| What to watch today: Wall Street looks higher; Twitter soars on Elon Musk stake | | |  | MON, APR 04, 2022 | | | | AS OF MON, APR 04, 2022 • 08:33 ET | | Dow Jones Fut | | 34,818.27 | | Current: | 34,741.00 | | Change: | 23.00 | | Impl. Open: | 30.73 | | | S&P 500 Fut | | 4,545.86 | | Current: | 4,548.50 | | Change: | 9.25 | | Impl. Open: | 8.64 | | | NASDAQ 100 Fut | | 14,861.21 | | Current: | 14,914.00 | | Change: | 50.25 | | Impl. Open: | 51.79 | | | Russell 2000 Mini | | 2,091.11 | | Current: | 2,092.70 | | Change: | 4.40 | | Impl. Open: | 3.59 | | | U.S. stock futures rose modestly Monday, with the tech-heavy Nasdaq looking the strongest. Twitter (TWTR) soared 25% in the premarket after Elon Musk revealed a big stake in the social media company. The second quarter got off to a positive start on Friday, which was also the first day April. Historically, April has been the best month of the year for stocks, with the S&P 500 gaining an average 1.7%. The first quarter, which ended Thursday, was the worst first three months in two years. (CNBC) | | | | Key bond yield spreads on Monday, the 2-year/10-year and the 5-year/30-year, remained inverted, a market distortion that's happened before past economic recessions. Bond yields rose Friday. But the real strength was among shorter-term Treasurys as traders worried that the weaker than expected but still robust March jobs growth might give the Federal Reserve the green light to get more aggressive with its interest rate-hiking cycle. (CNBC) | | | | U.S. oil prices were relatively steady Monday, still right around $100 per barrel as supply concerns due to disruptions from Russia's Ukraine war persisted. Crude did fall about 13% last week after the U.S. announced it will release 1 million barrels per day of oil from its Strategic Petroleum Reserve for six months starting in May to help combat elevated energy costs. (Reuters) | Musk, the outspoken Tesla (TLSA) and SpaceX CEO and the richest person in the world, has become Twitter's largest outside shareholder, not long after criticizing the social network for what he said was its falling down on free speech. According to a regulatory filing, Musk owns nearly 73.49 million shares of Twitter. That's a 9.2% passive stake, worth $3.6 billion based on Twitter's premarket surge to more than $49 per share. (CNBC)
Tesla, over the weekend, reported first-quarter electric vehicle deliveries of 310,048, slightly below estimates but 67% more than a year ago. Model 3 and Model Y vehicles comprised 95% of Q1 numbers. Deliveries are the closest approximation to sales numbers reported by Tesla. (CNBC) | | | | Jamie Dimon, CEO and chairman of the biggest U.S. bank by assets, wrote in his annual letter that three forces are likely to shape the world over the next several decades: a U.S. economy rebounding from the pandemic; high inflation that will usher in an era of rising rates; and Russia's invasion of Ukraine and the resulting humanitarian crisis. Dimon also said he believes the U.S. was in the midst of a boom that could "easily" run into 2023. (CNBC) | | | | Democrats are launching a flurry votes and Senate moves Monday, with the goal of confirming Ketanji Brown Jackson as the first Black woman on the Supreme Court by the end of the week. Jackson is President Joe Biden's pick to replace retiring liberal Justice Stephen Breyer. (AP) | | |  | U.S.-listed China stocks, including JD.com (JD), Netease (NTES), Alibaba (BABA) and Tencent Music (TME), are rallying in premarket trading after China proposed revising confidentiality rules regarding audit oversight. That could remove an obstacle to U.S.-China cooperation and prevent those companies from being delisted in the U.S. | | | | Rental car company Hertz (HTZ) announced a new partnership to 65,000 electric vehicles from electric vehicle maker Polestar over the next five years. Hertz gained 2.3% in the premarket. | | | | Novartis (NVS) announced a reorganization of its business units in a move the Swiss drugmaker could save at least $1 billion annually by 2024. The new structure will integrate the drugmaker's pharmaceuticals and oncology businesses. Novartis rose 1% in premarket trading. | | | | Canada will announce investments Monday in two General Motors (GM) plants in the country, according to Reuters. The amount of the investments, which includes support for one plant that will produce electric commercial vehicles, is unknown. | | | | Logitech (LOGI) was upgraded to buy from neutral at Goldman Sachs, which is encouraged by the recent strong financial performance for the maker of computer mice, keyboards and other computer peripheral devices. Logitech jumped 4.3% in the premarket. | | | | Crox (CROX) fell roughly 2% in premarket trading after Loop Capital downgraded it to hold from buy and slashed the price target to $80 from $150. Loop said investor sentiment on the stock has shifted, putting it in the "COVID winner" category. | | Olivia Rodrigo made an impressive Grammy debut, Silk Sonic claimed two major awards and Jon Batiste won the top prize at Sunday's Grammy Awards. Batiste grabbed five Grammys, including album of the year for "We Are," pulling off an upset in a loaded category filled with tough competition. (AP) | | Tiger Woods didn't wear the iconic Nike (NKE) swoosh on his feet when he stepped onto the green Sunday at Augusta National Golf Club in Georgia. Instead, Woods was spotted wearing a pair of black FootJoy Premier Series-Packard golf shoes. (CNBC) | | |
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