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Here's a look at some pre-market trading, earnings reports, top stock market news, and stocks to watch based on today's market moves...
Stock Futures Today
U.S. stock futures for Tuesday, June 2, forecasted a decline. Dow futures forecasted a 20-point decrease from yesterday's Dow close, while S&P futures were down 3.25 points. This is all as investors keep an eye on the debt situation in Greece and as auto companies plan to release monthly auto sales data.
On Monday, the government announced that U.S. consumer spending stalled in April as households increased saving. The news suggests that the U.S. economy is struggling to gain traction at the onset of the second quarter. The DJIA rose 33 points after stronger-than-expected economic data and news of another huge deal in the semiconductor industry.
Top News in the Stock Market Today
- The Stock Market Today: Investors will focus on the April factory orders report. Economists anticipate zero change to orders level for the month, after the index increased 2.1% in March. In addition, auto companies will report light vehicle and truck sales for May. Looking abroad, the Reserve Bank of Australia announced it is holding its interest rate at its historic low of 2%.
- Greek Tragedy: Details have emerged on Greece's current debt deal. The nation must repay four loans (totally 1.6 million euros) to the International Monetary Fund in June, beginning with a 300 million euro payment on June 5. International creditors in France, Germany, and Greece said they are working hard to prevent the country from defaulting or leaving the European Union.
- Earnings Reports: Companies reporting earnings this morning include ABM Industries Inc. (NYSE: ABM), Violin Memory Inc. (Nasdaq: VMEM), Medtronic PLC (Nasdaq: MDT), Dollar General Corp. (NYSE: DG), GUESS? Inc. (NYSE: GES), Ambarella Inc. (Nasdaq: AMBA), Conns Inc. (Nasdaq: CONN), Cracker Barrel Old Country Store Inc. (Nasdaq: CBRL).
- Oil Prices Today: Oil prices were on the rise ahead of this week's OPEC meeting and news that the U.S. dollar fell. WTI crude futures for July ticked up 0.4% this morning to hit $60.47 per barrel. Meanwhile, Brent oil was down 0.2% to hit $64.74 per barrel.
Pre-Market Movers in the Stock Market Today:
- Pre-Market Movers No. 1, DG: Shares of Dollar General Corp. (NYSE: DG) were up 3.4% in pre-market trading this morning after the company beat earnings expectations. The discount retailer announced quarterly earnings of $0.84, besting Wall Street expectations by 3 cents. Despite the stronger earnings report, the company said that revenues were below expectations.
- Pre-Market Movers No. 2, PVH: Shares of PVH Corp. (NYSE: PVH) were up 3.4% in pre-market trading after the global apparel company beat Wall Street quarterly earnings expectations handily. The firm reported per-share adjusted earnings of $1.50, when consensus opinion called for $1.38 per share. The owner of Calvin Klein and other popular brands said they will implement a $500 million stock buyback program and hiked its full-year outlook.
- Pre-Market Movers No. 3, ZION: Shares of financial holding firm Zions Bancorporation (Nasdaq ZION) were up 5.6% in pre-market trading after the company announced details of its ongoing restructuring process. The company plans to consolidate seven bank charters into one single charter, a plan that is expected to reduce annual operational costs by roughly $120 million.
Stocks to Watch Today: MOLY, LUV, AAPL
- Stocks to Watch No. 1, MOLY: Shares of rare earths miner Molycorp Inc. (NYSE: MCP) continue to crater on news that the firm missed a $32.5 million interest payment on its senior creditors. The news suggests that the flailing miner could announce its bankruptcy later this month.
- Stocks to Watch No. 2, LUV: Airline stocks are sliding this morning after NBC reported that airlines have received multiple bomb threats. Stocks like Southwest Airlines Co. (NYSE: LUV), United Continental Holdings Inc. (NYSE: UAL), American Airlines Group Inc. (Nasdaq: AAL), and Delta Air Lines, Inc. (NYSE: DAL) were declining in pre-market trading.
- Stocks to Watch No. 3, AAPL: Re/Code reported this morning that Apple Inc. (Nasdaq: AAPL) plans to introduce a new music services during the company's Worldwide Developers Conference next week. Despite speculation, the Wall Street Journal reports that the company will not be offering any update to its highly anticipated subscription TV service during the conference.
Today's U.S. Economic Calendar (all times EST)
- Gallup US ECI at 8:30 a.m.
- Redbook at 8:55 a.m.
- Factory Orders at 10 a.m.
- 4-Week Bill Auction at 11:30 a.m.
What Investors Must Know This Week
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.