U.S. stock futures were flat Monday as Wall Street looked ahead to a week filled with economic data and the latest commentary from the Federal Reserve.
Market Snapshot
At 7:50 a.m. ET, Dow e-minis were down 25 points, or 0.07%, S&P 500 e-minis were down 1 point, or 0.02%, and Nasdaq 100 e-minis were up 5.75 points, or 0.05%.
Pre-Market Movers
Tesla Motors -- The company rose slightly in premarket trading after the electric-vehicle company cut prices on its Model S and Model X cars in the U.S.
Apple -- The company gained 0.8% to $152.25 after Goldman Sachs analyst Michael Ng initiated coverage on shares of the iPhone maker with a Buy rating and price target of $199, the Fly reported.
Ciena -- It surged over 12% in premarket trading as it reported fiscal first-quarter results that beat expectations by wide margins, amid strength in its networking platforms business. Net income for the quarter to Jan. 28 rose to $76.2 million, or 51 cents a share, from $45.8 million, or 29 cents a share, in the year-ago period.
Buzzfeed -- It rose over 5% in premarket trading after the parent company of Stable Diffusion, an AI tool for making digital images, is seeking to raise money at a valuation of about $4 billion.
AMC Entertainment Preferred -- The company jumped over 7% as it has won the support of influential proxy adviser ISS for its share increase and reverse stock split plan.
Silvergate Capital -- It crashed over 8% in premarket trading as the La Jolla said Friday evening that it's suspending its Silvergate Exchange Network (SEN) but “other deposit-related services remain operational.”
JD.com -- It rose slightly in premarket trading as it has officially kicked off a US$1.4 billion campaign to offer discounts across its online shopping platforms.
Lordstown Motors Corp. -- It rose nearly 2% in premarket trading though it reported a fourth-quarter loss that surprisingly widened but ended the year in a much better cash position than expected. Net losses widened to $102.3 million, or 45 cents a share, from $81.2 million, or 42 cents a share, in the year-ago period.
Market News
China set a modest target for economic growth this year of around 5% on Sunday as it kicked off the annual session of its National People's Congress (NPC), which is poised to implement the biggest government shake-up in a decade.
Amazon.com is pausing construction on its sprawling second headquarters near Washington, a decision that coincides with the company’s deepest ever job cuts and a reassessment of office needs to account for remote work.
Tesla Motors has cut prices on its two most expensive electric vehicles in the United States, according to the company's website, days after Chief Executive Elon Musk said recent price cuts on other models had stoked demand. The price cuts, Tesla's fifth adjustment since the start of the year, ranged from 4% on the performance version of the Model S to 9% on the more expensive Model X.
Taiwan Semiconductor Manufacturing, the world's largest contract chipmaker, will recruit more than 6,000 new staff in 2023, the company said in a statement on Saturday. According to TSMC, the company will seek young engineers with associates, bachelor's, masters's or doctorate degrees in electrical engineering or software-related fields, in cities all across Taiwan.
AMC Entertainment has won the support of influential proxy adviser ISS for its share increase and reverse stock split plan - a key endorsement of an approach that has generated controversy among investors.
One of Credit Suisse Group AG’s longest-standing shareholders has sold its entire stake in the scandal-hit Swiss bank after losing patience with its strategy amid persistent losses and a client exodus.
Bridgewater Associates has raised at least $800 million in recent months for a new fund strategy, regulatory filings show, an additional offering that comes as the hedge fund manager revamps business after founder Ray Dalio gave up control.
Arm Ltd, the British chip designer owned by Japan's SoftBank Group Corp, is likely to aim to raise at least $8 billion from what is expected to be a blockbuster U.S. stock market launch this year, people familiar with the matter said on Sunday.