Coinbase, Marathon Digital, Lucid: What to Watch When the Stock Market Opens Today

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 james.willhite@wsj.com


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