U.S. stock futures slipped Tuesday to start a holiday-shortened week. Traders last week weighed new signs of a slowing economy and easing pricing pressures.
Market Snapshot
At 08:20 a.m. ET, Dow e-minis were down 21 points, or 0.06%, S&P 500 e-minis were down 7.25 points, or 0.16%, and Nasdaq 100 e-minis were down 43.25 points, or 0.28%.
Pre-Market Movers
Airbnb, Inc., Blackstone Group LP - Both of them rose over 3% in premarket trading. S&P Dow Jones Indices announced that both names would gain inclusion into the S&P 500. The changes take effect before the start of trading Sept. 18.
VinFast Auto - The CEO of Vietnamese EV maker, Thuy Le, dismissed concerns over the company's fluctuating stock value, expressing confidence in the company's potential, particularly in Southeast Asia's emerging electric vehicle sector. Stocks crashed over 11% in premarket trading after tumbling over 57% last week.
Helius Medical Technologies, Inc. - Stocks surged over 47% in premarket trading. There is a claim out there that Helius is about to become the new meme stock.
Nikola Corporation - Stocks slipped over 10% in premarket trading. The semi truck reportedly caught fire on Monday, in what could be the beleaguered its third such incident this year.
WeWork - Stocks fell over 5% in premarket trading. It has completed its 1-for-40 reverse stock split and its shares start trading on a split-adjusted basis on the New York Stock Exchange today.
Manchester United PLC - Stocks slipped over 10% in premarket trading. Glazer family is going to take the club off the market after failing to receive offers that match their asking price.
Li Auto, KE Holdings Inc. - Both of them slid over 3% in premarket trading. China eased requirements for first-home purchases and lowered mortgage rates, fuelling a buying spree in first-tier cities like Shanghai and Beijing. Still, the piecemeal measures may not sustain demand, and provide little help in tempering defaults among Chinese private developers, according to Nomura Holdings.
Luckin Coffee Inc. - Shares gained over 4% in premarket trading. Sales of the single item on Monday topped 100 million yuan ($13.72 million). It far outsold the company's previous hits, such as a cheese latte that sold 1.31 million cups on its launch day, and a coconut cloud latte that sold 660,000 cups.
Market News
Microsoft will cease updating WordPad and plans to remove it from a future Windows release. Instead, the company proposes the use of Microsoft Word for rich text documents and Windows Notepad for plain text.
Elon Musk is blaming the Anti-Defamation League (ADL) for a slump in US advertising revenue on X Corp., the social media platform formerly known as Twitter. Ad sales are still down 60% “primarily due to pressure on advertisers” mounted by the ADL, Musk said in a series of posts Monday.
Alibaba is working with advisers on a potential Cloud Intelligence Unit fundraising that could raise about 10 billion yuan to 20 billion yuan ($1.4 billion to $2.8 billion)
Barclays PLC is exploring the sale of a stake in the unit that processes payments for UK merchants as the British bank seeks a partner to help grow the business, four people familiar with the matter said.
Ford will push back series production of its long-awaited SUV Explorer model at its Cologne site by around six months to wait for a new generation of Volkswagen battery technology to be available, its Germany chief said on Monday.
OpenAI Chief Executive Officer Sam Altman is the first person to get an Indonesian golden visa as Southeast Asia’s largest economy seeks to draw foreign investors.
XPeng Inc. plans to expand into more European markets, including Germany, Britain and France in 2024, president Brian Gu told reporters on Monday at the IAA Mobility motor show in Munich.
Luckin Coffee Inc. said on Tuesday that it sold more than 5.42 million cups of the alcohol-infused latte it rolled out with Kweichow Moutai on the first day of its launch, setting a new sales record for the Chinese coffee chain.
