Wall Street Sees Cautiously Mixed Open, Inflation Data Eyed

Last Updated: Tuesday, June 8, 2021 9:25 AM | MT Newswires

US stocks were set for a cautiously mixed open Tuesday as traders refrained from making big bets ahead of US inflation data later in the week.

Dow Jones Industrial Average futures were hovering near the flatline, S&P futures increased 7.8 points or 0.2%, and Nasdaq futures rose 74 points or 0.5%.

US stocks started the week in the red after the G7 group of advanced economies agreed to back a global minimum corporate tax of at least 15%, a move that could help governments collect a higher level of taxes from big multinational firms such as Apple (AAPL) and Facebook (FB).

Oil prices fell, with front-month global benchmarks Brent crude down around 0.6% and US West Texas Intermediate crude down around 0.1%, following downbeat data on Chinese oil imports.

At 8:30 am, data showed US trade deficit narrowed to $68.9 billion in April from $75 billion in March, a slightly wider deficit than estimates for a $68.7 billion gap, according to Bloomberg data.

At 10 am, forecasters see job openings based on the Labor Department's JOLTS report to stay above 8 million in April.

In other world markets, Japan's Nikkei closed 0.2% lower, Hong Kong's Hang Seng closed 0.02% lower, and China's Shanghai Composite closed 0.5% lower. Meanwhile, UK's FTSE 100 gained 0.6% and Germany's DAX index increased 0.2% in Europe's early afternoon session.

On the winning side, shares of Stitch Fix (SFIX) were 14% higher pre-bell after the company narrowed its fiscal Q3 loss as revenue increased. Chico's FAS (CHS) shares increased 6.6% after the company reported higher fiscal Q1 sales. Dada Nexus (DADA) shares surged nearly 13% after the company unveiled a $150 million share repurchase program.

On the losing side, Coupa Software (COUP) shares slumped 7.8% after the company posted lower fiscal Q1 adjusted profit despite higher revenue. Rafael Holdings (RFL) shares fell 7.1% after the company filed a registration statement for a secondary offering of common stock.

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