Futures point to a muted session
U.S. stock futures were trading flat on Tuesday after the blue-chip Dow Jones Industrial Average finished the previous session points lower, as concerns over the Covid delta variant kept traders on tenterhooks.
A growing list of countries have reimposed lockdowns and other public health restrictions due to the rapid spread of the delta coronavirus variant, raising fears that the highly infectious variant is hurting global measures to contain the pandemic.
As of 5:45 a.m. ET, futures tied to the Dow were indicated 43 points, or 0.13% higher to 34,207. The tech-heavy Nasdaq 100 futures gave away 14.12 points, or 0.10% to 14,498.38 while S&P 500 futures were flat.
Facebook now valued at over $1 trillion following a big legal victory
Facebook (NASDAQ: FB) has topped the $1 trillion market capitalization for the first time after a federal judge quashed an antitrust complaint against the social media giant on Monday.
U.S. District Judge James Boasberg dismissed the complaint, filed by the Federal Trade Commission and a number of states, saying the agency’ did not provide enough facts to prove that Facebook is a monopoly.
“It is almost as if the agency expects the Court to simply nod to the conventional wisdom that Facebook is a monopolist,” Boasberg said.
FTC officials now have 30 days to file an amended version of the complaint.
Facebook stock gained $14.27, or 4.18% to close Monday’s regular trading session at $355.64 a share. The gains lifted Facebook market valuation to more than $1 trillion for the first time in company history.
Boeing rises after United makes order for 200 Boeing 737 Max planes
Shares of Boeing (NYSE: BA) jumped before the opening bell on Tuesday after United Airlines (NASDAQ: UAL) revealed it has ordered for 200 Boeing 737 Max and 70 Airbus A321neo planes.
United says this is the largest jet order made by a U.S. airline in the last decade. The order is intended to replace some older jets and expand United’s fleet to allow for more daily departures.
Boeing 737 Max planes returned to the skies six months ago after close to two years grounded because of a software flaw that was blamed for the deadly crashes of Ethiopian Airlines Flight 302 and Lion Air Flight 610.
As of this writing, Boeing stock was marked $2.54, or 1.06% to $242.50 a share in the premarket trading session.
Crude futures tumble on delta variant fears
On the commodities front, crude futures slid early Tuesday amid worries that outbreaks of the Covid delta variant and reintroduction of travel restrictions could dent fuel demand.
By 5:45 a.m. ET, U.S. West Texas Intermediate crude futures fell 29 cents, or 0.40% to $72.62 a barrel. International Brent crude futures were at 73.97, down 17 cents, or 0.23% a barrel.
Traders will be watching as the Organization of the Petroleum Exporting Countries and its allies, including Russia, conclude a key meeting on Thursday. Meanwhile, the U.S. Energy Information Administration (EIA) is scheduled to publish its oil inventory data on Wednesday.
