Stock futures edged lower in Tuesday’s premarket session as traders returned from the long weekend. Dow Jones, S&P 500 and Nasdaq 100 futures were indicated lower by around 0.2% to 0.3%.
Sellers were in Tesla (TSLA) stock again after Goldman Sachs resumed coverage with a sell rating, according to CNBC. Tesla stock was lower by nearly 2% in early trading.
Nike (NKE) lagged early in the Dow, down nearly 3%. Nike announced Monday that former NFL player Colin Kaepernick would be the face of a new “Just Do It” ad campaign.
Stock Futures: Facebook Downgraded
Shares of FANG stock Facebook (FB) gave back 0.1%, hurt by a MoffettNathanson downgrade to neutral.
But another FANG stock continued to see buying demand. Shares of Amazon.com (AMZN) were up 0.6% to another all-time high after the New York Times reported the company is ready to jump into the $88 billion online ad market. The other two FANG stocks are Google-parent Alphabet (GOOGL) and Netflix (NFLX). Alphabet was down a fraction while Netflix ticked up marginally.
Elsewhere, shares of IBD Leaderboard name Roku (ROKU) were up 1.5% in the early going after Guggenheim initiated coverage with a buy rating and set a price target of 74.
October West Texas Intermediate crude oil futures were up 2% to $71.20 a barrel as Tropical Storm Gordon barreled ahead toward the Gulf Coast. It’s expected to hit landfall tonight as a hurricane.
Wall Street will have plenty of headlines to ponder in a shortened week of trading. On Capitol Hill, confirmation hearings start today of Supreme Court nominee Brett Kavanaugh. The August jobs report is due Friday. Non-farm payrolls are expected to increase 195,000, with the unemployment rate edging lower to 3.8%.
Meanwhile, some high-profile firms will be out with earnings, including top retail stock RH (RH), Workday (WDAY), HealthEquity (HQY), Ollie’s Bargain Outlet (OLLI) and Five Below (FIVE).
Retailer RH, formerly known as Restoration Hardware, reports today after the close as it sets up in a cup-shaped base.
The 10-year Treasury yield added 2 basis points to around 2.88% early Tuesday.
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