Stock futures inched their way up the charts on Tuesday, gearing up for the release of inflation reports that could give the Federal Reserve a serious case of itchy interest-rate trigger fingers. The S&P 500 (^GSPC) futures added about 0.2%, while the Dow Jones Industrial Average (^DJI) shot up around 0.3%, or 110 points.
Not to be outdone, futures on the tech-heavy Nasdaq 100 traded in their usual flippy fashion, gaining a respectable 0.2%. In other news, the US business confidence gauge, aka the NFIB survey, showed optimism shooting up to a seven-month high in June, leading to ecstatic celebratory fist pumps in the eagle-nestled corporate boardrooms. However, the tight labor market continued to fuel concerns about unstoppable price pressures, bringing us all back down to earth.
Amazon, WD-40, JPMorgan and Zillow rise premarket
U.S. futures edged higher Tuesday, continuing the positive start to the week with investors awaiting more comments from Fed officials as week as key inflation data.
Here are some of the biggest premarket U.S. stock movers today:
- Amazon (NASDAQ:AMZN) stock rose 0.8% at the start of the e-commerce giant’s 48-hour shopping event, offering deep discounts in the hope to tempt U.S. shoppers.
- Apple (NASDAQ:AAPL) stock rose 0.5% after the tech giant announced plans to begin selling its products on Tencent’s (OTC:TCEHY) popular messaging app WeChat as it looks to grow its retail presence in China.
- Meta Platforms (NASDAQ:META) stock rose 0.4% after Axios reported that the tech giant’s Instagram is planning to bring its branded content tools to Threads, its new social media platform.
- JPMorgan (NYSE:JPM) stock rose 1.2% after Jefferies upgraded its stance on the banking giant to ‘buy’ from ‘hold’, calling it “best-in-class” and praising its strong earnings potential.
- Zillow (NASDAQ:ZG) stock rose 6.1% after Piper Sandler upgraded its stance on the real estate stock to ‘overweight’ from ‘neutral’, seeing the potential for the stock to rally more than 30%.
- Microsoft (NASDAQ:MSFT) stock rose 0.3% after the software giant confirmed that it’s eliminating additional jobs, in addition to the downsizing announced in January that resulted in 10,000 layoffs.
- T-Mobile US (NASDAQ:TMUS) stock rose 0.8% after Goldman Sachs) called the wireless network operator a ”top pick”, citing the probability of more buybacks.
- WD-40 (NASDAQ:WDFC) stock rose 5.3% after the chemicals company reported better-than-expected third-quarter results and announced a 50 million share buyback program.
Amazon, WD-40, JPMorgan and Zillow rise premarket
(Source: Investing.com)
Some of the biggest movers:
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Iovance Biotherapeutics Inc (NASDAQ:IOVA) had a bit of a rude awakening this Tuesday as their shares took a nosedive during premarket trading. Word on the street is that the biotech company announced the pricing of an underwritten public offering that was almost 15% lower than its most recent close.
To be exact, San Carlos’ Iovance said it would put 20 million shares of its common stock up for grabs at a rate of $7.50 per share. That’s way down from their Monday close of $8.79.
The silver lining? Iovance is expecting to make $150 million from the offering to continue their mission of using cancer patients’ immune cells to attack cancer tumors. Now that’s something worth investing in.
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