Lordstown Motors, Nvidia, AutoZone, Bitcoin: What to Watch When the Stock Market Opens Today
U.S. stock futures point to major indexes extending this week’s rise
By Updated May 25, 2021 6:47 am ET
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Here’s what we’re watching as Tuesday’s trading gets underway.
U.S. stock futures rose, putting indexes on course for further gains as investors awaited fresh data on the health of the housing market.
Futures tied to the broad S&P 500 index rose 0.3%, while blue-chip Dow Jones Industrial Average futures gained 0.2%. Nasdaq-100 futures rose 0.4%, putting technology stocks on course to rise after the opening bell, a day after they led broader markets higher. Read our full markets wrap here.
What’s Coming Up
Car-parts supplier AutoZone AZO -0.81% is scheduled to post earnings ahead of the opening bell.
The S&P/Case-Shiller 20-city home price index for March, due at 9 a.m. ET, is expected to increase 12.4% from a year earlier. U.S. new-home sales, due at 10 a.m., are expected to fall to an annual pace of 959,000 in April from 1.021 million a month earlier.
A gauge of consumer confidence in the U.S. in May is also due at 10 a.m.
Earnings are due from Nordstrom, JWN -0.69% Urban Outfitters, URBN 2.66% Intuit INTU 1.61% and home builder Toll Brothers TOL 1.14% after the close.
Market Movers to Watch
Lordstown Motors RIDE 0.94% plunged nearly 17% premarket. The electric-truck startup said it’s facing higher-than-expected costs and has to cut its 2021 production forecast by at least 50%. It’s also seeking to raise more capital.
The Lordstown Motors Corp. in Warren, Ohio on June 25, 2020.
Photo: DAVID MAXWELL/EPA/Shutterstock
America’s Car-Mart CRMT 1.96% is up 4.1%. The used-car retailer reported earnings after Monday’s close and said it had record revenues last quarter.
Bitcoin slipped 2.7% to trade around $37,900, compared to its level at 5 p.m. ET, pulling back after rallying close to $40,000 on Monday evening. Elon Musk tweeted: “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”
Shares of Argo Blockchain, ARB 11.02% a British cryptocurrency miner, are up 11% in London. It said it joined the newly-formed Bitcoin Mining Council to promote energy usage transparency and more sustainable mining practices after speaking with Mr. Musk.
Dogecoin declined 3.2% to around 34 cents. Mr. Musk also tweeted a Reddit link asking for developers to submit ideas to help build out the cryptocurrency. Another account on Twitter asked him why he’s choosing to support dogecoin over other cryptocurrencies. Mr. Musk replied “Doge has dogs & memes, whereas the others do not.”
Industrial-machinery firm Nordson NDSN 0.51% rose 4.2% after it boosted financial projections for the year following a strong second quarter.
Nvidia NVDA 4.14% is up 1.7% in premarket trading, looking like the stock may extend its four-day rally into a fifth day. The chip maker is expected to report earnings on Wednesday.
Amazon AMZN 1.31% is nearing a deal to buy the Hollywood studio MGM Holdings for almost $9 billion including debt, The Wall Street Journal reported. Its stock is up 0.7% in premarket trading.
Market Facts
Ethereum soared as much as 28.7% on Monday, notching the biggest intraday jump since Feb. 6, 2018.
The Nasdaq Composite had its lowest trading volume of the year so far on Monday, when 3.4 billion shares changed hands.
Chart of the Day
A market reversal has been particularly cruel on China’s next generation of technology stars. Since peaking earlier this year, formerly hot stocks like Meituan, Kuaishou and Pinduoduo have lost nearly half their value, far more than bigger peers like Alibaba or Western heavyweights like Amazon. Read more here.