Here are the top news, trends, and analysis that investors need to get their trading day started:
1. Futures flat before tech earnings and after Nasdaq, S&P 500 records
Traders on the floor of the New York Stock Exchange.
US stock futures were unchanged after the Nasdaq hit a record high for the first time since February. The tide of tech revenue continues after the bell on Tuesday, with Google-parent Alphabet and Dow-shares Microsoft. The S&P 500, which has reached many new highs in recent months, also closed with a record high on Monday. The Dow Jones Industrial Average fell slightly but was less than 1% off its record high on April 16.
The Federal Reserve starts its two-day April meeting on Tuesday. The central bank is not expected to take action, but economists expect it to defend its willingness to let inflation run hot even if commodities like corn and copper hit multi-year highs. Both corn and copper have almost doubled in the past 12 months.
2. Tesla beats profits and sales, aided by the sale of Bitcoin
Elon Musk, CEO of Tesla Motors, speaks to the media next to his Model S.
Nora Tam | South China Morning Mail | Getty Images
Tesla shares – up 4.6% in 2021 and more than 400% in the past 12 months – were down 2% in the premarket on Tuesday. Elon Musk’s electric car maker late Monday beat expectations with adjusted earnings per share of 93 cents for the first quarter, driven by regulatory credits and a positive $ 101 million impact on Bitcoin sales. Revenue of $ 10.39 billion for the quarter, also beating estimates, increased 74% from the same period last year. Tesla delivered 184,800 Model 3 and Y vehicles in the first quarter, exceeding expectations and setting a company record.
3. UPS revenue and sales beat strong shipments from online purchases
A United Parcel Service Inc. (UPS) driver is delivering cardboard boxes in New York, United States, on Tuesday, October 13, 2020.
Bloomberg | Bloomberg | Getty Images
Among earnings on the Tuesday before the opening bell, UPS beat estimates with earnings of $ 2.77 per share and revenue of nearly $ 23 billion for the first quarter. The world’s largest parcel delivery company benefited from an increase in online purchases during the Covid pandemic. In premarket trading, stocks rose by almost 4%. The stock rose over 4% in 2021 and 75% over the past 12 months.
4. GameStop raises half a billion dollars in stock sales
A person wearing a protective mask leaves a GameStop Corp. store on Thursday, April 22, 2021. at a mall in San Diego, California.
Bing Guan | Bloomberg | Getty Images
GameStop’s shares rose 9% to nearly $ 185 each on the Tuesday before it entered the market, the morning after the video game retailer completed sales of 3.5 million additional shares and raised $ 551 million to drive digital transformation support. The stock favored by Reddit retailers closed nearly 12% on Monday. It’s up nearly 800% since the start of the year. GameStop shares started below $ 19 each in 2021 and hit an intraday high of $ 483 in late January. Less than a month later, the stock fell to $ 40 before making a comeback to around $ 348 during the day in March. Since then, stocks have balanced out at current levels.
5. CDC Reveals New Guidelines for External Masks; Biden to speak
People wear face masks in Central Park on April 10, 2021 in New York City.
Noam Galai | Getty Images
The CDC is expected to release new guidelines on how to wear external masks for unvaccinated people on Tuesday before President Joe Biden delivers a speech on the state of the pandemic response later that day. Officials said a focus in the coming weeks will be on facilitating guidance for people who have been vaccinated, both given their lower risk and to create an incentive for more people to get shots. The White House announced Monday that it will share around 60 million doses of the AstraZeneca vaccine, made in the US but not yet approved in that country.
– The Associated Press contributed to this report. Follow all market action like a pro on CNBC Pro. With CNBC’s coronavirus coverage, you’ll get the latest information on the pandemic.