Wall Street set to open on cautious note; Elon Musk Twitter stake in focus

Wall Street

Stock futures slightly higher

U.S. stock futures were slightly higher early Monday, implying markets would start the week on a positive note after closing with gains on Friday.

As of 5:55 a.m. ET, the tech-heavy Nasdaq 100 futures rose 49 points, or 0.33% to 14,912.75. Dow futures and S&P 500 futures were little changed.

On Friday, the Dow rallied 139.92 points, or 0.4% following a stellar jobs report that showed the U.S. economy added 431,000 jobs in March. The S&P 500 rose 15.45 points, 0.3% to 4,545.86 while the Nasdaq Composite jumped 40.98 points, or 0.3% to 14,261.5.

Elon Musk buys stake in Twitter; shares surge 24%

Shares of Twitter (NYSE: TWTR) soared in the pre-market trading session Monday after tech-billionaire Elon Musk reported a 9.2% passive stake in the company.

Twitter said in a filing with the U.S. Securities and Exchange Commission that Musk owns 73,468,938 shares of the company worth roughly $2.89 billion based on the closing price of the stock on Friday.

Musk, founder of SpaceX and Tesla (NASDAQ: TSLA), said last month that he was giving “serious thought” to starting his own social media site.

He held a poll on Twitter, asking his more than 80 million followers whether they believe the platform adheres to the principle of free speech.

As of writing, Twitter shares were indicated $9.59, or 24.47% higher to $48.98 apiece.

Tesla delivers more than 300K vehicles in Q1

Tesla on Saturday reported first-quarter deliveries that were higher than a year ago, but below analysts’ expectations.

The electric-vehicle maker delivered 310,048 vehicles during the first-quarter compared to 184,800 deliveries in the same quarter a year ago.

However, the deliveries fell short of Wall Street expectations due to the ongoing global supply-chain disruptions and a temporary shutdown of its Shanghai factory.

On average, analysts were expecting the company to post deliveries of about 317,000 vehicles during the quarter.

Tesla stock were up $11.85, or 1.18% to $1097.44 a share in the pre-market trading session on Monday.