Stocks set to open mixed
U.S. stock futures were pointing to a mixed session early Monday after President Joe Biden’s $1.2 trillion infrastructure bill passed the House of Representatives on Friday evening, following months of heated talks and pushback from progressive Democrats.
The legislation, which already cleared the Senate in August, passed the House with a 228-206 vote.
It now heads to the President’s desk to be signed into law, allowing the release of federal money to repair the nation’s roads, airports, bridges, railroads, among other things.
As of 5:50 a.m. ET, futures tied to the blue-chip Dow Jones were indicated 69 points, or 0.19% higher 36,284. The tech-heavy Nasdaq 100 futures gave away 9.25 points, or 0.06% to 16,342 while S&P 500 futures were flat.
Tesla tumbles after Twitter users urge Elon Musk to sell 10% of his shares
Tesla (NASDAQ: TSLA) dropped in the pre-market trading session Monday after voters in a Twitter (NYSE: TWTR) poll urged CEO Elon Musk to offload 10% of his stake in the electric-car maker to pay tax.
Musk, the world’s richest person, said in a Twitter post on Saturday that he would sell a 10th of his Tesla stock if his followers supported the idea.
“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” Musk wrote, adding that “I will abide by the results of this poll, whichever way it goes,”
The poll attracted more than 3.5 million votes, with 58% supporting a sale.
The outspoken Tesla CEO owns just over $250 billion of Tesla shares, and selling 10% would amount to close to $21 billion based on the stock’s closing price on Friday.
As of writing, Tesla stock was down $63.24, or 5.17% to $1,158.85 per share before the opening bell.
Roblox, PayPal, AMC earnings on tap
Roblox (NYSE: RBLX) and PayPal (NASDAQ: PYPL) lead the list of companies scheduled to report quarterly earnings today.
Analysts expect Roblox to report a loss of 14 cents per share on revenue of $636.53 million for the latest quarter. Paypal is forecast to report earnings of $1.07 per share on revenue of $6.23 billion.
Other key earnings to set to be released today include SmileDirectClub (NASDAQ: SDC), Lemonade (NYSE: LMND), AMC Entertainment (NYSE: AMC), and Tencent Music (NYSE: TME).
