Novavax, Tesla, Match, Palantir: What to Watch When the Stock Market Opens Today

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    Novavax, Tesla, Match, Palantir: What to Watch When the Stock Market Opens Today

    Here’s what we’re watching as markets kick into gear on Tuesday.

    • U.S. stock futures and global indexes fell after concerns about rising inflation resurfaced, prompting a selloff in highflying technology stocks.
    • Futures tied to the S&P 500 dropped 0.8%, a day after the broad market index declined 1% from its record closing level. Nasdaq-100 futures retreated 1.6%, suggesting that tech stocks were poised for further losses after dragging broader indexes lower at the start of the week. Dow Jones Industrial Average futures fell 0.4%. Read our full market wrap here.
    What’s Coming Up
    • Earnings are due from Electronic Arts EA -1.24% and Houlihan Lokey HLI -1.69% after the close.
    • Fed governor Lael Brainard will be speaking at 12:00 p.m. ET about the U.S. economic outlook and monetary policy at the Society for Advancing Business Writing and Editing Conference.
    Market Movers to Watch
    • Novavax NVAX -8.81% tumbled over 13% in premarket trading after it delayed plans to seek regulatory clearances for its Covid-19 vaccine while shortages in raw materials slow the ramp-up in production of doses.
    • Tesla TSLA -6.44% declined 6.3% in premarket trading. The company halted plans to expand its Shanghai production base due to uncertainties caused by current U.S.-China tensions, according to a Reuters report.
    • Internet companies slipped. Twitter TWTR -3.68% fell 4.7%, Pinterest PINS -2.51% retreated 5.7% and Etsy ETSY 0.98% slid 3.5%.
    • Palantir PLTR -6.48% is down over 10%, extending a 10-day losing streak. It reported a net loss for the first quarter.

    A banner featuring the logo of Palantir Technologies at the New York Stock Exchange on the day of its initial public offering, Sept. 30, 2020.

    Photo: andrew kelly/Reuters

    • Aspen Technology AZPN 0.78% jumped over 6% after S&P Dow Jones Indices said the company will be added to the S&P MidCap 400 index, replacing Avanos Medical. AVNS -4.45%
    • Coatings company Ferro FOE 0.23% soared 22% premarket after it said that Prince International is acquiring it for $2.1 billion in cash.
    • Hanesbrands HBI -2.10% plunged 10% after releasing guidance for the second quarter and the full year that came below analysts’ expectations.
    • Enphase Energy ENPH -3.94% is down 8.6%, adding to Monday’s decline.
    Market Facts
    • The Nasdaq Composite Index has fallen for seven of the past 10 trading sessions and has lost over 4% this month so far. Futures are suggesting another day of losses for tech stocks.
    • Venture-capital funding to Israeli cyber firms hit $1 billion last year, according to business-analytics firm Crunchbase, about 13% of global investment in security startups. The sum is second only to U.S. security startups, which drew $5.9 billion in 2020.
    • The MSCI All Country World Value Index is beating its growth-stocks equivalent by 11.3 percentage points over the past 12 weeks. That’s its biggest advantage since mid-2009, when the equity market was climbing off the floor following the global financial crisis.
    Chart of the Day

    Junk bond issuance is surging in Europe. Risky companies are getting ultralow borrowing costs and increasingly loose borrowing terms, such as “pick-your-poison” clauses. Read more here.

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    Published at Tue, 11 May 2021 11:59:00 +0000

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