U.S. stock index futures fell on Monday, kicking off another week on softer footing, as investors worried that the Federal Reserve's aggressive push to curb inflation may tip the American economy into recession.
Market Snapshot
At 8:15 a.m. ET, Dow e-minis were down 200 points, or 0.67%, S&P 500 e-minis were down 29.5 points, or 0.80%, and Nasdaq 100 e-minis were down 75.25 points, or 0.66%.
Pre-Market Movers
Planet Fitness — Shares of the gym franchise jumped over 4% in premarket trading after Raymond James upgraded the stock to strong buy from market perform. The Wall Street firm said the company has a resilient and recession-resistant business with no interest rate risk and very little near-term debt maturities. Meanwhile, its current valuation is well below its recent historical average, Raymond James noted.
PG&E — The utility stock climbed nearly 4% premarket after S&P Dow Jones Indices on Friday said PG&E will replace Citrix Systems in the S&P 500, effective prior to the opening of trading on Monday, October 3. Vista Equity Partners is acquiring Citrix Systems in a transaction expected to be completed this week
Las Vegas Sands — Shares of the casino operator surged more than 6% after Macao announced its plan to allow tour groups from mainland China as soon as November. Shares of MGM Resorts rose more than 2%.
Lyft — Shares of the ride-hailing company fell 4% premarket after UBS downgraded the stock to neutral from buy. The Wall Street firm cited its driver survey that indicates drivers prefer Uber and Lyft is not their main app.
Market News
XPeng Founder Lifts Stake With $30 Million Purchase After Plunge
The founder of Chinese electric-vehicle maker XPeng Inc. bought $30 million worth of its American depositary shares on the open market after they plunged this year.
A company controlled by Xpeng Chairman Xiaopeng He bought 2.2 million shares at an average price of $13.58 per share on Friday, according to a statement to the Hong Kong stock exchange. After the purchase, He controls about 20.5% of Xpeng, the statement said.
Li Auto Narrows Q3 Outlook to Deliver 25,500 Vehicles
Li Auto Inc. today provided an updated delivery outlook for the third quarter of 2022. The Company now expects to deliver approximately 25,500 vehicles for the third quarter of 2022, revised from the previous vehicle delivery outlook of between 27,000 and 29,000 units.
The revision is a direct consequence of the supply chain constraint, while the underlying demand for the Company’s vehicles remains robust. The Company will continue to closely collaborate with its supply chain partners to resolve the bottleneck and accelerate production.
Pfizer, BioNTech Ask FDA to Approve Booster for Children
Pfizer Inc. and German partner BioNTech SE said Monday they have submitted an application to the U.S. Food and Drug Administration seeking an emergency use authorization for their bivalent vaccine booster for use in children aged 5 to 11 years of age.
American, JetBlue to Face Off Against Justice Department in Antitrust Trial
American Airlines Group Inc. and JetBlue Airways Corp. will defend their partnership in a trial starting this week against government allegations that they are squelching competition in New York and Boston and harming consumers throughout the country.
Italy and Intel Pick Veneto As Preferred Region for New Chip Plant
Mario Draghi's outgoing government and Intel have picked the town of Vigasio in the northeastern Veneto region as their preferred site for a new multibillion-euro chip factory in Italy, two people familiar with the matter said.
Intel's investment in Italy is part of a wider plan announced by the U.S. chipmaker last March to invest as much as 80 billion euros ($77.5 billion) over the next decade in building capacity across Europe.