To The Moon

U.S. stock futures waved on Monday as Tesla shares extended gains after the electric-vehicle maker reported record vehicle deliveries in the second quarter.

Market Snapshot

At 8:15 a.m. ET, Dow e-minis were down 69 points, or 0.2%, S&P 500 e-minis were down 3.75 points, or 0.08%, and Nasdaq 100 e-minis were down 2.75 points, or 0.02%.

Pre-Market Movers

Tesla — Tesla shares popped nearly 6% after the electric vehicle company posted second-quarter delivery and production numbers that topped Wall Street’s expectations. Deliveries rose 83% year over year.

Electric vehicle stocks — Electric vehicle stocks rose broadly after Tesla posted strong-than-expected production and delivery numbers for the second quarter. U.S.-listed shares of Nio and Xpeng jumped about 4% and 7.3% in the premarket. Rivian added 3.2%, while Fisker and Lucid gained more than 2% each.

Apple — The iPhone maker’s stock dipped 0.4% following a report that Apple plans to scale back Vision Pro headset production. Apple shares closed above a $3 trillion market cap on Friday.

AstraZeneca — Shares of the drugmaker fell 6.7% in premarket trading after AstraZeneca announced preliminary results for a phase three trial of a lung cancer treatment. While the drug compared well to a competitor on one endpoint, the data for overall survival was “not mature” and pointed toward to the results being not statistically significant, AstraZeneca said in a press release. The trial will continue, according to the company.

United Airlines — The airline stock traded marginally higher before the bell even after the carrier bared the brunt of the flight delays occurring nationwide over the holiday weekend.

Chinese internet stocks — Shares of China-based technology stocks gained before the bell, lifting the KraneShares CSO China Internet ETF. Alibaba, Pinduoduo and JD.com shares gained 1.8%, 3.4% and 2.9%, respectively. The gains came amid news that Treasury Secretary Janet Yellen is planning to meet with senior Chinese officials in Beijing later this week.

Energy stocks — Energy stocks gained in premarket trading, lifted by a rise in oil prices after top exporters cut supply for August. Halliburton and ConocoPhillips added about 1% each. Chevron, Devon Energy and Occidental Petroleum also moved higher.

Market News

Yellen Heads to China This Week, Furthering US Move to Mend Ties

US Treasury Secretary Janet Yellen will travel to Beijing on July 6-9, becoming the second member of Joe Biden’s cabinet to head to the Chinese capital in recent weeks as the world’s two largest economies look to mend ties after a spate of bilateral tensions.

Yellen's trip will take place just three weeks after Secretary of State Antony Blinken visited China, highlighting the efforts by the Biden administration to reinstate lines of communication with counterparts in Beijing.

Tesla Beats Second-Quarter Delivery Estimates As Price Cuts Pay off

Tesla Inc on Sunday said it delivered a record number of vehicles in the second quarter, topping market estimates as price cuts and U.S. federal credits helped make its electric vehicles more affordable.

The Elon Musk-led company handed 466,140 vehicles in the April to June period, up 10% from the preceding quarter, and 83% higher from a year earlier.

Analysts on average had expected Tesla to deliver 445,000 cars, according to nine analysts polled by Refinitiv, with the lowest estimate at 439,875 and highest at 450,000.