U.S. stock index futures edged higher on Monday after equities suffered two straight weeks of losses, while Tesla shares rose after CEO Elon Musk launched a poll asking if he should quit as Twitter's boss.
Economic data this week including housing starts, consumer confidence, weekly jobless claims and core personal consumption spending growth for November will set the investor mood, providing more clues on future rate hikes by the central bank.
Market Snapshot
At 7:55 a.m. ET, Dow e-minis were up 74 points, or 0.22%, S&P 500 e-minis were up 12.75 points, or 0.33%, and Nasdaq 100 e-minis were up 49.5 points, or 0.44%.
Pre-Market Movers
Tesla (TSLA) – Tesla shares jumped 3% in the premarket after CEO Elon Musk ran a Twitter poll on whether he should remain as Twitter’s chief executive, and that he would abide by the results. Some major Tesla shareholders have expressed concern over Musk trying to run both companies, saying Twitter is a major distraction.
Meta Platforms (META) – The European Commission said it told Meta that the Facebook parent was abusing its dominant position in online classified ads and that it might be violating EU antitrust laws. The EU also said that Meta could be subject to a fine of up to 10% of annual revenue if it determines that those laws were violated. Meta fell 1.2% in premarket action.
Moderna (MRNA) – The vaccine maker jumped 3.4% in premarket trading afterJefferies upgradedthe stock to buy from hold, noting a robust pipeline beyond Covid treatments.
Aerojet Rocketdyne (AJRD) – Aerojet Rocketdyne agreed to be bought by rival defense contractor L3Harris Technologies (LHX) for $4.7 billion, or $58 per share in cash. Aerojet Rocketdyne rose 1.7% in the premarket, while L3Harris fell 1.7%.
Mesa Air Group (MESA) – Mesa shares surged 7.7% in premarket trading following the airline’s announcement that it is finalizing a deal to run regional flights for United Airlines (UAL) and that it is ending its partnership with American Airlines (AAL).
Sinclair Broadcast Group (SBGI) – Sinclair fell 4.4% in premarket trading after the New York Post reported that bankruptcy is likely for Sinclair’s Diamond Sports Group, which operates 21 regional sports networks.
TuSimple (TSP) – TuSimple may announce this week that it is cutting its staff in half, according to people familiar with the matter who spoke to the Wall Street Journal. The self-driving truck startup had about 1,430 employees as of June.
Warner Music Group (WMG) – Warner Music shares rallied 3% in the premarket after Atlantic Equities upgraded the stock to overweight from neutral. The firm said Warner Music has shown that it can continue to deliver growth in streaming despite a difficult economic backdrop.
Market News
Elon Musk Poll Shows 57.5% Want Him to Step Down As Twitter Chief
A poll by Elon Musk on whether he should quit as Twitter CEO showed the majority of users of the social media platform who took part voted in favor of the move, after the poll ended on Monday.
About 57.5% votes were for "Yes", while 42.5% were against the idea of Musk stepping down as the head of Twitter, according to the poll the billionaire launched on Sunday evening. Over 17.5 million people took part in the vote.
Sam Bankman-Fried Is Expected to Consent to Extradition From Bahamas
FTX co-founder Sam Bankman-Fried is planning to consent to extradition to the U.S. to face criminal charges related to the cryptocurrency exchange's collapse, people familiar with the matter said.
Mr. Bankman-Fried has been in custody in the Bahamas since he was arrested last Monday in connection with several U.S. criminal charges, which were unsealed a day later. Federal prosecutors in Manhattan have charged Mr. Bankman-Fried with fraud and money-laundering offenses, alleging he defrauded customers, lenders and investors. They also alleged he violated campaign-finance rules by making illegal political contributions.
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