Here are five things you need to know for Tuesday, June 1:
1. – Rise in futures contracts on equities and advance on commodities
Stock futures indicated a higher start for Wall Street on Tuesday and commodities rose as investors were optimistic about the recovery of the US economy.
Dow Jones Industrial Average contracts gained 169 points, S&P 500 futures were up 17 points, and Nasdaq futures were up 51 points.
Coming out of the three-day Memorial Day weekend, Wall Street was starting a new month near historic highs, benefiting from signs of a strong economic recovery in the United States from the COVID-19 pandemic and a Reserve federal government who provided extraordinary support. .
Traders will later look for key US employment data
in the week to be reassured, the largest economy in the world rebounded.
Stocks ended with gains on Friday and the S&P 500 closed May with its fourth consecutive month of gains as inflation data failed to dampen positive investor sentiment.
The Dow Jones rose 0.9% for the week and 1.9% in May. Since the start of the year, the blue chip index has risen 12.8%. The S&P 500 climbed 1.2% on the week and gained 0.5% in May. The index has risen 11.9% so far this year.
The Nasdaq added 2.1% for the week and slipped 1.5% for the entire month of May. Since the start of the year, the technology index has risen 6.7%.
Oil prices in the United States rose nearly 3% early Tuesday to exceed $ 68 a barrel following a report that OPEC and its allies predicted a tighter outlook for global oil markets. The OPEC + group will meet on Tuesday.
2. – Tuesday schedule: ISM Manufacturing and Zoom Video Earnings
Tuesday’s U.S. economic calendar includes the Markit Manufacturing PMI (final) for May at 9.45 a.m. ET, the ISM Manufacturing Index for May at 10 a.m. and construction spending for April at 10 a.m.
The end of the week will see the release of the US Nonfarm Payrolls report for May.
Zoom Video Communications Expected Earnings Reports Tuesday (ZM) – Get a report, Hewlett Packard Enterprise (HPE) – Get a report, Campbell Soup (CPB) – Get a report and canopy growth (CGC) – Get a report.
Reports are expected later in the week from Splunk (SPLK) – Get a report, Cloudera (CLDR) – Get a report, Ciena (CIEN) – Get a report, Lululemon Athletica (LULU) – Get a report, DocuSign (DOCU) – Get a report, CrowdStrike (CRWD) – Get a report and Slack (JOB) – Get a report.
3. – Cloudera to enter into a private agreement with KKR and CD&R
Cloudera software company (CLDR) – Get a report is close to a deal that will be private by private equity firms KKR & Co. (KKR) – Get a report and Clayton Dubilier & Rice, The Wall Street Journal reported, citing people familiar with the matter.
A deal for the data cloud company could be finalized by Tuesday, people told the Journal. The exact terms could not be learned, but Cloudera has a market value of almost $ 4 billion.
Bloomberg reported that Cloudera could be repurchased at $ 16 a share, a premium of about 24% over its Friday closing price of $ 12.86.
Cloudera shares jumped 18.82% to $ 15.28 in pre-market on Tuesday.
Cloudera’s main shareholder is activist investor Carl Icahn, who owns a stake of around 18%. The company has been exploring a potential sale since mid-2020 after receiving interest in a takeover, according to Bloomberg.
4.- Tesla’s Elon Musk Blames Supply Chain Disruptions For Higher Prices
You’re here (TSLA) – Get a report CEO Elon Musk blamed supply chain disruptions in the global auto industry on rising prices for the company’s electric vehicles.
Musk, in response to a tweet, said, “Prices are rising due to the strong pricing pressure in the industry-wide supply chain. Raw materials in particular.”
Tesla last month raised the prices of its Model 3 and Model Y cars.
A global chip shortage has hammered Tesla and the rest of the auto industry. A recent Financial Times report said Tesla was on the hunt for its own stash of semiconductor chips.
The Financial Times reported that Tesla was exploring various options for securing the chips essential to running its cars, including prepaying for supplies and even potentially buying its own factory.
5. – J&J asks the Supreme Court to review the verdict of 2 billion dollars on talc
Johnson & johnson (JNJ) – Get a report is calling for the Supreme Court to review a $ 2 billion verdict in favor of women who claim to have developed ovarian cancer while using the company’s talc products, the Associated Press reported.
The court could say as early as Tuesday whether it will take up the case, according to the AP.
J&J argued he was not fairly shaken up in a lawsuit in Missouri state court that resulted in an initial verdict of $ 4.7 billion in favor of 22
women who have used talcum products and developed ovarian cancer.
A state appeals court then cut the price by more than half.
About a year ago, J&J announced that it would sell talc-based baby powder in the United States and Canada.