U.S. stock index futures rose on Monday as investors positioned themselves for a crucial inflation reading this week that could determine the pace of interest rate hikes by the Federal Reserve.
Market Snapshot
At 08:25 a.m. ET, Dow e-minis were up 37 points, or 0.11%, S&P 500 e-minis were up 13.25 points, or 0.32%, and Nasdaq 100 e-minis were up 38.25 points, or 0.3%.
Faraday Future Intelligent Electric Inc. shares rose 11.7% to $1.24 in pre-market trading after surging around 22% on Friday.
Bristol-Myers Squibb Company rose 7% to $75.04 in pre-market trading. The FDA approved Bristol Myers Squibb Co's Sotyktu (deucravacitinib), an allosteric tyrosine kinase 2 (TYK2) inhibitor, for moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy. Atlantic Equities maintained Bristol-Myers Squibb with an Overweight and raised the price target from $83 to $87.
Nu Holdings Ltd. rose 6.3% to $5.73 in pre-market trading after gaining over 6% on Friday.
Carvana Co. rose 5.4% to $38.60 in pre-market trading. Piper Sandler upgraded Carvana from Neutral to Overweight and lowered the price target from $98 to $73.
Deutsche Bank Aktiengesellschaft climbed 4.4% to $9.35 in pre-market trading.
Market News
Twitter Says Musk’s Latest Argument to Nix Deal Is Invalid
Twitter said Monday that payments to a whistleblower did not breach any of its obligations under the $44 billion acquisition proposed by Elon Musk, after the billionaire sent a third letter to try to call off the deal.
The social media giant said it intends to enforce the agreement and close the transaction on the price and terms agreed upon with Musk, according to a Securities and Exchange Commission filing.
Bristol Myers Stock Surges After FDA Approves New Plaque Psoriasis Treatment
The U.S. Food & Drug Administration gave its approval to Sotyktu, the first new treatment for adults suffering from moderate-to-severe plaque psoriasis in more than ten years, following data from a late-stage study of around 1,684 patients.
The drug, which Bristol Myers said could launch as early as this month, is expected to challenge the $2.3 billion market current controlled by Amgen's (AMGN) Otezla therapy. Sotyktu is slated to price at around $6,164 for a 30-day treatment, compared to around $4,344 for Otezla.
Netflix Partners With Ubisoft to Bolster Fledgling Gaming Division
Netflix has teamed up with Ubisoft, one of Europe’s biggest video game companies, as the streaming giant seeks to bolster its fledgling gaming business.
The California-based streaming service will launch three new mobile games next year based on Ubisoft’s games, including its most successful title Assassin’s Creed.
Activist Investor Dan Loeb Backs off From Asking Disney to Sell ESPN
Billionaire activist investor Daniel Loeb backed off from pushing Walt Disney Co to spin off ESPN, saying he has a "better understanding" of the sports television network's potential for growth.
This comes after Disney Chief Executive Bob Chapek reaffirmed the value of ESPN to the media company.
"We believe that ESPN is an asset that is well placed within the Walt Disney Company," Chapek told Reuters.