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Atom Daily Digest 06/08/2021

Email sent: Jun 8, 2021 8:50am
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Atom Finance June 8, 2021

Atom daily digest

Morning Briefing - Action in futures market relatively muted once again

The S&P 500 futures trade seven points, or 0.2%, above fair value as the market continues to hover near all-time highs. The Nasdaq 100 futures outperform and trade 0.5% above fair value, reflecting a preference towards large-cap technology stocks amid some slippage in long-term interest rates. 

Like yesterday, there appears to be a wait-and-see mindset for a breakout to new highs. Investors have been preoccupied with corporate news like the better-than-expected earnings results from Marvell (MRVL 51.05, +2.78, +5.8%), Stitch Fix (SFIX 66.21, +8.27, +14.3%), and Coupa Software (COUP 214.00, -22.73, -9.6%). COUP shares trade lower, though.

Tesla (TSLA 624.52, +19.39, +3.2%) has positively influenced the Nasdaq 100 futures amid news that China deliveries increased 29% in May after slumping in April. On a related note, longtime executive Jerome Guillen has left the company.

On the data front, investors will receive the Trade Balance report for April (Briefing.com consensus -$68.6 billion) at 8:30 a.m. ET and the JOLTS - Job Openings report for April at 10:00 a.m. ET. Earlier, the NFIB Small Business Optimism Index for May decreased to 99.6 from 99.8 in April. 

In the Treasury market, the 10-yr yield is down two basis points to 1.55% while the 2-yr yield trades flat at 0.15%. The U.S. Dollar Index is up 0.1% to 90.06. WTI crude futures are down 0.9% to $68.58/bbl. 

In U.S. Corporate news:

  • Tesla (TSLA 624.52, +19.39): +3.2% amid news that China deliveries increased 29% in May. On a related note, executive Jerome Guillen has left the company. 
  • Marvell (MRVL 51.05, +2.78): +5.8% after beating top and bottom-line estimates and guiding Q2 revenue above consensus. 
  • Stitch Fix (SFIX 66.21, +8.27): +14.3% after beating top and bottom-line estimates and guiding revenue for Q4 and FY21 above consensus. 
  • Coupa Software (COUP 214.00, -22.73): -9.6% despite beating top and bottom-line estimates and issuing upbeat guidance for Q2 and FY22. 
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