U.S. stock futures surged Tuesday as Wall Street aimed to build on a sharp rally seen in the previous session.
Market Snapshot
At 7:50 a.m. ET, Dow e-minis were up 381 points, or 1.29%, S&P 500 e-minis were up 59 points, or 1.6%, and Nasdaq 100 e-minis were up 225.75 points, or 2%.
Pre-Market Movers
Rivian Automotive, Inc. — Rivian’s stock rallied 9.3% after the electric vehicle maker announced that third-quarter production rose 67%from the second quarter. The company also noted it’s on track to meet its production goals for the year.
Poshmark, Inc. — Poshmark shares rallied 12.1% following news that South Korean internet giant Naver is purchasing the popular online retail site for $17.90 a share, or roughly $1.2 billion in an all-cash deal.
Domino's Pizza — Shares of the quick-service pizza restaurant ticked 3.3% higher in the premarket as UBS upgraded the stock to a buy rating and said concerns of slowing demand for pizza are overblown.
Credit Suisse Group AG — Shares of Credit Suisse, which were volatile during Monday’s trading, gained about 4% in the premarket. A report over the weekend said the lender is in discussions with major investors as concerns mount over the bank’s financial wellbeing.
Gilead Sciences — The biopharmaceutical stock added 3.1% in the premarket after JPMorgan Chase upgraded the stock to overweight and said shares are currently undervalued.
Rocket Pharmaceuticals, Inc. — Shares slumped 3.7% after Rocket Pharmaceutical announced plans for a $100 million stock offering, giving underwriters a 30-day opportunity to purchase up to $15 million worth of additional shares.
Tesla Motors — Tesla shares rose more than 3% in the premarket, regaining some of the sharp losses seen in the previous session. The electric car maker’s stock on Monday dropped more than 8% for its biggest one-day drop since June 3. The move came after Tesla reported disappointing third-quarter delivery numbers.
FingerMotion, Inc. — It rose 24.77% to $8.11 in pre-market trading and surged over 1200% in 8 days after jumping around 93% on Monday. It is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China.
Market News
Amazon.com is introducing a second Prime sales event, starting Oct. 11 and lasting through Oct. 12. This is the first time Amazon has offered two Prime Days in one year. It will be a 48-hour event and will allow Prime members early access to a plethora of holiday deals.
Funds backed by Wood’s Ark Investment Management LLC bought 132,213 shares in Tesla Motors on Monday, marking the firm’s first purchase of Tesla since mid-June.
Greg Abel, who is in line to eventually succeed Warren Buffett as chief executive officer of Berkshire Hathaway, has been building his stake in the conglomerate he expects to oversee one day. Abel acquired about $68 million of stock late last month, according to filings Monday.
Meta Platforms, Inc. is planning to close one of its offices in New York after scaling down its expansion plans in the city, according to people familiar with the matter.
TV channels owned by Walt Disney are back on Dish Network Corp.'s satellite broadcasting and streaming platforms after the two companies reached a tentative agreement on a new contract.
General Motors outsold Japanese automaker Toyota in the United States in the third quarter, data on Monday showed, but analysts and investors are fretting that a darkening economic picture will lead to a drop in car sales.
Twitter said Monday that its new option that allows tweets to be edited is now a reality for certain Twitter Blue members.
Rivian Automotive, Inc. produced 7,363 vehicles at its manufacturing facility in Normal, Illinois and delivered 6,584 vehicles in the quarter ended Sept. 30. The company also reiterated its full-year production target of 25,000 vehicles.
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