Stock futures pointed to a weaker start for Wall Street on Monday as investors looked ahead to U.S. inflation data this week and the start of second-quarter earnings season.
These stocks were poised to make moves Monday:
American depositary receipts of
Alibaba
(BABA) were falling 1.2% in premarket trading. The U.S.-listed shares of the Chinese e-commerce giant jumped 8% on Friday after China’s financial regulators levied a fine of nearly $1 billion on Alibaba affiliate Ant Group. The move signals that regulatory pressures on Ant Group and the larger Chinese tech sector could finally be drawing to a close. Ant Group, meanwhile, said it would buy back up to $6 billion in stock.
Meta Platforms
(META) dipped 0.4% as Threads, the company’s microblogging app and Twitter rival, has surpassed 100 million users since its launch on Wednesday.
Icahn Enterprises
(IEP) was rising 4.6% after The Wall Street Journal reported that Carl Icahn, the activist investor, and major banks finalized amended loan agreements that untie his personal loans from the trading price of the company’s shares, a key risk that was raised by short-seller Hindenburg Research.
Earnings reports are expected Monday from
Helen of Troy
(HELE), which sells products such as Revlon cosmetics and Pur water filters,
WD-40
(WDFC), the maintenance and cleaning products company, and membership-based retailer
PriceSmart
(PSMT).
Earnings season kicks into high gear later in the week with reports from
PepsiCo
(PEP) and
Delta Air Lines
(DAL) on Thursday, and
JPMorgan Chase
(JPM),
Wells Fargo
(WFC),
Citigroup
(C),
UnitedHealth
(UNH), and
BlackRock
(BLK) on Friday.
Write to Joe Woelfel at [email protected]
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