Stock futures were lower Tuesday, a day after the S&P 500 rose for a sixth-straight session as investors somewhat shrugged off a downgrade of the credit rating of the United States.
These stocks were poised to make moves Tuesday:
Tesla Motors was up 0.6% in premarket trading after shares of the electric-vehicle company closed down 2.3% on Monday. Tesla shares have declined 15% this year but have jumped about 44% since reporting first-quarter earnings on April 22. The gains have left shares trading for about 172 times estimated 2025 earnings, up from closer to 72 times a year earlier. Morgan Stanley analyst Adam Jonas sees the valuation problem getting worse before it gets better.
Shares of Tesla supplier CATL, the Chinese battery giant, soared 16% in their Hong Kong debut on Tuesday. CATL raised almost $4.6 billion in the world's largest equity offering this year.
UnitedHealth gained 2.8%. The shares rose 8.2% on Monday, closing the session at $315.89. It was the stock's largest daily percentage increase since Nov 4, 2020, when it rose more than 10%, according to Dow Jones Market Data. UnitedHealth was the top performer in the Dow Jones Industrial Average on Monday. The stock declined 23.3% last week after UnitedHealth CEO Andrew Witty resigned and the company suspended its 2025 outlook.
NVIDIA slipped 0.3%. CEO Jensen Huang said Monday the chip maker would be opening its artificial-intelligence server platform to rival chip makers but he also warned the U.S. government's move to limit chip exports to China could hit revenue by $15 billion.
Earnings reports are expected Tuesday from Home Depot, Palo Alto Networks, Keysight, Viking Holdings Ltd., Amer Sports, Inc., and Toll Brothers.
Analysts expect Home Depot, the biggest home-improvement retailer, to report fiscal first-quarter adjusted earnings of $3.60 a share. Ahead of the release of Home Depot's fourth-quarter earnings in February, analysts had anticipated first-quarter profit of $3.69. The reduced estimates reflect softer demand trends for home renovation supplies amid a weak housing market. Home Depot shares were down 0.1% in premarket trading.
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