DraftKings, Lordstown Motors, Torchlight Energy: What to Watch When the Stock Market Opens Today

Source link

Stock futures wavered on Tuesday, as retail sales figures disappointed and producer prices pointed to inflation risks. Here’s what we’re watching ahead of the opening bell.

  • Futures tied to the S&P 500 were flat. Nasdaq-100 futures were down 0.1%, pointing to muted moves in stocks after the opening bell.
  • Retail sales data were much worse than expected, falling 1.3% in May versus the previous month. Car sales had been forecast to drop, but other retail sales were much more disappointing: Excluding autos, sales had been forecast to be up 0.5% on the month, but they were down by 0.7%.
  • U.S. producer prices rose 0.8% in May from the prior month, more than the 0.5% rise that was expected, adding to inflation pressures bubbling through the U.S. economy.
What’s Coming Up
Market Movers to Watch
  • DraftKings


    DKNG -4.74%

    tumbled 9.5% before the market open Tuesday after an independent research firm known for its activist bets against companies issued a highly critical note on the $42 billion former blank-check company. Hindenberg Research issued its report just before 9 a.m.

  • Lordstown Motors


    RIDE -18.84%

    is up 1% in premarket trading following its near-20% plunge on Monday. The electric-vehicle startup’s chief executive and finance head both resigned suddenly on Monday after a board committee found inaccuracies in its reporting of preorders.

  • Torchlight Energy Resources


    TRCH 14.74%

    shot 30% higher before the open following a 15% rise the day before. On Monday afternoon, the company announced a special dividend to be paid in preferred stock, which sparked a blizzard of exclamation marks and emojis on Twitter and talk of a coming short squeeze. The stock finished last week at $3.12 and was trading premarket at $4.75.

  • Alexandria Real Estate Equities


    ARE 0.06%

    shares are down 4.8% ahead of the open after the California-based company increased the size of its stock offering overnight.

A sign for Alexandria Real Estate Equities Inc. was displayed in front of the New York Stock Exchange on May 22, 2017.



Photo:

Michael Nagle/Bloomberg News

Market Facts
  • Nonfinancial companies issued $1.7 trillion of bonds in the U.S. last year, nearly $600 billion more than the previous high, according to Dealogic. By the end of March, their total debt stood at $11.2 trillion, according to the Federal Reserve, about half the size of the U.S. economy.
  • Bitcoin reached its highest level in more than two weeks Monday, trading as high as $41,046.77, buoyed by MicroStrategy completing its $500 million offering of junk bonds to buy bitcoin and by fresh comments from Tesla Chief Executive Elon Musk. By Tuesday morning it had edged down to about $40,320.
  • On this day in 1215, King John of England signed the Magna Carta, enumerating the principles of limited government, free trade, private property and the liquidation of assets to pay debts.
Chart of the Day
Must Reads Since You Went to Bed

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Leave a Reply

Your email address will not be published. Required fields are marked *