Here’s what we’re watching ahead of the opening bell on Tuesday.
- U.S. stock futures slipped after inflation data came in above expectations.
- Futures tied to the S&P 500 fell 0.4% after the broad index climbed to its 39th record closing levels of the year. Nasdaq-100 futures also weakened 0.4% and Dow Jones Industrial Average futures slid 0.3%. Read our full market wrap here.
What’s Coming Up
Market Moves to Watch
- Goldman Sachs GS -1.69% added 1.1% after reporting earnings per share that blew past estimates, although revenues and profit decreased from the previous quarter.
- JPMorgan Chase JPM -1.66% dropped 0.4% after its quarterly results showed that its profit more than doubled, but its revenue fell.
JPMorgan Chase kicked off earnings season for big banks on Tuesday.
Photo: Mark Kauzlarich/Bloomberg News
- Conagra Brands CAG -4.68% declined 3.4% after reporting a fall in sales and cutting its expectations for profit next year, saying that it expects increased inflation to hit its bottom line.
- PepsiCo PEP 2.80% shares added some fizz, rising 1.3% premarket after the food-and-beverage giant reported earnings and lifted its full-year guidance.
- Boeing BA -2.78% retreated 2.1%. The plane maker is facing production issues for the 787 Dreamliner, likely further delaying deliveries of the popular wide-body jets.
- Virgin Galactic SPCE -3.64% extended its fall back to earth, with its shares shedding nearly 3% in premarket trading after Monday’s 17% drop. The company said it would sell up to $500 million of stock in a new share sale, a day after founder Richard Branson returned safely from a landmark trip to the edge of space.
- Some U.S.-listed Chinese companies are recouping recent losses, with search engine Baidu BIDU 2.98% adding 1.5%, e-commerce company JD.com JD 3.54% rising 1.4% and video-sharing firm Bilibili BILI 3.22% up 2.5%. Beijing said last week that it is probing tech companies’ data practices, prompting a tumble. But some of those worries may have eased after China’s top market watchdog approved Tencent’s TCEHY 3.67% plan to privatize search-engine affiliate Sogou. SOGO 2.36%
- Swedish telecom Ericsson ERIC 2.72% ‘s U.S.-listed shares are up 2.1% ahead of the bell. Rating agency Moody’s issued a review of the company’s rating.
- Meme stock AMC Entertainment AMC -6.17% slid over 4% premarket. It has lost nearly 25% of its value this month so far.
Market Facts
- The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all hit record closes on Monday—and in the S&P 500’s case, it was the 39th record close this year, beating the Dow’s 27 records and the Nasdaq’s 24. The broad index is ahead of the others in terms of gains this year too, with a nearly 17% rise.
- European stocks have also been on the rise, with both the Stoxx Europe 600 and Germany’s DAX index notching record highs on Monday.
- On this day in 1852, Wells, Fargo opened for business in San Francisco and Sacramento. It was founded by Henry Wells and William G. Fargo to convert gold dust into cash for miners, transport and safeguard letters, gold nuggets and other valuable byproducts of the California Gold Rush.
Chart of the Day
- Global coffee prices are climbing and threatening to drive up costs at the breakfast table as the world’s biggest coffee producer, Brazil, faces one of its worst droughts in almost a century.
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