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Friday, May 27, 2022

Rising technical strength futures; Tesla increases losses

US stock index futures were higher on Monday on the back of major tech stocks as investors waited for more retail earnings and economic data this week to gauge consumer spending.

Wall Street’s three major indices fell 0.3-0.7 percent last week on fears of high inflation and weakening consumer sentiment. By the end of the week, investors began to switch to economically viable sectors, mainly technology.

FAANG shares rose 0.1-0.8 percent premarket, with Meta Platforms Inc. leading the way.

But electric car maker Tesla Inc. fell behind his tech peers, dropping 2.1 percent after chief executive Elon Musk got into an altercation with Bernie Sanders when a US senator demanded that the rich pay their “fair share” in taxes.

Tesla’s plunge follows a sharp 15.4% drop last week after Musk transferred $ 6.9 billion in shares in the electric car maker.

This week the focus will be on the profit and loss statements of several major retailers, including Walmart Inc., Target Corp., Home Depot Inc. and Macy’s Inc. …

October retail sales data will also be released on Tuesday and is expected to show the impact of inflation on consumer spending.

At 6:28 am ET, the Dow e-minis is up 109 points, or 0.3 percent. The S&P 500 e-minis were up 10 points, or 0.21 percent, and the Nasdaq 100 e-minis were up 30.5 points, or 0.19 percent.

Boeing was one of the top performing Dow members before the call, surging 2.6% after Emirates announced an order for two 777 Freighters and as Saudi Arabian Airlines was in talks with an aircraft manufacturer to order wide-body aircraft.

Dollar Tree Inc. added 5.4% after active investor Mantle Ridge LP disclosed a 5.7% stake in the discount retailer.

By Ambar Warrick and Devik Jain

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World Nation News Deskhttps://www.worldnationnews.com
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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