By Rachel
Good morning moomooers! Here are things you need to know before the opening bell:
Futures contracts tied to the major U.S. stock indexes ticked lower early Monday.
Stocks making the biggest moves in the premarket: Nuance Communications, Uber, Alibaba & more
Market Snapshot
Futures contracts tied to the major U.S. stock indexes ticked lower early Monday, suggesting Wall Street could see muted trading after reaching fresh records last week.
Dow futures implied an opening loss of about 70 points, while contracts tied to the S&P 500 shed 0.2%. Nasdaq-100 futures lost 0.3%.
Source: Bloomberg
Source: BloombergPremover
Stocks making the biggest moves in the premarket: Nuance Communications, Uber, Alibaba & more
$Nuance Communications Inc(NUAN.US)$ - $Microsoft Corp(MSFT.US)$ is in advanced talks to buy speech-recognition company Nuance Communications Inc. in a deal valued at about $16 billion, according to multiple reports Sunday. If successful, the acquisition would be Microsoft's second-largest ever, behind 2016's $24 billion purchase of LinkedIn. The company's stock surged 22.8% in premarket trading.
$UBER TECHNOLOGIES INC(UBER.US)$ - Uber on Monday said it posted record gross bookings in the month of March, signaling a pick-up in demand for its ride-hailing business. Last week, Uber said it would spend $250 million in a one-time 「stimulus」 package aimed at getting drivers back on the road. The stock was up 2.1% in the premarket.
$Alibaba Group Holding Ltd(BABA.US)$ - Alibaba $BABA-SW(09988.HK)$ climbs 6.5% in China trading after the government decision to fine the company record $2.75B (equivalent to 4% of 2019 revenue) for anti-monopoly violations. But investors are bidding the stock higher, with the fine not material to the company's finances. The stock was up 6.1% in the premarket.
Top News
S&P 500 futures slip after index hits record
Stock futures ticked down ahead of a busy week of earnings and economic data. Shares of technology giants have taken back control of the rally in U.S. stocks over the past month.
For U.S. companies, home is where it's at
Domestically oriented companies might fare best as the U.S. economy powers ahead and foreign earnings face a tax hike.
Newly reported U.S. cases fall
Newly reported coronavirus cases in the U.S. fell, as some states continued to struggle with elevated caseloads.
Powell sees pickup in economic growth ahead
Federal Reserve Chairman Jerome Powell says output and job growth are poised to accelerate in the months ahead as long as the Covid-19 pandemic retreats.
Economy week ahead: inflation, retail sales, GDP
This week's economic calendar includes key readings on China's exports and gross domestic product, as well as U.S. inflation, consumer spending, and industrial production.
Raw materials prices have surged. Corporate profits are likely next.
Higher input costs generally accompany broad economic growth, allowing companies to pass along added expenses and fatten margins.
Biden's infrastructure plan tops priorities as congress returns to work
The White House plans meetings with lawmakers of both parties. Gun background checks are also on the agenda.
Source: CNBC, Dow Jones Newswires, Bloomberg
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