Tesla, GameStop, UPS: What to Watch When the Stock Market Opens | Sidnaz Blog

Here’s what we’re watching as markets kick into gear on Tuesday.

• U.S. stock futures drifted higher ahead of earnings from more blue-chip companies and the start of the Federal Reserve’s two-day policy meeting.
• Futures for the S&P 500 ticked up 0.1%, after the benchmark index ground higher to a record on Monday. Contracts for the Dow Jones Industrial Average and technology-heavy Nasdaq-100 also edged up 0.1%. Read our full markets wrap here.

What’s Coming Up

• Raytheon Technologies

  
  RTX 0.57%
  

  is scheduled to report earnings ahead of the opening bell.

• Earnings are also due from

  Microsoft,

  
  MSFT 0.15%
  

  Google-parent

  Alphabet,

  
  GOOG 0.49%
  

  Visa,

  
  V 0.15%
  

  Starbucks,

  
  SBUX -1.40%
  

  Pinterest

  
  PINS 2.32%
  

  and snack-food giant

  Mondelez International

  
  MDLZ -1.24%
  

  after markets close.

• A gauge of U.S. consumer confidence will be out at 10 a.m. ET.

Market Movers to Watch

• Tesla

  
  TSLA 1.21%
  

  slipped 2.5% in premarket trading. The electric carmaker reported a jump in revenue and net profit in the first quarter on Monday after hours, although both came below analysts’ estimates.

• United Parcel Service

  
  UPS -1.76%
  

  rose nearly 7% after posting first-quarter revenue and profit well above Wall Street’s expectations.

• The most popular meme stock,

  GameStop,

  
  GME 11.74%
  

  is rising for the second day. It’s up over 8% premarket after adding 11.7% on Monday. The video game retailer said it raised around $551 million in a share offer.

• MicroVision

  
  MVIS 47.13%
  

  rose 13%, looking to extend its recent meteoric rise into a fifth straight trading session. The laser-scanning technology developer is up over 47% this week so far amid active discussions on Reddit forums.

• Cadence Design Systems

  
  CDNS 1.51%
  

  fell 3.5% after the software company revised its full-year guidance, which brought its earnings-per-share forecast below analysts’ estimates.

• Snap,

  
  SNAP -2.09%
  

  developer of the SnapChat social-media app, declined 2.8%. It said it will issue $1 billion of senior convertible notes in a private placement.

• SS&C Technologies

  
  SSNC -0.66%
  

  climbed 3.1% after reporting a jump in earnings per share.

• Lululemon Athletica

  
  LULU -0.93%
  

  slipped 2%. Filings showed that the company’s CEO recently sold 3,000 shares.

Market Facts

• The S&P 500 hit yet another record high on Monday, its 24th this year. It has risen 11.5% since the beginning of the year.
• The Nasdaq also notched another record yesterday, for the 13th time in 2021.

Chart of the Day

Demand for inflation-protected bonds remains high despite a recent decline in Treasury yields, indicating that investors have long-term concerns about the impact of economic growth on interest rates. Read more here.

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