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

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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.


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.
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