- Futures mixed ahead of key inflation report; S&P 500 near record
- Some of Chinese Education Stocks rose in premarket trading
- OCGN plunged over 38%.
(June 10) U.S. equity-index futures and government bonds were in a holding pattern before a much-awaited inflation report that may provide clues on how long the Federal Reserve’s ultra-accomodative policies will last.
Contracts on the tech-heavy Nasdaq 100 were lower while those on the S&P 500 index were little changed. European stocks drifted lower before the next policy statement from the European Central Bank. Most Asian stocks rose Thursday as U.S.-Chinatalkshelped sentiment.
At 7:57 a.m. ET, Dow e-minis were up 18 points, or 0.05%, S&P 500 e-minis were down 3 points, or 0.07%, and Nasdaq 100 e-minis were down 54.25 points, or 0.39%.
The10-year Treasury yieldwas steady Thursday,around 1.5%, as traders await the government's 8:30 a.m. ET release of theconsumer price index for May. Headline CPI is expected to jump 4.7% year-over-year, the highest rate since sky high energy prices spiked inflation readings in the fall of 2008. Estimates call for a year-over-year gain of 3.5% in the CPI's core rate, which excludes the energy and food sectors. The Federal Reserve, which has said it believes hotter inflation will be transitory, meets next week. At 8:30 a.m. ET, the government is also set to release its weekly report on jobless claims, with estimates calling for 370,000 new claims for last week. That would be a new pandemic-era low.
Some of Chinese Education Stocks rose in premarket trading
Ocugen shares plunge 38% after likely needing additional trial for Covaxin.
The move means the timeline for Covaxin to potentially hit the market is greatly extended.
The company had planned to submit the EUA this month.
Ocugen said the decision to pursue the BLA instead of the EUA was due to feedback from the FDA.
Based on that feedback, the company said it will likely need to conduct a new clinical trial to support the BLA.
Stocks making the biggest moves in the premarket: RH, Signet Jewelers, GameStop & more
1) RH(RH) – RH surged 8.4% in premarket trading after it reported quarterly profit of $4.89 per share, above the $4.10 a share consensus estimate. The home furnishings retailer formerly-known as Restoration Hardware also reported better-than-expected revenue and raised its full-year outlook.
2) Signet Jewelers(SIG) – Signet surged 6.3% in premarket trading after it trounced a $1.27 consensus estimate with quarterly earnings of $2.23 per share. The jewelry retailer’s revenue also beat estimates as same-store sales more than doubled from a year earlier. Signet raised its full-year revenue forecast as well.
3) GameStop(GME) – GameStoprevamped its executive suiteby hiring two former Amazon executives to top positions, with Matt Furlong named CEO and Mike Recupero tapped as chief financial officer. Additionally, the video game retailer reported better-than-expected quarterly results, and said the Securities and Exchange Commission was seeking information on the recent trading frenzy in its stock. GameStop also said it may sell 5 million additional shares from time to time. Its shares dropped 5.5% in the premarket.
4) Clover Health(CLOV),Wendy’s(WEN),WWE(WWE),Clean Energy Fuels(CLNE) – The newest of the so-called “meme stocks’ remain on watch today, as they pick up social media interest. Health insurance provider Clover rose 1.8% in the premarket after a 23.6% drop Wednesday; Wendy’s gained 1.8% after plunging 12.7% yesterday; and wrestling and entertainment company WWE rose 2.4% premarket after a 10.9% jump Wednesday. Clean Energy Fuels – a California-based natural gas provider – rallied 5.6% in premarket trading after a 31.5% surge Wednesday.
5) The Original BARK Company(BARK) – Jefferies began coverage of the dog products company with a “buy” rating, citing strong subscription growth and a move to parlay brand equity into new categories. The company formerly known as BarkBox began trading under its new name and ticker symbol last week, following its merger with blank-check company Northern Star Acquisition. The stock added 3.8% in premarket action.
6) ServiceNow(NOW) – The provider of workflow platforms saw its stock rise 2.4% in the premarket after it was added to the “Conviction Buy” list at Goldman Sachs. Goldman cites improving near-term fundamentals and the potential to accelerate subscription revenue.
7) Fastly(FSLY) – The cloud computing company’s shares fell 2.2% in the premarket following an Oppenheimer downgrade to “perform” from “outperform.” Oppenheimer said Fastly reacted to this week’s internet outage quickly and appropriately, but noted that the costs to customers for switching cloud providers is relatively low.
8) Boeing(BA) –United Airlines(UAL)is reportedly in advanced talksto buy a substantial number of large narrow-body jets that would include at least 100 Boeing 737 Max jets. People familiar with the matter told Bloomberg the talks are part of a broader fleet revamp at United. Boeing shares added 1% in premarket trading.
9) Tesla(TSLA) – Teslaplans to launch its new Model S Plaidtoday at its Fremont, California, plant, with the event set for 7:00 p.m. PT/10:00 p.m. ET. The high-end version of the Model S will cost just under $120,000 and has a projected driving range of 390 miles.
10) Roblox(RBLX) – Roblox faces a copyright infringement lawsuit from a group of music publishers. The video game platform company is accused of letting developers insert music players into games that play copyrighted music without permission or payment.
11) Verint Systems(VRNT) – Verint Systems reported quarterly profit of 44 cents per share, beating the 35 cents a share consensus estimate. The customer relationship software company’s revenue also came in above analysts’ forecasts and Verint raised its full-year guidance.