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Tesla's shares rose 2.6% in premarket trade after sales of its
China-made electric vehicles surged 29% in May, data showed.
Major technology stocks were trading slightly lower, as
investors digested the possible impact a global plan to increase
taxes on major multinational firms.
Shares of Clover Health Investments Corp and other "meme stocks"
surged as small-time individual investors piled into some of the
most heavily shorted U.S. stocks.
Social media darlings AMC Entertainment and GameStop also
extended their rally into a third week.
Still, Wall Street appeared to have fallen into a lull at the
end of a strong earnings season, marking a slow start to the
week on Monday.
Investors were now awaiting further cues on policy tapering from
the Federal Reserve after what is expected to be a strong
inflation reading on Thursday.
The U.S. economy is set for a sharp bounceback from a COVID-induced
slump, with recent inflation data indicating as much. But the
labor market- a key factor for the Fed to consider tapering
policy - has stalled in its recovery.
The Fed's monetary policy meeting next week is also expected to
shed more light on its stance.
Private equity firm KKR & Co gained 1.2% after its unit,
Independence Energy LLC, and Contango Oil & Gas Co said they
will merge in an all-stock deal that would create an oil and gas
company with an initial equity market capitalization of about
$4.8 billion.
At 6:29 a.m. ET, U.S. E-minis stocks futures were down 0.24% at
4,215.5 points. Dow E-minis were down 140 points, or 0.4%, while
Nasdaq 100 E-minis were down 8.75 points, or 0.06%.
(Reporting by Ambar Warrick and Shashank Nayar in Bengaluru;
Editing by Maju Samuel)
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