Wall Street set for more gains
U.S. stock index futures made solid gains on Wednesday morning amid hopes that the global economy might be bouncing back from its worst downturn since the Great Depression as more countries continue to reopen their economies.
By 5:20 a.m. ET, futures tied to the blue-chip Dow indicated a gain of 315 points, or 1.25% to 25,317. S&P 500 futures rose 31.38 points, or 1.05% to 3,025.88 while the tech-heavy Nasdaq 100 futures were up 75.88 points, or 0.81% to 9,482.38.
However, relations between the U.S. and China are still tense after President Trump’s national security adviser Robert O’Brien threatened economic sanctions on Beijing if it imposes new national security laws on Hong Kong.
Amazon said to be in advanced talks to acquire Zoox
Amazon.com Inc (NASDAQ: AMZN) is reportedly in advanced talks to buy self-driving startup Zoox Inc. According to the Wall Street Journal, which reported the news on Tuesday night, the deal would value Zoox at less than the $3.2 billion it attained in a funding round back in 2018.
People familiar with the matter told the Journal that a deal may be weeks away and the talks could still fall apart. The Silicon Valley startup seeks to develop its own software and hardware needed to build electric powered robot taxis.
Tesla announces new price cuts in North America and China
Tesla Inc (NASDAQ: TSLA) has slashed the prices of its electric vehicles in its North American and Chinese markets, a move aimed at boosting demand which has shrunk because of the COVID-19 pandemic.
A report on Electrek says that the automaker will now price the Model S sedans from $79,990, while the Model X SUVs will start at $84,990. Model 3 sedans will now be priced from $37,990 instead of the $39,990. Tesla will also lower prices in China by around 4% for the Model S and Model X.
Tesla shares were little changed in the premarket trading session on Wednesday.
Warner Music kicks off work for Nasdaq IPO
Warner Music Group, the world’s third-largest recording company, announced on Tuesday that it is looking to sell 70 million shares in an initial public offering that would value it at up to $13.3 billion.
The label, which represents artists including Ed Sheeran, Led Zeppelin and Cardi B, set a price range of $23 to $26 per share.
According to paperwork filed with the U.S. Securities and Exchange Commission (SEC), Warner Music intends to list its shares under the ticker symbol “WMG” on the Nasdaq stock market. The company is expected to price the IPO on June 2.
