Dow Jones futures were little changed early Tuesday, along with S&P 500 futures and Nasdaq futures. The coronavirus stock market rally rebounded Monday led by DJIA giants Boeing (BA) and Apple (AAPL). Tesla stock jumped above 1,000 again as CEO Elon Musk hinted Tesla (TSLA) could break even in Q2. After the close, Micron stock, Lululemon stock and Wells Fargo stock moved on news.
Micron Technology (MU) reported better-than-expected earnings, Lululemon Athletica (LULU) bought at-home fitness company Mirror. Wells Fargo (WFC) cut its dividend as other big banks kept their payouts steady following annual stress tests.
Micron stock jumped overnight, while several other memory-chip related plays and chip equipment-maker stock Applied Materials (AMAT) rose as well. Lululemon stock popped, while at-home exercise specialist Peloton (PTON) fell. Wells Fargo stock fell a fraction on the somewhat-expected dividend cut.
Dow Jones Futures Today
Dow Jones futures fell 0.3% vs. fair value. S&P 500 futures dipped 0.1%. Nasdaq 100 futures climbed 0.2%. Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
An official China manufacturing index edged up to 50.9 in June from May’s 50.6, slightly topping views. Readings above 50 signal expansion. But while output has increased, exports and employment signaled contraction.
China’s parliament officially passed the Hong Kong national security bill. Hours earlier, the U.S. began eliminating Hong Kong’s special trade privileges, because the former British colony no longer enjoys sufficient autonomy from Beijing.
Royal Dutch Shell (RDSA) will write down the value of its assets by up to $22 billion, after lowering its long-term oil and gas price forecasts.