U.S. stock index futures fell on Monday on worries over the Federal Reserve's plan to keep raising interest rates in its fight against inflation even at the cost of an economic slowdown.
Market Snapshot
At 7:50 a.m. ET, Dow e-minis were down 267 points, or 0.83%, S&P 500 e-minis were down 37.75 points, or 0.93%, and Nasdaq 100 e-minis were down 152.25 points, or 1.21%.
Pre-Market Movers
Catalent – The drug delivery and manufacturing technology company beat bottom line estimates for its latest quarter. However, its revenue was short of Wall Street forecasts, as was its full-year revenue outlook. Its stock slid 5.7% in the premarket.
Pinduoduo – The China-based e-commerce company's stock rallied 13.6% in the premarket following better-than-expected quarterly results. The company said its performance was boosted by a recovery in consumer sentiment.
Netflix – Netflix is mulling a $7 to $9 monthly price for its soon-to-debut ad-supported service, according to a Bloomberg report. That compares with the $15.49 price for the company's most popular current ad-free plan. Netflix fell 1.3% in premarket trading.
Walmart – Walmart is offering to buy the 47% of South African retailer Massmart that it doesn't already own for $377.6 million. That values Massmart at 53% above Friday's close.
Moderna – Swiss officials gave their approval to the latest version of Moderna's Covid-19 vaccine, which contains both the original vaccine compound and one that targets the omicron variant.
Etsy – Etsy will require U.S. sellers using the online platform to either self-verify their bank accounts or provide fintech platform Plaid with their user name and password for those accounts. Reuters reports the move is causing pushback from sellers, some of whom are considering leaving Etsy. Etsy fell 1.1% in premarket action.
Dell Technologies – The computer products and services company has ceased all operations in Russia after suspending sales in Russia and Ukraine in February. Dell lost 1% in premarket trading.
Dow Inc. – The chemical maker’s stock fell 2.8% in the premarket after KeyBanc downgraded it to “underweight” from “sector weight.” KeyBanc said it expects Dow’s margins and earnings this quarter to approach trough or recession levels.
Market News
Tesla Aims for Self-Driving Vehicle Approval By End of the Year
Tesla CEO Elon Musk said he aimed to get self-driving Teslas ready by year-end. Musk said the goal is to have a wide release in the United States and possibly in Europe if the regulatory approvals come in on time.
Sony to Buy Mobile Game Developer in Push Beyond Consoles
Sony Group Corp on Monday said it will acquire Helsinki and Berlin-based mobile games business Savage Game Studios for an undisclosed amount as part of a major push by the Japanese conglomerate beyond console gaming.
China's Pinduoduo Beats Quarterly Revenue Estimates
Pinduoduo Inc reported quarterly revenue above Street's estimates on Monday, as a strict lockdown in several COVID-hit Chinese cities kept up demand for online shopping.
EU Will Not Appeal Court Ruling Against $991 Mln Qualcomm Fine
EU antitrust regulators will not appeal a court ruling scrapping its 997-million-euro ($991 million) fine against U.S. chipmaker Qualcomm because it would be difficult to convince Europe's top court of the merits, people familiar with the matter said.
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