Etsy, Uber, Moderna, Dogecoin, PayPal: What to Watch When the Market Opens Today
Paul J. Davies
Here's what we're watching ahead of the opening bell on
-- U.S. stock futures wavered as jobless figures showed the economic
recovery gained momentum in recent weeks.
-- Futures for the S&P 500 were flat. Contracts for the Dow Jones Industrial
Average edged up 0.1% a day after the blue-chip index closed at a
record for the 22nd time this year. Futures for the technology-focused
Nasdaq-100 slipped 0.1%. Read our full market wrap here.
-- A bigger than expected drop in fresh weekly jobless claims Thursday saw
the total fall below 500,000 for the first time since early March last
year, before Covid-19 lockdowns began.
What's Coming Up
-- Another heavy day for corporate earnings will include after-market
reports from insurer AIG, travel company Expedia Group, cinema chain AMC
Entertainment, Beyond Meat, Wall Street Journal owner News Corp,
miniature camera company GoPro, burger joint Shake Shack and post-burger
calorie burner Peloton.
Market Movers to Watch
-- Etsy tumbled 8.4% ahead of the open after the online marketplace for
handicrafts reported a strong first quarter but predicted a slowdown
ahead. A pandemic-driven boom in face mask sales is one big factor behind
-- Pfizer and Moderna both fell after the U.S. said it would back global
calls for drug makers to waive patent protections on Covid-19 vaccines.
The hope is that copycat vaccine production would speed the fight against
the virus. Pfizer is down 2.3% in premarket trading, while Moderna
lurched 8.4% lower even though it reported first quarter net income of
$1.2 billion Thursday.
-- PayPal jumped 3.2% after it made more noise about its moves into
cryptocurrency trading alongside good overall first-quarter results.
-- Meanwhile, traders might be finally getting the joke about the original
LOLcoin: Dogecoin is down 10.2% according to Coindesk, although it is
still up by, well, a lot.
-- Cardinal Health plunged 8.4% premarket after the pharmaceutical
distributor missed forecasts for its third-quarter earnings.
-- A big jump in streaming revenue helped ViacomCBS beat forecasts, pushing
its stock up more than 2.4% premarket. Sports and kids shows on
Paramount+ helped drive revenue there nearly two-thirds higher.
-- Sunrun is up 5.6% after good results released late Wednesday. The
solar-panel maker is still down heavily for the year however because
higher interest rates are expected to hurt demand.
-- Uber is down 4.4% premarket extending a similar decline on Wednesday when
it reported a fall in revenue. The company set aside $600 million after
being forced by a U.K. court to treat its drivers like employees. Rival
Lyft is also down 3.3%.
-- The Dow Jones Industrial Average on Wednesday hit its 22nd record close
of 2021 -- tying the number of records the blue-chip index set in all of
2019, according to Dow Jones Market Data. Its next new high will mark the
most in a calendar year since 2017, when there were 71.
-- Gasoline futures hit a 52-week high on Wednesday, as front month Nymex
RBOB gasoline for June delivery gained 0.01 cent per gallon to $2.1513.
Chart of the Day
-- After bitcoin's and dogecoin's blistering rallies this year, investors
are trying to find more completely made up things to throw their money
at. SafeMoon? VeChain? No, me neither.
Must Reads Since You Went to Bed
-- Ant Looks to Revamp a Controversial Business Without Sparking an Outcry
-- Investors Bet on Dollar's Slow Downward Drift
-- Dogecoin's 12,000% Rally Spurs Hunt for Next Crypto Winner
-- Bud Brewer Taps U.S. Chief as New CEO
-- How Adobe's Ethics Committee Helps Manage AI Bias
-- Uber's Speed Could Limit Lyft
(END) Dow Jones Newswires
May 06, 2021 09:19 ET (13:19 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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