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U.S. stock futures are ticking lower after markets ended last week on a sour note and Treasury yields remained elevated; Boeing (BA) stock is falling in premarket trading after one of its 737-800 planes crashed in South Korea; Tesla (TSLA) shares are moving lower ahead of its deliveries report later this week; November pending home sales are expected to slow from the pace set in the prior month; and bitcoin-related stocks MicroStrategy (MSTR), Coinbase Global (COIN), Riot Platforms (RIOT), and MARA Holdings (MARA) are lower as the cryptocurrency hovers below $94,000. Here’s what investors need to know today.
U.S. stock futures are pointing lower as investors prepare for another holiday-shortened week following a disappointing ending to the prior week. Nasdaq futures are 0.2% lower after the tech-focused index shed 1.5% Friday. Dow Jones Industrial Average and S&P 500 futures are down by a similar amount after posting larger declines to close last week. The dip comes as investors begin to lose faith in a so-called Santa Claus rally. Yields on the 10-year Treasury note are down slightly but continue to hover around 4.6%. Bond trading will end early Tuesday and stock and bond markets will be closed Wednesday for New Year’s Day.
Boeing (BA) stock is down about 3% in premarket trading after one of its 737-800 planes crashed in South Korea, killing 179 of the 181 people on board the Jeju Air flight. The crash comes as the U.S.-based aircraft maker has suffered a string of setbacks this year, including a machinists strike and a door plug detach during an Alaska Airlines flight. The company was still struggling to recover from fatal 737 MAX crashes in 2018 and 2019, and its shares have fallen 30% this year despite showing some recovery in December.
Tesla (TSLA) stock is 2% lower in premarket trading after declining the prior two sessions as investors look ahead to the electric vehicle (EV) maker’s fourth-quarter delivery report later this week. Analysts anticipate that Tesla will post deliveries of 510,000 units, which would represent 10% growth from the prior quarter and 5% year-over-year improvement. Since the Nov. 5 presidential election, Tesla shares have surged more than 70% on expectations that CEO Elon Musk’s ties to President-elect Donald Trump will benefit the automaker. The stock closed Friday at $431.66, down nearly 12% from its all-time high of $488.54 set on Dec. 18.
