Clover Health, Stitch Fix, Coupa Software: what to watch for when the stock market opens today


US equity futures have drifted higher, suggesting that the major indexes would give mixed performance after the opening bell on a continuation of recent choppy but limited to a range trading.

  • S&P 500 futures rose 0.2%. Futures contracts on the Dow Jones Industrial Average remained stable. Contracts for the highly technical Nasdaq-100 gained 0.6%.
  • The US trade deficit narrowed to $ 68.9 billion in April from $ 75 billion in March, the Commerce Department said.
  • Yields on 10-year Treasuries fell to 1.529% from 1.570%. The dollar is up and oil prices are down slightly. Read our full market overview here.
What is coming
  • The job posting figures are expected to be released at 10 a.m. ET.
  • General Stores Casey’s CASY -0.23%

    and the American software AMSWA 2.19%

    must report their profits after the stock market closes.

Market movers to watch out for
  • Shares of Clover Health Investments have skyrocketed after becoming the latest target for retail traders on the Reddit forums. The healthcare company’s stock price rose more than 32% on Monday and rose another 37% on Tuesday in pre-market trading.
  • Stitch Fix SFIX 13.22%

    : The online clothing company’s losses declined in the fiscal third quarter, as sales jumped 44%, supported by an increase in the number of customers who shopped online. Shares jumped 11% before market.

The Nasdaq New York Stock Exchange displays advertising for Stitch Fix’s initial public offering in 2017.


Photo:

Richard B. Levine / Levine Roberts / Newscom / Zuma Press

  • Coupa Software actions COUP -6.98%

    fell 8.9% before the bell. The company predicted it would record a loss in its 2022 fiscal year and has appointed Tony Tiscornia as its new chief financial officer.

  • Quickly FSLY 7.44%

    The stock lost 1.7% before the bell. The operator of a content delivery network service, used by many websites, has reported problems with its services. It was not clear whether the wider website outages reported Tuesday morning in the United States and Europe were related.

  • Tesla TSLA -0.85%

    stocks rose 3.1%. The China Passenger Car Association said the electric vehicle maker sold 21,936 Shanghai-made vehicles in May to China while exporting 11,527 cars overseas.

  • Marvell MRVL technology 5.03%

    gained 5.6% after the chipmaker posted record quarterly sales.

  • WP Carey WPC -1.86%

    slipped 3.2%. The real estate investment trust said it was looking to raise around $ 395 million in a stock offering to fund potential investors and pay off debt.

  • Etsy ETSY 0.76%

    fell 1.2% after the online craft market offered a private $ 1 billion senior convertible bond offer on Monday night.

Market facts
  • Traders spent $ 11.6 billion last week on options contracts linked to AMC Entertainment Holdings, more than on the SPDR S&P 500 ETF Trust, Invesco QQQ Trust and Tesla Inc. combined, according to data from Cboe Global Markets . The options on these stocks are generally among the most popular on the market.
  • Biogen shares jumped 38% on Monday after US regulators gave the green light to the drug known as aducanumab, the first such drug approved in treat Alzheimer’s in nearly two decades.
  • Demand for lithium used in batteries is expected to increase 30-fold by 2030, according to the International Energy Agency. Cobalt and nickel will also be needed for batteries while copper will be used by transmission lines, electric vehicles and wind turbines.
Card of the day
  • The rally of stocks such as AMC Entertainment AMC -0.89%

    and GameStop GME 5.63%

    sparked an explosion in options trading, upsetting the traditional dynamics of the derivatives market. The once dark corner of the market has exploded this year, with many new investors trying their hand during pandemic shutdowns.

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