Thursday, September 23, 2021
HomeHealth5 things to know before the stock market opens Tuesday, May 18

5 things to know before the stock market opens Tuesday, May 18

image 100365595 13642750

Here are the most important news, trends and analysis that investors need to start their trading day:1. Dow futures pop on Walmart, Home Depot strengthTraders on the floor of the New York Stock Exchange.Source: NYSEThe Dow was set to rise nearly 100 points Tuesday, supported by gains in Walmart and Home Depot, two of the components in the 30-stock average. While recovering in the premarket, weakness in tech stocks led Wall Street lower Monday after last week’s hotter-than-expected inflation readings sparked a downturn in equity markets. In their worst weekly performances since February, the Dow and S&P 500 saw declines last week of more than 1% each and the Nasdaq sank over 2%. A late-week bounce was not enough to reverse the shellacking from earlier in the week.2. Three big retailers beat Q1 earnings expectationsShoppers are seen wearing masks while shopping at a Walmart store in Bradford, Pennsylvania, July 20, 2020.Brendan McDermid | ReutersWalmart’s first-quarter earnings surged past estimates Tuesday on strong grocery sales and e-commerce growth. The retailer said more shoppers headed to its stores and website to spend stimulus checks and to get ready to socialize again as Covid cases decline and vaccination rates rise. Per-share profit was $1.69. Revenue grew by nearly 3% to $138.31 billion. Walmart raised its outlook for the year.A customer wearing a protective mask loads lumber onto a cart at a Home Depot store in Pleasanton, California, on Monday, Feb. 22, 2021.David Paul Morris | Bloomberg | Getty ImagesHome Depot on Tuesday morning beat first-quarter earnings and revenue expectations as consumers’ splurging on their homes lingered more than a year into the coronavirus pandemic. Net sales rose nearly 33% to than expected $37.5 billion. Per-share profit was $3.86. Home Depot has not released an outlook for fiscal 2021.A man shops for clothes in Macy’s department store in Herald Square, New York.Trevor Collens | AFP | Getty ImagesShares of Macy’s jumped roughly 6% in Tuesday’s premarket, shortly after the department store chain reported a surprise first-quarter profit, as stimulus checks and the ongoing Covid vaccine rollout gave consumers more money and greater confidence to head back to the mall and refresh their wardrobes. Better than expected Q1 revenue soared 56% to $4.71 billion. Macy’s also hiked its financial outlook for the full year.3. Amazon reportedly in talks to buy MGM Studios for up to $9 billionDaniel Craig stars as James Bond in “No Time To Die.”Source: MGMAmazon, looking to beef up its video library, is in talks to buy the Metro-Goldwyn-Mayer Studios, in a deal worth as much as $9 billion, according to multiple media reports. MGM’s movie and TV treasure trove includes the “James Bond” and “Rocky” franchises as well as “The Handmaid’s Tale” and “Fargo.” These talks, first reported by The Information, surfaced a day after AT&T agreed to merge its WarnerMedia movie and television unit with Discovery.4. Warren Buffett’s Berkshire Hathaway builds new Aon stake, boosts KrogerWarren Buffett at Berkshire Hathaway’s annual meeting in Los Angeles, California. May 1, 2021.Gerard Miller | CNBCWarren Buffett’s Berkshire Hathaway made a number of changes to its stock portfolio last quarter, including adding a new bet on British insurance company Aon and increasing its stake in supermarket owner Kroger, a new regulatory filing showed. Berkshire also added to its relatively new Verizon position and cut its stake in Chevron, another new bet. Apple remained the single largest holding in Berkshire’s stock portfolio.5. Michael Burry of ‘The Big Short’ reveals a bet against TeslaMichael Burry attends the “The Big Short” New York premiere at Ziegfeld Theater on November 23, 2015 in New York City.Jim Spellman | WireImage | Getty ImagesFamed investor Michael Burry on Monday revealed in a regulatory filing a short position against Tesla worth more than half a billion dollars. Burry, whose firm is Scion Asset Management, shot to fame by betting against mortgage securities before the 2008 financial crisis. Burry was depicted in Michael Lewis’ book “The Big Short” and the subsequent Oscar-winning movie of the same name. Tesla shares have had a turbulent 2021, down 18% as of Monday’s close and off nearly 36% from their all-time high of $900 on Jan. 25.— Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.

image 100365595 12891271

image 100365595 14413751



Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

Recent Comments