Futures tracking the S&P 500 and the Nasdaq held below record highs on Tuesday as investors awaited fresh progress towards the passing of a much-anticipated infrastructure bill.
At 8:05 a.m. ET, Dow E-minis were down 11 points, or 0.03%, S&P 500 E-minis were up 0.5 points, or 0.01% and Nasdaq 100 E-minis were up 18.5 points, or 0.12%.
The U.S. Senate has set a vote on passage of the $1 trillion bipartisan infrastructure bill for 11 a.m. ET (1500 GMT), after which it would immediately begin to debate $3.5 trillion in additional investments.
With new coronavirus cases rising steadily in the United States, progress on the infrastructure package is expected to help gauge fiscal support for the next leg of recovery in the world’s largest economy.
Nationwide, COVID-19 cases have averaged 100,000 for three days in a row, up 35% over the past week, according to a Reuters tally of public health data.
Focus is also on inflation numbers due on Wednesday for hints about the path of Federal Reserve policy, after two Fed officials said on Monday that inflation was already at a level that could satisfy one leg of a key test for the beginning of rate hikes.
Stocks making the biggest moves in the premarket:
Casper Sleep Inc. – The sleep products company reported record quarterly revenue that came in above Street forecasts, though it still reported a quarterly loss. Casper Sleep said it saw strong growth in both retail and direct-to-consumer sales channels, but noted that it is also dealing with higher input costs and supply chain difficulties. Shares initially rallied in the premarket, but subsequently tumbled 6.1%.
AMC Entertainment – AMC reported a quarterly loss of 71 cents per share, 20 cents a share smaller than Wall Street had anticipated. Revenue came in above analysts’ forecasts. AMC was helped by the lifting of Covid restrictions and the return of moviegoers to theaters, along with the release of several hit movies. Its shares surged 7.8% in premarket action.
3D – 3D Systems earned 12 cents per share for its latest quarter, beating the 5 cents a share consensus estimate. The 3D printing technology company’s revenue beat estimates as well. 3D said it had successfully come through the most challenging 12 months it had ever experienced amid the pandemic. 3D’s stock soared 14.1% in premarket action.
Kansas City Southern –Canadian Pacific Railway(CP) raised its cash-and-stock offer for Kansas City Southern to about $300 per share. Canadian Pacific had struck a deal to buy its rival rail operator for $275 per share, but Kansas City Southern subsequently agreed to a higher offer fromCanadian National Railway(CNI). Kansas City Southern surged 7.2% in the premarket, while Canadian Pacific lost 1.7% and Canadian National rose 1.9%.
Aramark – The foodservice company reported a quarterly profit of 3 cents per share, beating the penny a share consensus estimate. Revenue came in slightly below forecasts. Aramark said it benefited from rebounding sales volume as well as effective cost management. Aramark shares added 1.3% in the premarket.
Planet Fitness – Planet Fitness missed estimates by 2 cents a share, with quarterly earnings of 21 cents per share. Revenue topped estimates as gyms reopened and membership numbers increased for the fitness center operator. Shares fell 3.2% in the premarket.
The RealReal – The RealReal lost 50 cents per share for its latest quarter, 3 cents a share wider than analysts had anticipated. The operator of an online pre-owned luxury goods marketplace also saw revenue fall short of estimates. The company said gross merchandise volume was up 91% compared to a year ago, and up 84.5% from repeat buyers. The stock slid 6% in premarket trading.
Chegg – Chegg beat estimates by 6 cents a share, with quarterly earnings of 43 cents per share. The online education company’s revenue also topped forecasts. Chegg raised its full-year outlook, saying its international growth continues to be strong. Its shares added 2.9% in the premarket.
InterContinental Hotels Group PLC – InterContinental Hotels reported an operating profit for the first six months of the year, rebounding from a year-ago loss as summer vacation bookings jumped. The operator of Holiday Inn and other hotel chains eliminated its dividend to cut costs, however, sending its shares down 1.6% in premarket trading.
II-VI Inc – The maker of optoelectronic components beat estimates on the top and bottom lines for its latest quarter, earning 88 cents per share compared to a 76 cents a share consensus estimate. It also had its highest-ever backlog at the end of the quarter.