Stock futures were rising Monday, with the S&P 500 and Nasdaq Composite indexes coming off their best week of gains since early November.
These stocks were poised to make moves Monday:
Tesla rose 7.29% after CEO Elon Musk made a surprise visit over the weekend to China, where he pushed to unlock new driver-assistance technology for Chinese Tesla owners. Chinese officials told Tesla that Beijing tentatively has approved the company’s plan to launch its “Full Self-Driving,” or FSD, software feature in the country, The Wall Street Journal reported, citing people familiar with the matter. Tesla will deploy its autonomous-driving technology based on mapping and navigation functions provided by China’s Baidu. Baidu’s U.S.-listed shares rose 5.75%.
Dutch medical devices maker Philips said on Monday it had agreed to pay $1.1 billion in a settlement of personal injury cases in the United States related to the global recall of ventilators used to treat sleep apnea. Shares of Philips rose 32.94% in premarket trading.
Apple shares rose 1.6% after discussions with OpenAI about using the startup's generative AI technology to power some new features being introduced in the iPhone later this year. The companies have begun discussing terms of a potential agreement and how OpenAI features would be integrated into Apple’s next iPhone operating system, iOS 18.
Alphabet was down 0.4% to $171.19 in premarket trading. The parent company of Google rose 10% Friday and closed with a market cap of $2.13 trillion, the first time it has closed with a valuation above $2 trillion. Alphabet became only the fourth U.S. company in history to hit the milestone. Spurring the gains were better-than-expected earnings and a well-received new capital allocation plan, including the company’s first dividend.
The Federal Deposit Insurance Corp. said Fulton Financial subsidiary, Fulton Bank, would assume the deposits of struggling lender Republic First Bancorp, which operated 32 bank branches in Pennsylvania, New Jersey and New York under the name Republic Bank. Fulton, rising 10.76 in premarket trading, bought Republic First Bancorp through an auction run by the FDIC after Pennsylvania state banking regulators seized the troubled regional bank. Republic First Bancorp is the first U.S. bank failure this year.
Earnings reports are expected Monday from SoFi Technologies, ON Semiconductor, MicroStrategy, NXP Semiconductors, Domino’s Pizza, Chegg, Paramount Global, Logitech International, and F5.
SoFi was rising 2.8% ahead of its first-quarter earnings report, scheduled for before the stock market opens Monday. Analysts expect the financial-technology company to report earnings of 1 cent a share on revenue of $55 million.
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