manufacture electric trucks.
- The shares of Acceleron Pharma gained 1.8% in the pre-market period. Merck is in advanced talks to purchase Acceleron, according to those familiar with the matter, to bolster the pharmaceutical giant’s rare disease business. The Merck share lost 0.2% before the market.
- Spotify technology fell 1.7%. The music and podcast streaming company launched its first global branding campaign to attract marketers to increase advertising revenue.
- Moderna fell more than 3% before the bell. The Covid-19 vaccine maker’s shares have nearly quadrupled this year, but the run-up has stalled in recent weeks.
- Activist hedge fund Starboard Value has more than 8% stake in Huntsman and plans to promote changes at the chemical maker, the Wall Street Journal reported. Huntsman stock rose more than 5% prior to going public.
- Occidental Petroleum, Devon Energy and Diamondback Energy were among the companies that benefited from soaring oil and gas prices. Exxon Mobil gained 0.7%. Energy is the best performing sector in the S&P 500 this year.
- Shares in chip companies like Nvidia and Micron Technology slid before the bell. Micron will publish its results on Tuesday. Recent Threat to Semiconductor Supply Chains: High Coal Prices and Efforts to Curb Energy Use in China.
- Entertainment giant Endeavor Group has agreed to buy an online sports betting business from game developer Scientific Games for $ 1.2 billion in cash and stock. Endeavor rose more than 6% before launch. Scientific gained 0.7% prior to launch.
- Concentrix gained 5.1% before the bell. The corporate services company’s quarterly profit more than doubled and revenue increased 20% over the previous year.
Chart of the day
- Banks are well on their way this year to unite at levels not seen since the 2008 financial crisis. It’s a turnaround from last year when the economy spiraled and many regional and community banks put merger plans on their shelves. Now the bank’s executives are more certain of what the future holds, but some are struggling to do it on their own.
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