• 82
  • 17
  • 1

Toplines Before US Market Open on Wednesday

Tiger Newspress2021-05-19

  • U.S. Futures, Stocks Drop on Inflation Concern
  • Treasury yields advance; Cryptocurrencies extend slide
  • Tesla drops in premarket trade as Target rises after results

U.S. stock index futures fell for the third straight session on Wednesday, led by losses in rate-sensitive technology stocks on fears that rising inflation could force the U.S. Federal Reserve to pare back its support soon.

At 8:10 a.m. ET, Dow e-minis were down 313 points, or 0.92%, S&P 500 e-minis were down 43.50 points, or 1.06%, and Nasdaq 100 e-minis were down 209.25 points, or 1.24%.

*Source From Tiger Trade, EST 08:10

The yield on 10-year Treasury notes touched a one-week high, driving down shares of Apple Inc, Microsoft Corp and Facebook Inc by about 1% premarket.

Tesla Inc. slipped in U.S. premarket trading after data showing a slowdown in China sales. Target Corp. climbed after predicting a more profitable year as quarterly sales soared.

Investors will also focus on minutes from the Fed's April policy meeting, where it stood pat on interest rates. The statement is due to be issued at 2 p.m. ET (1800 GMT).

Stocks making the biggest moves in the premarket:

Crypto stocks (Marathon Digital,EBON,Riot Blockchain,CAN,SOS,Coinbase,Bit Digital and so on) – Crypto stocks tumbled in premarket trading. Bitcoin tank 20% in 24 hours to fall below $37,000, hitting lowest level since Feb. 3

Target (TGT) – Target earned $3.69 per share for the first quarter, well above the $2.25 a share consensus estimate, with revenue also above analysts’ projections. Comparable-store sales surged 22.9%, more than double the forecast of analysts surveyed by FactSet. Target shares jumped 3.8% in premarket trading.

Lowe’s (LOW) – The home improvement retailer reported profit of $3.21 per share for the first quarter, beating the $2.62 a share consensus estimate. Revenue also topped Wall Street forecasts, and a same-store sales increase of 24.4% beat the FactSet consensus forecast of a 20.3% rise. Despite the beat, Lowe’s shares fell 2% in the premarket.

Take-Two Interactive (TTWO) – Take-Two earned 94 cents per share for its fiscal fourth quarter, beating the consensus estimate of 67 cents a share. The video game maker’s revenue also beat forecasts, as it continued to benefit from the pandemic-induced increase in video game activity. Take-Two gave a lighter-than-expected forecast, however, as confidence in vaccinations prompts more people to leave their homes. The company’s shares added 2% in premarket action.

JD.com (JD) – The China-based e-commerce company reported better-than-expected profit and revenue for the first quarter, with an expanded product lineup helping expand active customer accounts by 29% compared to a year earlier. JD.com’s U.S. shares gained 1% in the premarket.

AstraZeneca (AZN) – AstraZeneca’s Covid-19 vaccine works well as a third booster shot, according to a study by co-developer Oxford University reported by the Financial Times.

Macy’s (M) – Macy’s was upgraded to “tactical outperform” at Evercore, which notes the retailer’s outperformance in its first-quarter earnings report and what it calls a “healthier” business structure.

Wells Fargo (WFC) – Wells Fargo was downgraded to “neutral” from “buy” at UBS, which said the bank’s risk/reward profile is no longer attractive following a 59% year-to-date rise in the shares year-to-date and a 123% surge since the end of October. Its shares lost 1.3% in premarket trading.

MicroStrategy (MSTR) – MicroStrategy shares tumbled 5.8% in premarket action as the price of bitcoin dipped below $40,000 in overnight trading. The business analytics company has several billion dollars in bitcoin holdings on its books.

Southwest Airlines (LUV) – Southwest said its April revenue increased from March levels due to improvements in leisure travel, and said leisure fare levels are nearing where they were in June 2019. Southwest warned, however, that business travel demand is still significantly lagging leisure travel. Its shares lost 1.5% in premarket trading.

CarMax (KMX) – The automobile retailer’s shares fell 2.4% in the premarket after Wedbush Securities downgraded the stock to “neutral” from “outperform.” Wedbush said the current valuation already reflects the company’s long-term outlook, and it also sees decelerating near-term trends.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment17

  • ryanlow
    ·2021-05-20
    wow
    Reply
    Report
  • TerenceD
    ·2021-05-20
    That’s ?? 
    Reply
    Report
  • HareshM
    ·2021-05-20
    Oops
    Reply
    Report
    Fold Replies
    • ryanlow
      wow
      2021-05-20
      Reply
      Report
    • HareshM
      Ouch
      2021-05-20
      Reply
      Report
  • KGosti
    ·2021-05-20
    Great ariticle, would you like to share it?
    Reply
    Report
    Fold Replies
    • KGosti
      [微笑]
      2021-05-20
      Reply
      Report
  • bryancyh99
    ·2021-05-19
    go go go
    Reply
    Report
  • Venture118f
    ·2021-05-19
    Crypto selling, getting out bef too late, thanks to musk [Spurting] [Spurting] [Spurting] 
    Reply
    Report
    Fold Replies
    • Mr. T
      That fkr making his own colab on a new coin
      2021-05-20
      Reply
      Report
  • Deonc
    ·2021-05-19
    Let’s wait to see
    Reply
    Report
  • JaxW
    ·2021-05-19
    Good.
    Reply
    Report
  • Blackrosez
    ·2021-05-19
    Is it time?
    Reply
    Report
    Fold Replies
    • Targarean
      In need of some positive news
      2021-05-19
      Reply
      Report
    • sqtan
      I think so? Comment back
      2021-05-19
      Reply
      Report
  • Meshaarias72
    ·2021-05-19
    invest
    Reply
    Report
  • AudricJohn
    ·2021-05-19
    Year of the red
    Reply
    Report
  • ?
    Reply
    Report
    Fold Replies
    • KasonT
      Cool
      2021-05-19
      Reply
      Report
  • Ajinomoto
    ·2021-05-19
    Never see much green this month .
    Reply
    Report
    Fold Replies
    • Xkuanx
      Good
      2021-05-20
      Reply
      Report
  • Noted
    Reply
    Report
  • Sabniz33
    ·2021-05-19
    Good.
    Reply
    Report
  • AlphaSpiker
    ·2021-05-19
    Lame excuses again inflation and treasury rates bla bla bla. Let it crash quickly so people can buy cheap. 
    Reply
    Report
  • Gogogolll
    ·2021-05-19
    Please like & comment! 
    Reply
    Report
    Fold Replies
    • pshiqi
      comment
      2021-05-19
      Reply
      Report
    • Sim1
      Done
      2021-05-19
      Reply
      Report
    • Gogogolll
      ??thanks!
      2021-05-19
      Reply
      Report
    View more 2 comments
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial