U.S. stock futures climbed early Monday, with Nasdaq futures rising 0.7%, S&P 500 futures gaining 0.35%, and Dow futures up 0.3% as of 06:00 am ET, as investors sought to rebound from Friday's losses when the Nasdaq fell 1.4%, the S&P 500 dropped 1%, and the Dow declined 0.8%. The rally came despite escalating tensions in the Middle East, with market focus shifting to a busy week of corporate earnings from heavyweight companies including Tesla, Alphabet, and General Motors. The S&P 500 and Nasdaq recorded their biggest weekly decline in four weeks on Friday.
Retail sentiment for the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 Index, shifted to 'neutral' from 'bearish' over the past 24 hours on Stocktwits, while the Invesco QQQ Trust (QQQ), tracking the Nasdaq 100 Index, remained in 'extremely bullish' territory.
Lockheed Martin Unveils Two New Defense Systems
Lockheed Martin stock rose in premarket trading Monday after the company unveiled two new defense systems designed to strengthen its counter-drone and missile defense capabilities. The company said the new systems provide a more affordable and rapidly deployable solution, with MORFIUS X-Rotor capable of neutralizing swarms of hostile drones and PAC-3 ACE offering a lower-cost interceptor for aerial and missile threats.
Oil Stocks Gain as Brent Crude Holds Above $82
Occidental, Exxon, and Chevron gained in premarket trading as crude prices remained elevated over continued hostilities between the U.S. and Iran. Brent crude futures traded 0.5% lower at $82.5 per barrel at the time of writing, after climbing to its highest level in over a month earlier in the session.
GameStop Converts eBay Investment Into 9.8% Direct Stake
GameStop converted its large eBay investment into direct ownership, giving it a 9.8% stake and voting rights, according to an SEC filing on Friday. GameStop now owns 43.39 million eBay shares, valued at nearly $4.9 billion. Michael Burry said GameStop's current strategy no longer aligns with his original investment thesis of using its cash for disciplined acquisitions while maintaining a strong balance sheet.
AMC Entertainment Holdings is set to post quarterly results later in the day. Other tickers trending on Stocktwits at the time of writing included Xeris Biopharma Holdings Inc, Amentum Holdings Inc., Coca-Cola Co, and WhiteFiber, Inc.
FAQ
What caused U.S. stock futures to rise on Monday?
U.S. stock futures climbed early Monday as investors sought to rebound from Friday's losses, with Nasdaq futures rising 0.7%, S&P 500 futures gaining 0.35%, and Dow futures up 0.3% as of 06:00 am ET. Market focus shifted to upcoming earnings from Tesla, Alphabet, and General Motors, despite escalating Middle East tensions.
Why did Lockheed Martin stock rise in premarket trading?
Lockheed Martin stock rose in premarket trading Monday after the company unveiled two new defense systems: MORFIUS X-Rotor, capable of neutralizing swarms of hostile drones, and PAC-3 ACE, a lower-cost interceptor for aerial and missile threats. The systems are designed to provide more affordable and rapidly deployable solutions.
What is GameStop's stake in eBay after the conversion?
GameStop converted its eBay investment into direct ownership, acquiring a 9.8% stake with voting rights, according to an SEC filing on Friday. GameStop now owns 43.39 million eBay shares valued at nearly $4.9 billion.
