U.S. futures were down across the board Tuesday morning, putting a roadblock in the rally made in the Monday session. Nasdaq, S&P 500 and Dow Jones Industrial Average futures were all falling premarket.
World markets were mixed Tuesday, with the Hang Seng and Nikkei indices in Asia both rising more than 1.1% while the Shanghai Composite fell 0.3%. In Europe, the FTSE 100 was the lone index in the green, up 0.4%, while the Dax and CAC 40 were down 0.2% and 0.1%, respectively, with about three hours left in trading.
The turnaround was caused in part by falling commodity prices as crude oil took a dip Tuesday. Industry-standard Brent crude futures for July delivery were down $0.16 to $48.81 per barrel while West Texas crude futures were even at $47.72.
Market observers are anticipating the release of several economic indicators Tuesday morning, including the latest Consumer Price and Housing Starts numbers, as well as the Industrial Production stats, due out at 9:15 a.m. ET.
Soros Fund Management, an asset management company founded by George Soros, doubled its bet against the S&P 500, saying that it owned a put option of 2.1 million shares on the SPDR S&P 500 ETF (SPY), up from the fund's previous put option of one million shares.
Home Depot (HD) could get a boost in trading today after the retailer reported strong quarterly results and upped its full-year outlook. The home improvement company reported first-quarter net income of $1.8 billion, or $1.44 per share, on revenue of $22.76 billion. Those totals were ahead of analysts' estimates for $1.36 and $22.39 billion, respectively. Additionally, the company upped its full-year EPS expectations to $6.27 vs. Wall Street consensus forecasts for $6.23.
Vodafone Group (VOD) shares were up 2.2% premarket after the company raised its earnings forecast for the next three years. The company said that it expects EBITDA to rise by mid-to-high single digits, compared to its previous view of growth in the mid-single digits. Service revenue is also expected to increase by an average percentage of low-to-mid single digits over the next three years.
Shares of LendingClub (LC) were down 11% premarket after the company received a Justice Department subpoena following the resignation of its founder and CEO last week. Former CEO Renaud Laplanche was forced out after it was revealed the company failed to report loan-sale errors.
Globalstar (GSAT) was up 4% Tuesday, continuing to climb from Monday's session after announcing that it expects the FCC to approve its proposed terrestrial low-power service (TLPS). The company originally unveiled its TLPS plans three years ago and the stock has increased by six-fold since then. The TLPS will convert one of Globalstar's pieces of satellite spectrum into a private Wi-Fi channel for which the company can charge for access.