US STOCKS-Futures rise on tech strength; Tesla extends losses

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(For a live blog on the US stock market, click or type LIVE/ in the news window.)

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* Futures up: Dow 0.30%, S&P 0.21%, Nasdaq 0.19%

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Nov 15 (Businesshala) – US stock index futures rose on Monday as key technology stocks rose while investors waited for retail earnings and economic data this week to gauge the health of consumer spending.

The three major Wall Street indexes fell between 0.3% and 0.7% last week on concerns of high inflation and weak consumer sentiment. At the end of the week, investors started investing in financially resilient sectors, mainly technology.

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Market-heavy FAANG stocks rose between 0.1% and 0.8% in premarket trade, with major gains from Meta Platforms Inc.

But electric car maker Tesla Inc. outperformed its tech peers, falling 2.1% after chief Elon Musk’s feud with Bernie Sanders as the US senator demanded the rich pay a “fair share” of taxes.

Tesla’s decline comes after a 15.4% drop last week after Musk unloaded shares of a combined $6.9 billion in the electric-car maker.

The focus this week will be on earnings reports from several major retailers including Walmart Inc., Target Corp., Home Depot Inc. and Macy’s Inc. Their results would kick off a third-quarter earnings season that pushed Wall Street to new highs.

Retail sales figures for October are also due on Tuesday, and are expected to show the impact of inflation on consumer spending.

At 6:28 a.m. ET, the Dow E-minis were up 109 points, or 0.3%. The S&P 500 e-minis were up 10 points, or 0.21%, and the Nasdaq 100 e-minis were up 30.5 points, or 0.19%.

Boeing was among the best-performing Dow members before the bell, rising 2.6% after Emirates announced an order for two 777 freighters and Saudi Arabian Airlines with planners for a wide-body jet order was having a conversation.

Dollar Tree Inc added 5.4% when active investor Mental Ridge LP disclosed a 5.7% stake in the discount retailer. (Reporting by Amber Warik and Devik Jain in Bengaluru; Editing by Maju Samuel)


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