U.S. stock index futures ticked up on Tuesday as most megacap and chip stocks advanced, while investors readied for more data to assess the Federal Reserve's rate path in a week curtailed by the Easter long-weekend break.
Market Snapshot
At 7:55 a.m. ET, Dow e-minis were up 78 points, or 0.2%, S&P 500 e-minis were up 20.25 points, or 0.38%, and Nasdaq 100 e-minis were up 97.5 points, or 0.53%.
Pre-Market Movers
Tesla (TSLA) - Shares of Tesla gained 3.4% in premarket trading after CEO Elon Musk said the electric-vehicle company’s driver-assist technology, called Full Self-Driving, would be offered to customers as a free one-month trial.
Super Micro Computer (SMCI) - Super Micro Computer was rising 3.3% in premarket trading. The stock jumped 7.2% on Monday after analysts at J.P. Morgan initiated coverage on shares of the server maker with an Overweight rating and a price target of $1,150. Coming into Tuesday’s session, Super Micro shares have risen 267% this year and 915% over the past 12 months.
Trump Media & Technology Group (DJT) - Trump Media & Technology Group, which operates Donald Trump’s social-media platform Truth Social, closed its merger with blank-check company Digital World Acquisition on Monday and rallied 35%. The newly combined business will begin trading Tuesday on the Nasdaq under ticker symbol “DJT.” Trump Media was rising 16% in premarket trading.
Reddit (RDDT) - Reddit shares gained another 7.7% in premarket trading Tuesday after soaring 30% on Monday. The launch of options on Reddit on Monday drew a flurry of bullish bets that some analysts said helped boost the social media platform's stock after last week's strong market debut.
MicroStrategy (MSTR), Coinbase (COIN) - Crypto-related stocks MicroStrategy and Coinbase rose 2.8% and 1.5%, respectively, as Bitcoin rallied to above $71,000.
GameStop (GME) - GameStop was rising 0.2% ahead of its earnings report scheduled for after the stock market closes Tuesday. Analysts expect GameStop to report fiscal fourth-quarter earnings of 30 cents a share on revenue of $2.05 billion. A year earlier, the company earned 16 cents a share on revenue of $2.23 billion. Shares of the videogame retailer jumped 15% on Monday.
Baidu (BIDU) - Recently, media reports have reported that Baidu will provide AI functionality for Apple's upcoming Chinese versions of iPhone 16, Mac system, and iOS 18 this year. Sources close to Apple denied this to reporters, stating that the two sides have not yet reached a cooperation agreement. Baidu shares dropped 2% in premarket trading.
XPeng (XPEV) - XPeng has entered into a partnership with a dealer in Thailand to expand into Southeast Asian markets. XPeng shares gained 1.5% in premarket trading.
Seagate Technology (STX) - Seagate Technology was up 4.3% in premarket trading after analysts at Morgan Stanley upgraded shares of the data storage company to Overweight from Equal Weight and boosted the stock price to $115 from $73.
Fisker (FSR) - The New York Stock Exchange said Monday it would begin the process of delisting Fisker because of its “abnormally low” price levels.” Fisker fell 28% on Monday to 9 cents a share and then trading was halted after the electric-vehicle maker said negotiations with a large auto maker, which likely would have included a financial lifeline, collapsed. Fisker said a delisting of its stock would cause an “event of default” on some of its convertible debt.
Moderna (MRNA) - Shares of Moderna Inc. rose 0.9% in premarket trading Tuesday, after the biotechnology company said its next-generation COVID-19 vaccine produced positive results in a late-stage trial.
United Parcel Service (UPS) - United Parcel Service will be meeting with analysts and investors Tuesday in Louisville, Ky. The meeting is an important one for shares of the shipping giant, which have declined 17% over the past 12 months. Shares rose 3.4% in premarket trading.
McCormick (MKC) - McCormick beat market expectations for first-quarter sales and profit on Tuesday, as consumer demand for its high-priced spices and seasonings held amid sticky inflation. Shares rose 4.5% in premarket trading.
Stoke Therapeutics (STOK) - Shares of Stoke Therapeutics soared 99.1% in premarket trading Tuesday, following the release of data which the company said supports the potential of its STK-001 to be the first disease-modifying medicine to treat Dravet Syndrome.
Check-Cap (CHEK) - Check-Cap said it has agreed to be acquired by Nobul AI, which operates a digital marketplace for real-estate agents and buyers. Check Cap shares soared 49.2% in premarket trading Tuesday.
Market News
Trump's Social Media Company Begins to Trade Tuesday on Nasdaq
Shares of the blank-check company merging with former president Donald Trump's social media startup surged 35% Monday, after the combined firm announced it is set to begin trading Tuesday, potentially bringing him a financial windfall.
Trump Media & Technology Group is expected to trade on the Nasdaq under the symbol DJT after completing a deal with Digital World Acquisition Corp., according to a statement, following more than two years of snags.
DWAC shares soared to $49.95 each in the biggest one-day gain since January, according to data compiled by Bloomberg. The stock more than recouped the 14% drop on Friday when the deal’s shareholder vote passed as expected. Warrants tied to the SPAC were up 26% to $23.15, the highest in two years.
Bitcoin Tops $70,000 Again After Slumping on US ETF Outflows
Bitcoin enthusiasts appear to be shrugging off last week’s outflows from US exchange-traded funds, with the largest cryptocurrency climbing back above $70,000 again.
Most digital assets were higher Monday, with Bitcoin gaining as much as 7.1% to $70,816. That’s the first time the token has been above $70,000 in more than a week. Ether was up around 6%, while Solana and Dogecoin were both more than 4% higher.
Almost $900 million was pulled from those ETFs last week, reflecting continual outflows from the Grayscale Bitcoin Trust as well as a moderation in subscriptions for offerings from BlackRock Inc. and Fidelity Investment. The group of 10 funds saw one of the worst weeks of the year since they were launched in January.
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