U.S. stock index futures slipped on Tuesday, as investors waited to see if earnings from Big Tech companies this week will provide support to a market worried about high inflation and slowing global growth.
Market Snapshot
At 08:26 a.m. ET, Dow e-minis were down 128 points, or 0.38%, S&P 500 e-minis were down 13.5 points, or 0.31%, and Nasdaq 100 e-minis were down 41.5 points, or 0.31%.
Pre-Market Movers
PepsiCo – Shares of the food and beverage giant dipped in the premarket although the companyreported a beat on the top and bottom lines in the recent quarteras consumers paid more for some of the company’s key brands.
General Electric – General Electric’s stock fell 3.5% despite topping estimates in its quarterly report. The company confirmed its previous full-year profit guidance range and said it sees challenges from inflation and supply chain issues.
United Parcel Services — Shares of the shipping and logistics giant gained 1.7% after beating analyst estimates on the top and bottom lines.UPS reported adjusted earnings per share of $3.05 on revenues of $24.38 billion while analysts expected $2.88 earnings per share on $23.79 billion in revenue.
3M – 3M shares were flat premarket after reporting quarterly earnings that topped estimates. The company saw revenues of $8.83 billion while analysts expected $8.74 billion in revenue.
D.R. Horton — The homebuilder stock rose 2.8% during premarket trading after beating analyst estimates in the previous quarter. D.R. Horton reported adjusted earnings of $4.03 a share on revenues of $8 billion. Analysts anticipated $3.37 adjusted earnings per share on $7.62 billion in revenue.
SeaWorld — The theme park and entertainment company’s stock surged 4.6% after Rosenblatt Securities initiated coverage with a buy and said despite pandemic headwinds the company has faired well under the vision of big investor Scott Ross.
Market News
Elon Musk clinched a deal to buy Twitter Inc for $44 billion on Monday in a transaction that will shift control of the social media platform populated by millions of users and global leaders to the world's richest person.
Tesla bull Cathie Wood-led Ark Investment Management sold some more shares in the Elon Musk-led company on a day the billionaire entrepreneur clinched a $44 billion deal to buy microblogging site Twitter Inc.
The popular money managing firm sold 8,295 Tesla shares, estimated to be worth $8.28 million, based on Monday's closing price.
UBS posted its best first-quarter net profit in 15 years on Tuesday with a 17% jump on the back of strong trading, upending expectations for a fall amidst uncertainties over the war in Ukraine.
The $2.14 billion net profit for the March quarter outpaced average expectations for $1.79 billion in a poll of 21 analysts compiled by the Swiss bank.
A steakhouse lunch with Berkshire Hathaway Inc. Chief Executive Warren Buffett will return to the auction block this June after the annual charity fundraiser was put on a two-year pause during the Covid-19 pandemic.
This will be the last time bidders can vie for a sit-down lunch with Mr. Buffett, who has raised $34 million for a California homeless organization over the past two decades with his Power of One event.
PepsiCo Inc beat estimates for quarterly revenue on Tuesday and raised its full-year forecast on steady demand for its sodas and snacks even in the face of several rounds of price increases.
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