| What to watch today: Stock futures lower ahead of latest inflation data | | |  | WED, MAY 12, 2021 | | | | AS OF WED, MAY 12, 2021 • 07:27 ET | | Dow Jones Fut | | 34,269.16 | | Current: | 34,066.00 | | Change: | -117.00 | | Impl. Open: | -112.16 | | | S&P 500 Fut | | 4,152.10 | | Current: | 4,130.00 | | Change: | -16.25 | | Impl. Open: | -16.10 | | | NASDAQ 100 Fut | | 13,351.27 | | Current: | 13,266.75 | | Change: | -79.25 | | Impl. Open: | -77.52 | | | Russell 2000 Mini | | 2,206.99 | | Current: | 2,179.50 | | Change: | -23.80 | | Impl. Open: | -25.49 | | | The Dow is the only major average still higher for May, by 1.2% after the two-day slide. The S&P 500, meanwhile, went negative for the month following Tuesday's 0.9% decline. The tech-heavy Nasdaq is down 4.1% so far in May. However, the one possibly upbeat note does come from the Nasdaq, which completely erased an early 2.2% drop Tuesday to briefly go positive before ultimately finishing down just 0.1%. | | | | Total mortgage application volume rose 2.1% last week from the previous week, according to the data released today from the Mortgage Bankers Association. The uptick follows a brief decline in mortgage interest rates, prompting some to seek out potential savings. (CNBC) | | | | The earnings calendar is relatively light this morning, with Wendy's (WEN) and Wolverine World Wide (WWW) among the few companies scheduled to report. Jack In The Box (JACK), Sonos (SONO), Bumble (BMBL), Poshmark (POSH) and Vroom (VRM) are among the companies set to report after the closing bell. | | | | Gas shortages across parts of the American southeast and mid-Atlantic regions could become more common if the Colonial Pipeline is not back in business in the coming days. Prices at the pump could also continue to rise. "This is already an earthquake and the magnitude of the earthquake just grows by the day," RBC energy analyst Michael Tran said. (CNBC) | | | Amazon (AMZN) scored a victory in its appeal against the European Commission, the EU's executive arm that had ordered the e-commerce and cloud giant to pay back $303 million in taxes to Luxembourg, home to its European subsidiary. The EU's general court said the commission had not proven that Luxembourg actually had given an illegal tax advantage to Amazon. The European Commission can appeal the general court's ruling up to the EU's highest court.
* Tesla's China sales tumble 27% in April from March (CNBC) | | | | The Department of the Interior gave the green light Tuesday to Vineyard Wind 1, which it described as "the first large-scale, offshore wind project in the United States." The 800 megawatt project, to be located off the coast of Massachusetts, is expected to generate enough power for 400,000 residencies and businesses. (CNBC) | | | | Violence between Israelis and Hamas has intensified in recent days, with the back-and-forth airstrikes representing the most significant outbreak in years. In Gaza, 43 Palestinians have been killed, according to the Health Ministry, while the death toll in Israel stands at six people. Diplomats are attempting to bring about a cease-fire. (Associated Press) | | Electronic Arts (EA) earned an adjusted $1.23 per share for its latest quarter, beating the consensus estimate of $1.05, while the video game maker's revenue also came in above Wall Street forecasts. EA also issued an upbeat annual forecast, expecting the pandemic-related momentum to continue even as Covid-related restrictions ease. | | | | fuboTV (FUBO) reported an adjusted first-quarter loss of 59 cents per share, wider than the 46 cent loss that Wall Street analysts had been expecting. The provider of streaming sports programming did, however, see revenue beat estimates, and it also increased its 2021 outlook. | | | | Vizio (VZIO) earned 2 cents per share for the first quarter, compared to Wall Street's predictions of a 10 cents per share loss for the smart TV maker. Revenue also came in above analyst forecasts in Vizio's first report since going public in March. | | | | QuantumScape (QS) lost 20 cents per share during its first quarter, compared to a consensus forecast of a 7 cents per share loss. The startup battery maker did not report any revenue for the quarter, in line with Wall Street's expectations, although it did say it met a contractual milestone with automaker Volkswagen by delivering battery cells for further testing. | | | | Diageo (DEO) said it expects organic operating growth of at least 14% for fiscal 2021, which ends June 30. The world's largest spirits maker also said it has restarted its share buyback program. | | | | Lordstown Motors (RIDE) will restate its 2020 financial results, following SEC guidance on accounting by special purpose acquisition companies, or SPACs. The electric pickup truck maker went public last October through a merger with blank-check company DiamondPeak Holdings. | | | | Kontoor Brands (KTB) raised earnings guidance, saying it now expects full-year earnings of $3.70 to $3.80 per share compared to the previous guidance of $3.50 to $3.60. The maker of Lee and Wrangler jeans is expecting a bump in sales as vaccinations increase and consumers start spending more. | | |
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