Futures are down, but the S&P 500 is still on course for a fifth consecutive month of gains. Here’s what we’re watching on the last day of the second quarter.
- Futures tied to the S&P 500 edged down 0.1% after the broad-market index closed at its 33rd all-time high of 2021. Contracts linked to the Dow Jones Industrial Average suggest that the blue-chips index will end June lower, marking its weakest month since January.
- Nasdaq-100 futures were also down less than 0.1%, pointing to tepid moves in technology stocks a day after the index notched a record high. The benchmark for large-cap technology stocks has climbed 6.5% so far in June, putting it on track to close out its best month since it rose 11% in November.
What’s Coming Up
- Earnings are due after the close from Micron Technology .
- The ADP National Employment Report for June, due at 8:15 a.m. ET, is expected to show an increase of 550,000 jobs.
- The Institute for Supply Management’s Chicago Business Barometer for June, due at 9:45 a.m., is expected to decline from the prior month.
Market Movers to Watch
- Weapons investors are fired up over quarterly results from Ammo . The ammunition maker’s shares jumped 6.5% premarket after it reported quarterly earnings and said, “demand fundamentals in the U.S. domestic ammunition market are exceedingly strong.”
- Plant-based food company Tattooed Chef is up 5.1% premarket, on no apparent news, though the stock is trending on Stocktwits. Maybe investors are just into ink.
- MongoDB dropped 5.7% premarket after the database platform priced a public offering of 2,500,000 shares of its class A common stock.
- Bed Bath & Beyond added 1.6% premarket. The retailer said its loss narrowed in the recent quarter and lifted its sales guidance for the year.
- Looks like people really are sick of buying groceries. General Mills shares nudged down 0.7% premarket after it said sales and earnings declined in its latest quarter as people failed to buy as much food for the home as they did in the early days of the pandemic.
- Coffee, tea, or higher labor costs? Southwest Airlines is increasing overtime pay, including offering double-time pay for flight attendants, in an effort to head off potential staffing crunches during the Fourth of July travel weekend. Its shares inched up 0.3% ahead of the bell.
- Plug Power shares jumped 2.4% ahead of the bell. The hydrogen and fuel cell company’s shares got an “outperform” rating from RBC Capital, which also gave it a price target of $2 a share—it closed Tuesday at $34.08.
- AeroVironment , a developer of uncrewed aircraft systems, said its fourth-quarter revenue was almost unchanged but adjusted profit was ahead of analysts’ expectations. Its shares slipped 2.6% premarket.
- Bitcoin enjoyed its best three-day stretch in more than four months, rising more than 15% over the period to $36,156.30 at 5 p.m. ET on Tuesday. But the notoriously volatile crypto was already giving up some of the gains early Wednesday, dropping 4%.
- The S&P CoreLogic Case-Shiller National Home Price Index rose 14.6% in the year that ended in April, up from an 13.3% annual rate the prior month. April marked the highest annual rate of price growth since the index began in 1987.
Chart of the Day
- Hudson River Trading, one of the biggest high-frequency trading firms, is planning to enter the business of executing stock trades for individual investors.
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