U.S. stock futures were firmly higher ahead of Monday’s open as the indexes aim to rebound from a week of losses on the heels of strong May jobs data that affirmed Federal Reserve officials were likely to continue sharpening monetary conditions.
Market Snapshot
At 8:00 a.m. ET, Dow e-minis were up 261 points, or 0.79%, S&P 500 e-minis were up 43.25 points, or 1.05%, and Nasdaq 100 e-minis were up 177.75 points, or 1.42%.
Pre-Market Movers
Spirit Airlines – Spirit jumped 6.1% in the premarket after JetBlue(JBLU)sweetened its bid for Spirit. JetBlue will increase its breakup fee for the deal to $350 million and pay part of that as a dividend if the deal is consummated, increasing the value to $31.50 per share. JetBlue shares were unchanged.
Keurig Dr Pepper – The beverage maker’s stock will be added to the S&P 500 index prior to the opening of trading on June 21, along withON Semiconductor(ON) and real estate investment trust VICI Properties(VICI). Keurig rallied 7.9% in premarket action, with ON Semiconductor surging 7.2% and VICI jumping 8.4%.
Eli Lilly – The drugmaker’s stock rose 1.2% in premarket trading, after announcing successful results in studies involving diabetes drugs Trulicity and Jardiance.
Under Armour – Under Armour stock is among those being replaced in the S&P 500 on June 21. Under Armour will move to the S&P MidCap 400, along with laser makerIPG Photonics(IPGP). Under Armour lost 1.2% in the premarket.
Revlon – Revlon is in talks with lenders on pushing back debt payment deadlines as the cosmetics maker tries to avoid a bankruptcy filing, according to people familiar with the matter who spoke to The Wall Street Journal. The talks involve extending the maturity date on about $1.7 billion in debt that comes due as early as 2024. Revlon added 1.6% in premarket trading.
Starbucks – Starbucks is considering only external candidates to be its next CEO, according to interim Chief Executive Officer Howard Schultz. He told The Wall Street Journal that the company needs to add new talent to its executive ranks. Starbucks was up 1.8% in the premarket.
Apple – Apple shares are on watch as the company’s annual Worldwide Developers Conference begins. Apple stock has lost 16.9% so far this year amid concerns about a slowdown in demand. Apple gained 1.4% in premarket trading.
$Solar companies$ – Shares of solar equipment providers rose in premarket trading, following a Reuters report saying the White House would declare a 24-month exemption from solar panel tariffs as well as other moves to spur U.S. solar panel production. SolarEdge Technologies(SEDG) added 4.3%, Sunrun(RUN) jumped 11.1%, First Solar(FSLR) gained 2.3%, JinkoSolar(JKS) rallied 5.9% and SunPower(SPWR) rallied 7.2%.
Market News
Tesla Rebounded in Premarket Trading After Musk’s Mixed Messages on Job Cuts
Tesla Inc. Chief Executive Officer Elon Musk sent staff, investors and electric-car watchers on a three-day rollercoaster with conflicting messages about potential job cuts, underlining the sometimes erratic nature of his leadership and muddying the automaker’s outlook.
Musk on Saturday tweeted that Tesla’s total workforce would grow, even as the number of salaried workers remains broadly the same. That followed his Friday message to employees that 10% of salaried workers would lose their jobs. According to people who received the memo, Musk said Tesla is overstaffed in some areas, though the cuts won’t apply to people who assemble cars or battery packs.
Alibaba's Ant Has Set up a Digital Bank Called ANEXT Bank in Singapore
Alibaba's affiliate company Ant Group has set up a digital bank called ANEXT Bank in Singapore, and it will be organized as a wholly-owned subsidiary of Ant Group.
ANEXT, which received approval from the Monetary Authority of Singapore last week to commence business, intends to focus on providing digital financial services to local and regional micro, small and medium enterprises.
NIO’s Operation in Shanghai Swings Back To Pre-COVID Lockdown Levels
Shanghai-based Nio resumed operations of 61 battery swap stations and 94 charging stations in the city that has recently begun emerging from nearly two-month-long extensive COVID-19 related curbs.
Nio has also piled up over 16,000 services so far this month.
Overall, Nio’s facilities and battery swap operations have largely returned to the pre-COVID levels, the report said, adding that more charging and battery swap stations are expected to resume operations as per pandemic requirements.
Li Auto CEO Says The Company Will Launch Its Second Model L9 on June 21
Li Auto will launch its second production model the L9 on June 21 and is ready to ramp up production in its factory in the eastern city of Changzhou, chief executive Li Xiang said on June 4 on his Weibo account. In August, the company will begin delivering the family sports utility vehicle, with a price tag between RMB 450,000 ($67,635) and RMB 500,000, and is confident of achieving monthly delivery of more than 10,000 new cars from September, according to Li.
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