The S&P 500 futures fell by 34 points, marking a 0.7% decline. The Nasdaq 100 futures dropped 150 points, reflecting a 0.8% decrease, and the Dow Jones Industrial Average futures were down 209 points, with a 0.5% drop.
The market is waiting for today's tariff announcements, and it seems like major indices will open lower. The S&P 500 has managed to bounce back from early sell-offs this week mainly due to strong performances from big companies. Investors are eager to see if there is more buying interest today.
Treasury yields are stable, with the 10-year yield decreasing by two basis points to 4.16%, while the 2-year yield remains at 3.86%.
Earlier today, the weekly MBA Mortgage Applications Index showed a 1.6% decrease. Other key data for today includes the March ADP Employment Change estimate at 8:15 AM ET, the February Factory Orders report at 10:00 AM ET, and the weekly EIA Crude Oil Inventories at 10:30 AM ET.
Swedish insurer Folksam has divested its $160 million stake in Tesla (TSLA, Financial) due to concerns over the automaker's labor practices, particularly its refusal to allow unionization and sign collective bargaining agreements. Despite attempts to influence Tesla through ownership, Folksam found no possibility of change and thus sold its entire holding, citing a violation of its investment criteria.
Rivian Automotive (RIVN, Financial) reported production of 14,611 vehicles in Q1, surpassing the consensus estimate of 12,380. The electric vehicle maker also delivered 8,640 vehicles, slightly exceeding expectations. Rivian reaffirmed its guidance for 2025 deliveries, projecting between 46,000 to 51,000 vehicles, and announced plans to spin off its micromobility division into a new company called Also Inc.
ConnectM Technology (CNTM, Financial) received a non-binding proposal from its three largest institutional investors to acquire all remaining outstanding shares at $1.60 per share in cash, aiming to transition the company into a privately held entity. The offer values ConnectM at approximately $46.5 million, with the investors having been involved since 2020.
The U.S. Senate is investigating Meta Platforms (META, Financial) for its efforts to enter the Chinese market, requesting documents related to alleged censorship features developed for the Chinese Communist Party. Senators have asked Meta's CEO Mark Zuckerberg to submit records of communications with Chinese officials by April 21.
OpenAI's ChatGPT saw a surge in usage with the introduction of the "Ghibli effect" feature, reaching over 150 million weekly active users. The new feature allows users to generate AI art inspired by Studio Ghibli's animation style, contributing to record app downloads and in-app subscription revenue.
Investment firm Macquarie initiated coverage on Snowflake (SNOW, Financial) with a Neutral rating, highlighting the company's cloud data warehouse opportunities and market expansion. However, concerns were raised about aggressive revenue guidance and macroeconomic pressures on consumption, leading to a balanced view of risks and opportunities.
Target Corporation (TGT, Financial) announced a collaboration with Kate Spade New York, launching a collection of over 300 items including apparel and home accessories. The collection, available from April 12, emphasizes affordability and style, with prices starting at $5.
Bitfarms (BITF, Financial) secured a private debt facility of up to $300 million from Macquarie Group for its Panther Creek data center project. The initial $50 million tranche will fund development costs, with the remaining $250 million contingent on achieving project milestones.
Uber Technologies (UBER, Financial) and WeRide (WRD) partnered with Dubai’s Road and Transport Authority to introduce autonomous vehicles in the city. This collaboration supports Dubai’s Self-Driving Transport Strategy, aiming to make 25% of all journeys autonomous by 2030.
Cytokinetics (CYTK, Financial) saw a premarket increase of ~10% following Edgewise Therapeutics' (EWTX) trial data for EDG-7500, a treatment for hypertrophic cardiomyopathy. Edgewise's stock dropped ~25% due to mixed trial results and a $200 million capital raise.
Ryanair (RYAAY, Financial) became the first European airline to fly 200 million passengers in a year, despite Boeing (BA, Financial) delivery delays. The 9% increase in traffic contributed to a 10% rise in revenue, driven by strong holiday bookings.
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