US stock futures pointed slightly lower Tuesday after equities tumbled in the previous session on worries over Middle East tensions and as U.S. Treasury yields surged.
These stocks were set to make moves Tuesday:
Tesla (TSLA) - Tesla declined 1.8% in premarket trading. Shares of the electric-vehicle maker dropped 5.6% on Monday after CEO Elon Musk said Tesla was planning to lay off more than 10% of its global workforce, and Drew Baglino, Tesla’s head of powertrain and energy engineering, announced he was stepping down.
Trump Media & Technology Group (DJT) - Trump Media & Technology Group was down 4.1% in premarket trading after falling 18% on Monday after the parent company of the Truth Social platform filed for the sale of a large amount of shares.
Rivian (RIVN) - Rivian Automotive was up 1.1% after shares of the electric-vehicle maker were upgraded to Neutral from Sell at UBS with the price target left unchanged at $9.
Macatawa Bank (MCBC) - Shares of Macatawa Bank surged 37.4% after the company agreed to a merger with Wintrust Financial that values its shares above Monday's closing price.
Earnings reports are expected Tuesday from UnitedHealth Group, Johnson & Johnson, Bank of America, Morgan Stanley, PNC Financial, Bank of New York Mellon, United Airlines, J.B. Hunt Transport Services, and Northern Trust.
UnitedHealth (UNH) - UnitedHealth heads into its first-quarter earnings report with the stock down 15% this year. It will be a complicated quarter for the healthcare giant after a hack of the payments tools operated by its subsidiary Change Healthcare led to chaos and financial crisis across the healthcare industry. The stock was down 0.1% in premarket trading.
Johnson & Johnson (JNJ) - Shares of Johnson & Johnson also have declined in 2024, down 5.9%. Analysts have attributed much of the stock’s underperformance to lingering worries over talc litigation that has dogged the company for years. J&J fell 0.2% ahead of the release of first-quarter earnings.
Bank of America (BAC) - Bank of America fell 0.6% in premarket trading ahead of quarterly earnings scheduled for Tuesday. Analysts expect the second-largest U.S. lender to report first-quarter net interest income of $13.8 billion, down from $14.6 billion a year earlier. Barclays analyst Jason Goldberg said he expects lower net interest income because of softer loan growth and higher funding costs.
Morgan Stanley (MS) - Shares of Morgan Stanley were down 0.8% ahead of first-quarter earnings from the investment bank. The earnings will reflect the first full quarter of results under Ted Pick, who was named chief executive last fall.
Live Nation (LYV) - Live Nation was falling 6.8% following a report from The Wall Street Journal that said the Justice Department was preparing to sue the parent of Ticketmaster, alleging the company has leveraged its dominance for ticketing live events that has undermined competition. The suit could be filed as soon as next month, the Journal reported, citing people familiar with the matter.