US STOCKS-Futures muted ahead of inflation data, GE jumps
U.S. stock index futures traded flat on Tuesday as the first one or two inflation readings approached this week, as General Electric continued with plans to split into three public companies.
Department of Labor data due at 8:30 a.m. ET will likely show its producer price index for final demand rose 0.6% in October, accelerating inflation and tightening monetary policy. becoming of greater concern to investors than the COVID-19 pandemic. The S&P 500 and Nasdaq closed at all-time highs Monday for the eighth consecutive session, while the Dow posted its second consecutive record closing.
A better-than-expected earnings season, positive developments around COVID-19 antiviral pills and the relaxation of travel restrictions recently helped the market continue its record run. General Electric Co jumped 11.6% in pre-market trading after the US conglomerate announced it would split into three companies focused on aviation, health and energy.
Tesla Inc shares rose 1.4%, rebounding from falling nearly 5% on Monday after CEO Elon Musk’s Twitter poll to sell a tenth of his holdings garnered 57.9% of the vote in favor sales. The proposal also raised questions about whether Musk may have violated his deal with the U.S. securities regulator again.
At 6:50 a.m. ET, Dow e-minis were down 25 points, or 0.07%, S&P 500 e-minis were up 1.5 points, or 0.03%, and e-minis Nasdaq 100 were up 34.5 points, or 0.21%. Robinhood Markets Inc fell 3.1% after the online brokerage firm said a third party gained access to the email addresses of around five million of its clients in a breach incident. security.
Zynga Inc jumped 6.6% after creator of “FarmVille” surpassed quarterly net bookings estimates, while Tripadvisor Inc fell 7.4% after posting disappointing quarterly results and announcing director’s departure General Stephen Kaufer.
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