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Micro-blogging site Twitter Inc jumped 26.3% in premarket
trading after Tesla Inc Chief Executive Officer Elon Musk
reported a 9.2% stake in the company.
Tesla gained 0.8% to lead gains among megacap companies after
the electric-vehicle maker reported record deliveries for the
first quarter.
Meanwhile, shares of Bilibili Inc and Didi Global Inc jumped
10.1% and 7.4%, respectively, after China proposed revising
confidentiality rules involving offshore listings.
Overall, global stocks stalled as investors continued to keep an
eye on the Ukraine conflict and signals from the U.S. Federal
Reserve on its monetary policy tightening plans.
Germany said the West would agree to impose more sanctions on
Russia in the coming days after Ukraine accused Russian forces
of war crimes following civilian deaths near Kyiv.
The yield curve between two-year and 10-year bonds stood
inverted as a strong jobs report for March last week supported
the view that the Fed would aggressively hike rates to tame
soaring inflation. An inverted yield curve is widely seen as a
signal of incoming economic recession. [US/]
After a dull start to the year, Nasdaq has nearly halved its
losses in the last few weeks helped by gains in big growth names
and strong economic data. Nasdaq is now down 11.2% from its
all-time closing high in November.
Megacap stocks Amazon.com, Microsoft Corp, Meta Platforms, Apple
Inc and Google owner-Alphabet Inc rose between 0.3% and 0.4%.
At 07:15 a.m. ET, Dow e-minis were up 2 points, or 0.01%, S&P
500 e-minis were up 6.75 points, or 0.15%, and Nasdaq 100
e-minis were up 52 points, or 0.35%.
A U.S. Commerce Department report, due at 10:00 a.m. ET, is
expected to show that factory orders dropped 0.5% in February,
after rising 1.4% in January.
JPMorgan Chase & Co slipped 0.6% after boss Jamie Dimon warned
that the bank could lose about $1 billion on its Russia
exposure.
Starbucks Corp fell 2.2% after former CEO Howard Schultz
announced the suspension of the company's stock repurchasing
program, as he returns this week to lead the global coffee chain
for the third time.
(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by
Shounak Dasgupta)
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