U.S. stock futures paused after all three major indexes closed at record highs, and the Federal Reserve was set to begin its two-day policy meeting against a backdrop of sharpening inflation concerns. Here’s what we’re watching in Tuesday’s session.
- Tesla shares fell 4% premarket after its CEO Elon Musk tweeted that a deal for Hertz to buy Tesla vehicles isn’t signed yet. It also recalled 11,000 vehicles due to a software glitch.
- Simon Property Group shares rose 4% premarket after the commercial real-estate company raised its projections for the year as the company expects shoppers to continue returning to its malls.
- Car-rental company Avis Budget Group said its profit and revenue rose for the third quarter as revenue a day and rental days increased, and demand continued. Shares jumped more than 6% premarket.
- Shares of McKesson gained 3.2% after the company posted adjusted earnings per share above what analysts expected, driven by profits from the company’s government contract for distributing Covid-19 vaccines.
- Pfizer shares rose 3% premarket after the drugmaker posted third-quarter adjusted earnings that topped analysts’ estimates and it raised fiscal 2021 guidance.
- Shares of Estee Lauder declined 2.2% premarket after the skin and hair care, makeup and fragrance company provided a downbeat outlook as inflation, supply chain disruptions and COVID-19 restrictions are expected to continue.
- Shares of Rogers rallied 30% premarket, after the engineered materials company agreed to be acquired by DuPont for about $5.2 billion.
- DuPont’s stock fell 1.9% premarket, as the company also announced third-quarter earnings that beat expectations, cut its full-year outlook and confirmed that it has agreed to acquire Rogers, part of a transformation of the company.
- T-Mobile US, Mondelez International and Lyft will release earnings after markets close
Chart of the Day
- Federal Reserve Chairman Jerome Powell used the bulk of a widely anticipated speech in late August to explain why he was still confident that this year’s inflation surge would prove temporary. His remarks haven’t aged well.
Write to Caitlin Ostroff at email@example.com