Stock futures traded flat Monday with time running out on the White House and House Republicans to reach an agreement to raise the U.S. debt ceiling.
These stocks were poised to make moves Monday:
(MU) declined 5.7% in premarket trading after Beijing banned companies involved in China’s critical information systems from buying chips from the U.S. chip maker, saying they posed a major national-security risk. China’s investigation into Micron was seen as retaliation for the U.S. reducing China’s access to key technology.
(META) was down 0.6% after The Wall Street Journal reported the parent of Facebook was fined $1.3 billion by privacy regulators in the European Union for sending user information to the U.S. The fine is a record for the bloc, according to the Journal. The ruling is expected to be announced later Monday.
(F) will be hosting investor days on Monday. The auto maker hosts its 2023 “Capital Markets Day” in Dearborn, Mich. It’s calling the event “Delivering Ford+,” a strategy around digitizing the car, adding software on both electric and traditional vehicles.
shares slipped 0.2%.
(XOM) recently purchased drilling rights to a sizable chunk of Arkansas land from which it aims to produce lithium, a key component for batteries in electric cars, the Journal reported, citing people familiar with the matter.
(FL) declined 1% in premarket trading. The stock sank more than 27% on Friday after the footwear retailer slashed its earnings and sales guidance for the fiscal year. Williams Trading downgraded the stock to a Sell from Hold with a price target of $25, down from $38, the Fly reported.
(NKE) also was downgraded to Sell from Hold at Williams Trading. Nike was down 0.8% after tumbling 3.5% on Friday.
Zoom Video Communications
(NDSN), are scheduled to report earnings after stock markets close Monday.
Full Truck Alliance
(YMM), the China-based digital freight company, is expected to report before Wall Street begins trading.