Stock futures were edging higher ahead of retail sales figures, and cryptocurrencies broadly declined. Here’s what we’re watching ahead of Tuesday’s opening bell:
- Bitcoin briefly fell below $59,000 on Tuesday morning, tumbling to the lowest level this month, before edging back up to trade just above $60,000. Ether slid for a fifth consecutive day, declining another 5% to around $4,300. It is down more than 12% from its latest record.
- Stocks in the crypto universe were caught in the downdraft. Bitcoin wallet provider Coinbase was down 3.8%, and bitcoin miners Marathon Digital and Riot Blockchain slid 6.1% and 11% respectively.
- Walmart nudged up 0.7% premarket after its earnings beat estimates and it lifted its guidance.
- Home Depot shares added 0.8% after the home-improvement retailer reported profit and same-store sales that beat forecasts.
- Lucid Group shares rose 5.9% premarket after the luxury electric-vehicle maker reported a jump in orders and forecast further increases this year.
- Unity Software shares dropped 3.7% premarket. The company after Monday’s close proposed a $1.5 billion offering of convertible senior notes.
- Royalty Pharma shares jumped 7%. Berkshire Hathaway said Monday it had taken a stake in the company during the third quarter.
- Peloton shares dropped 1% premarket, extending losses since its disappointing earnings report earlier this month.
- Workday shares were up 2.5%. UBS raised its rating on the stock to a buy, and on Monday Morgan Stanley and Oppenheimer lifted their price targets for the stock.
- Advance Auto Parts slipped 1.6% premarket after it reported a decrease in operating income during the third quarter.
- La-Z-Boy and Star Bulk Carriers are due to report after Tuesday’s close.
Chart of the Day
- The tight supply and demand balance in the global oil market could be about to ease, the IEA said in its monthly report.
Write to James Willhite at email@example.com