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Tuesday, June 15, 2021

GameStop, Clover Health, FuelCell Energy: What to Watch When the Stock Market Opens Today

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Here’s what we’re watching as Thursday’s trading gets underway.

  • U.S. stock futures were mixed after a data showed a pickup in the pace of inflation as the economy emerges from the pandemic.
  • Futures for the S&P 500 rose 0.1% and Dow Jones Industrial Average futures added 0.3%. Contracts for the technology-focused Nasdaq-100 slipped 0.3%. Read our full markets wrap here.
  • Bitcoin was trading around $37,600, a 3.4% rise from Wednesday’s level at 5 p.m. ET. The cryptocurrency is still down over 40% from its mid-April high.
What’s Coming Up
  • Earnings are due after the close from

    Chewy

    and

    Beyond Air.

Market Movers to Watch
  • GameStop

    is down 7.5% in premarket trading. The videogame retailer said it is considering a new equity offering, and disclosed that the SEC has requested documents and information for its investigation into the recent trading frenzy. It also reported stronger-than-expected sales in the most recent quarter.

GameStop Corp. reset its leadership team as the videogame retailer looks to leverage its recent popularity with investors.



Photo:

Bing Guan/Bloomberg News

  • FuelCell Energy

    shares dropped 12.6% after it reported a fall in revenue during the recent quarter

  • Clover Health

    rose over 7% earlier in the morning, before retreating to a 4.5% rise. The stock was up 88% for the week at yesterday’s close.

  • AMC Entertainment

    slid 3.7%. The cinema chain fell over 10% on Wednesday.

    BlackBerry,

    another stock frequently discussed on Reddit forums, was down 4.2%.

  • ContextLogic

    shares continued to swing, jumping 3.7% ahead of the bell. On Wednesday they closed down 8.9% in heavy-volume trading, after having been up more than 25% early in the session.

  • Biogen

    slipped 1.3% premarket, pulling back after rallying more than 40% this week after the FDA approved its Alzheimer’s drug, a long-awaited breakthrough.

Market Facts
  • Issuance of green bonds hit a record $270 billion last year and is on pace to exceed that amount in 2021, according to data from the Climate Bonds Initiative.
  • The yield on the benchmark 10-year Treasury note closed below 1.5%, its lowest level in more than three months, dragged down by tepid economic data and high demand from investors both in the U.S. and elsewhere.
Chart of the Day
  • Bankers estimate that initial public offerings could raise some $40 billion in the coming months, the most ever during a summer stretch. 
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