Stocks set to slip off record highs
Government can do ‘very little’ to regulate stock trading: Former SEC chairman
Former SEC Chairman Harvey Pitt discusses the GameStop stock frenzy, regulating retail investing and Tesla investing in bitcoin.
U.S. stock futures were pointing to a lower open Tuesday with the major averages set to pull back from record highs.
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Dow Jones Industrial Average futures were lower by 58 points, or 0.19%, while S&P 500 futures and Nasdaq futures were weaker by 0.13% and 0.11%, respectively.
All three of the major averages finished Monday at all-time highs as investors weighed the likelihood President Biden’s $1.9 trillion COVID-19 aid package will be approved by Congress.
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In stocks, Tesla Inc. shares were fractionally lower ahead of the opening bell a day after the electric-car maker said it had purchased $1.5 billion of bitcoin. Shares finished Monday 2.22% below their record high peak of $883.09 set in January.
In deals, Electronic Arts Inc. agreed to buy mobile-game developer Glu Mobile Inc. for $2.4 billion, or $12.50 per share. The price represents a 36% premium to where shares settled on Friday.
In earnings, makeup manufacturer Coty Inc. said its quarterly net loss widened to $275.4 million from $21.1 million a year ago as demand for beauty products remained tepid while people were riding out the COVID-19 pandemic from home.
Cannabis producer Canopy Growth Corp. reported its quarterly net loss grew nearly tenfold from a year ago due to impairment and restructuring charges, some of which were tied to the closing of production facilities.
Cisco Systems Inc., Lyft Inc. and Twitter Inc. are all set to release their quarterly results after Tuesday’s closing bell.
In commodities, West Texas Intermediate crude oil slipped 7 cents to $57.90 per barrel and gold climbed $10 to $1,844.20 an ounce.
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A mixed session in Europe saw Germany’s DAX 30 trading down 0.41% while France’s CAC 40 and Britain’s FTSE 100 were little changed.
Asian markets were higher across the board with China’s Shanghai Composite index surging 2.01% to its highest level in 13 years. Elsewhere in the region, Hong Kong’s Hang Seng index added 0.53% and Japan’s Nikkei 225 edged up 0.4%.
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