U.S. stock futures rose Tuesday as Wall Street tried to start the new year on a strong note. Traders also braced themselves for a flurry of economic data coming this week.
Market Snapshot
At 7:45 a.m. ET, Dow e-minis were up 124 points, or 0.37%, S&P 500 e-minis were up 15.75 points, or 0.41%, and Nasdaq 100 e-minis were up 67 points, or 0.61%.
Pre-Market Movers
Tesla Motors — Shares fell 5% after reporting a record 40% growth in deliveries. However, the numbers missed analyst expectations. JPMorgan analyst Ryan Brinkman cut his price target on the stock Tuesday, saying he sees more downside ahead.
Coty — The stock rose 2.7% after being upgraded by Piper Sandler to overweight from neutral. Coty is increasing exposure to China and travel retail, which should allow for recovery tailwinds, analyst Korinne Wolfmeyer said.
PayPal — Shares gained nearly 3% premarket following an upgrade to a buy from a hold rating by Truist. The bank lifted its price target on the digital payments stock, saying that estimates now look reasonable.
Wynn, Las Vegas Sands — Shares of Wynn Resorts jumped 3% in premarket trading after Wells Fargo upgraded the casino stock to overweight from equal weight on Macau reopening optimism. Other Macau-exposed casinos rose in tandem, with Las Vegas Sands up 2% andMGM Resortsup over 1%.
Molson Coors — Molson Coors Beverage dipped 1% after being downgraded to underweight from equal weight by Wells Fargo, which said it sees significant downside to street estimates in 2023.
Piedmont Lithium Ltd — it has amended its agreement with Tesla Inc. to supply the electric vehicle maker with spodumene concentrate, or SC6, from North American Lithium. Stocks jumped nearly 7%.
Li Auto, XPeng Inc., NIO Inc. — Li and XPeng rose over 6% while Nio rose over 3%. They combined to deliver 48,340 vehicles, up about 19% year over year and the highest monthly total ever. The previous monthly peak was 41,280 combined units in June 2022.
Market News
Foxconn Technology Group has brought the world’s largest iPhone plant to about 90% of anticipated peak capacity, suggesting Apple’s biggest main production partner has secured enough workers.
The Federal Trade Commission has filed an antitrust complaint in a bid to block Microsoft's planned $68.7 billion takeover of Activision Blizzard. The FTC started looking into the deal and its potential impact on the video game market soon after it was announced in January.
Tesla Motors handed over 405,278 vehicles to customers in the last three months, short of the 420,760 average estimate, it produced 439,701 vehicles in the fourth quarter, exceeding deliveries by 34,423 units.
Li Auto delivered 21,233 vehicles, up about 51% year over year. Li delivered 46,319 cars in the fourth quarter, up from 26,524 vehicles delivered in the third quarter. For the full year, Li delivered 133,246 units, up from 90,491 in 2021.
NIO Inc. delivered 15,815 vehicles, also up about 51% year over year. Q4 deliveries came in at 40,052, up from Q3's 31,607. For the full year, NIO delivered 122,486 units, up from 91,429 in 2021.
XPeng Inc. delivered 11,292 units in December, up from November's 5,811, but down from the 16,000 in the final month of 2021. For Q4, XPeng delivered 22,204 vehicles, down from 29,570 in Q3. For the full year, XPeng delivered 120,757 cars, up from 98,155 delivered in all of 2021.
NVIDIA Corp’s CEO Jensen Huang’slast sale was on March 1, and his stock sales for 2022 totaled $202 million; that’s 732,340 shares at an average price of $276.20 each, according to Huang’s filings.
Cineworld, the British cinema operator in bankruptcy proceedings, said on Tuesday it would not sell any of its assets individually, weeks after AMC Entertainment confirmed it was not in talks to buy some of the UK firm's theatres.