Stock futures were rising Monday after President Joe Biden announced he would be ending his run for reelection and endorsed Vice President Kamala Harris.
Stocks entered Monday coming off a mostly lower week, with the S&P 500 closing down 2% for its worst weekly performance since April following a continued rotation out of technology stocks.
These stocks were poised to make moves Monday:
Trump Media & Technology Group rose 2.1% as shares in the Truth Social parent, which is majority owned by Republican presidential nominee Donald Trump, reacted to the announcement that Biden would be withdrawing from the election in November.
CrowdStrike was falling 2.8% in premarket trading, extending losses from a slump Friday of 11% after a software update from the cybersecurity company caused outages for millions of Microsoft Windows user across the globe. Flight cancelations caused by the outage continued through the weekend. CrowdStrike's decline Friday was its largest percentage decrease since Nov. 30, 2022, when it fell nearly 15%, according to Dow Jones Market Data. Microsoft said Saturday it estimates about 8.5 million computers worldwide were disabled by the outage.
Starbucks was down 0.7% in premarket trading. The stock jumped 6.9% on Friday following a report from The Wall Street Journal that said activist investor Elliott Investment Management has accumulated a sizable stake in the coffee chain. Elliott has been pushing Starbucks privately on ways to boost its stock price, the Journal reported, citing people familiar with the matter.
Earnings reports are expected Monday from Verizon Communications, SAP, Cadence Design Systems, NXP Semiconductors, Logitech International, and Cleveland-Cliffs.
Verizon is expected by analysts to report second-quarter earnings of $1.15 a share, down from $1.21 a year earlier, on revenue of $33 billion, up from $32.6 billion. Verizon shares rose slightly in premarket trading.
Reports are expected later in the week from Tesla, Alphabet, Visa, Coca-Cola, Texas Instruments, GE Aerospace, Comcast, Philip Morris, United Parcel Service, Lockheed Martin, Spotify Technology, General Motors, Thermo Fisher Scientific, International Business Machines, AT&T, ServiceNow, Chipotle Mexican Grill, AbbVie, Union Pacific, Honeywell International, RTX, Royal Caribbean, Bristol Myers Squibb, Colgate-Palmolive, and 3M.
Tesla is scheduled to report second-quarter earnings on Tuesday after the stock market closes. Wall Street expects earnings of 61 cents a share from the electric-vehicle maker. Tesla reported better-than-expected second-quarter deliveries in early July. The stock was rising 1.3% in premarket trading.
U.S.-listed shares of Ryanair Holdings fell 11% after the carrier said it expects air fares this summer will be "materially lower" than last year. The company also reported first-quarter profit that fell 46% from a yea earlier.
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