Stock futures tilt lower
Futures markets suggest U.S. stocks will open lower on Tuesday, following a strong session across global stock markets on Monday.
By 5:20 a.m. ET, the blue-chip Dow futures were indicated 101.5 points, or 0.32% to 31,407.5. The S&P 500 futures rose 18.5 points, or 0.47% to 3,880.25 while the tech-heavy Nasdaq 100 futures 73.25 points, or 0.55% to 13,206.5.
Global stock markets surged higher during the previous session, buoyed by stability in bond markets, progress on President Biden’s stimulus package, and positive coronavirus vaccine news.
Today’s focus will be on retail earnings, with reports from Target (NYSE: TGT), Kohl’s (NYSE: KSS), Ross Stores (NASDAQ: ROST), Autozone (NYSE: AZO), and Nordstrom (NYSE: JWN) all due.
Apple jumps after reopening all its U.S. stores
Shares of Apple (NYSE: AAPL) finished Monday’s regular trading session with a gain of 5.39% to $127.79 after the iPhone maker reopened all its 270 retail stores in the U.S., for the first time since the coronavirus pandemic began in March last year. The company reopened its last closed U.S. store in Texas on Monday.
The gains also came after Warren Buffet’s Berkshire Hathaway revealed it owns a 5.4% stake in Apple. In his annual letter to Berkshire shareholders published last weekend, Buffet praised Apple’s approach to share buybacks and dividends.
Compass files for IPO as housing prices surge amid pandemic
Compass, a New York-based real-estate brokerage has filed paperwork to go public with the U.S. Securities and Exchange Commission (SEC).
The company, which was founded in 2012, disclosed in its filing Monday that revenue rose 56% last year, thanks to a surge in housing prices. It listed the value of the offering at $500 million but made clear that is just a placeholder used to calculate the initial filing fee.
Compass operates an integrated software platform that serves real-estate agents in the residential real-estate market. Its last funding round was in July 2019, when it raised a $370 million valuing it at $6.4 billion.
