Tesla fell 1.4 per cent ahead of its report. Its stock has been shaky recently, including a tumble after an update on its highly anticipated robotaxi included fewer details than investors were hoping for.
Boeing is reporting its latest results on Wednesday. It rose 3.2 per cent after reaching an agreement with the union representing its striking machinists on a contract proposal. The union’s members could vote Wednesday on the deal, which could end a costly walkout that has crippled production of airplanes for more than a month.
Spirit Airlines soared 52.2 per cent after the carrier was able to extend a credit-card processing agreement. Coming into the day, the airline’s stock had lost 91 per cent in the year so far following the cancellation of its planned merger with JetBlue.
Trump Media & Technology Group rose 4 per cent to top $US30, continuing its strong run since it briefly dipped below $US12 last month. The company behind former President Donald Trump’s Truth Social platform is still losing money, but its stock often moves more with his perceived chances of reelection than anything else.
In the bond market, the yield on the 10-year Treasury rose to 4.17 per cent from 4.08 per cent late Friday.
This upcoming week doesn’t include many top-tier economic reports to move Treasury yields. A preliminary update will arrive on Thursday about US business activity. The Bank of Canada will also announce its latest decision on interest rates Wednesday, where it could cut by half a percentage point.
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In stock markets abroad, indexes were mixed in China after its central bank cut a couple lending rates. Lower rates can help reduce pressure on borrowers, particularly the property developers that have suffered following a crackdown on excessive borrowing several years ago. But any impact on market sentiment appeared to be short-lived.
Stocks rose 0.2 per cent in Shanghai but fell 1.6 per cent in Hong Kong. Chinese stocks have been zooming higher and lower in recent weeks. A slowdown for the world’s second-largest economy has raised expectations for big stimulus from the Chinese government and central bank, though doubts are still prevalent about how much effect they will have.
AP
