| What to watch today: June begins with muted trading on Wall Street | | |  | WED, JUN 02, 2021 | | | | AS OF WED, JUN 02, 2021 • 08:16 ET | | Dow Jones Fut | | 34,575.31 | | Current: | 34,586.00 | | Change: | 36.00 | | Impl. Open: | 36.69 | | | S&P 500 Fut | | 4,202.04 | | Current: | 4,201.50 | | Change: | 3.00 | | Impl. Open: | 2.16 | | | NASDAQ 100 Fut | | 13,654.59 | | Current: | 13,654.75 | | Change: | 6.00 | | Impl. Open: | 4.16 | | | Russell 2000 Mini | | 2,294.74 | | Current: | 2,295.90 | | Change: | 2.00 | | Impl. Open: | 1.86 | | | U.S. stock futures were relatively flat after the Dow gave up most of a 300-point gain by Tuesday's close. The 30-stock average ended 45 points higher. The first day of June also started out muted for the S&P 500 and Nasdaq as optimism about the economic reopening met lingering angst about inflation. (CNBC) | | | | On today's economic calendar, the Fed is set to release its Beige Book this afternoon. The latest region-by-region assessment of the U.S. economy is out at 2 p.m. ET. Meanwhile, high prices and low supply are taking some of the heat out of the housing market. Even with rates falling slightly, the Mortgage Bankers Association said today that home loan application volume fell 4% last week. (CNBC) | | Dogecoin jumped another 28% to 42 cents per unit Wednesday after Coinbase began offering its Pro users the option to trade the cryptocurrency, which started as a joke but has exploded higher this year. Helped by frequent tweets from Musk and other influencers, dogecoin went from trading at just fractions of a penny in January. (CNBC) | | | | Online crafts marketplace Etsy (ETSY) announced a deal to buy fashion resale company Depop for nearly $1.63 billion. London-based Depop will continue to operate as a separate marketplace after the deal is completed. Etsy rose 1% in the premarket. | | | | Zoom Video (ZM) came in 33 cents a share ahead of estimates, with quarterly earnings of $1.33 per share. The video communications platform company's revenue beat analysts' forecasts as well, and the company gave upbeat guidance even as more people return to offices. Zoom shares gained 2.4% in the premarket. | | | | Lands' End (LE) reported an unexpected profit of 8 cents per share, compared to a consensus forecast for a 29 cents per share quarterly loss. Revenue also exceeded estimates, helped by a jump in digital sales. Lands' End surged 6.6% in premarket trading. | | | | Ambarella (AMBA) beat estimates by 6 cents a share, with quarterly profit of 23 cents per share. The maker of video chips and components also saw its revenue beat Street projections, boosted by strong growth in the company's automotive business. It also gave an upbeat outlook. Ambarella rallied 4.9% in the premarket. | | | | Advance Auto Parts (AAP) earned $3.34 per share for its latest quarter, beating the consensus estimate of $3.08 a share. Revenue came in above estimates as well. Comparable-store sales increased 24.7%, slightly better than the 23% consensus estimate. Advance Auto noted sales strength from both do-it-yourself and professional customers. | | | | Hewlett Packard Enterprise (HPE) reported a quarterly profit of 46 cents per share, beating estimates by 4 cents a share. Revenue also topped Wall Street forecasts. The enterprise computing company posted its first year-over-year revenue growth since 2018, however it also reported a sequential decline in hardware profit margins. Its shares fell 1.8% in premarket trading. | | | | Taiwan Semiconductor (TSM) has begun construction at a new chip plant in Arizona, according to Chief Executive Officer C.C. Wei. He said the planned factory remains on track to begin chip production in 2024. | | | | Scotts Miracle-Gro (SMG) raised its full-year financial outlook, as it expects the pandemic-related boost in sales of lawn and garden products to continue even as the pandemic recedes. Scotts now expects full-year sales growth of 17% to 19%, compared to a prior estimate of 8% to 12%. Scotts shares added 1% in premarket action. | | |
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