Dogecoin, SmileDirectClub, CVS Health, Crane: What to Watch When the Stock Market Opens Today

Here’s what we’re watching ahead of Tuesday’s opening bell.

  • U.S. stock futures ticked down as investors awaited data that will likely show the trade deficit widened to a fresh record in March.
  • Futures tied to the broad S&P 500 index slid 0.1%. The benchmark advanced 0.3% on Monday, despite declines in giant technology stocks. Futures linked to the technology-heavy Nasdaq-100 fell 0.3%. Read our full market wrap here.
What’s Coming Up
  • Earnings are due from KKR and Under Armour before the open;  Hyatt Hotels , T-Mobile US , Caesars Entertainment and Zillow will give updates after the close.
  • U.S. factory orders for March, due at 10 a.m., are expected to rise 1.3% from the prior month.
Market Movers to Watch
  • CVS Health shares jumped 3.4% ahead of the bell after it reported quarterly results and raised its earnings-per-share guidance for 2021.
  • Pfizer was also on the rise premarket, up 1.1% after its own earnings report.
  • Avis Budget shares slipped 1.8% premarket. The car-rental company reported another quarterly loss and sales that dropped 22%.
  • Under Armour shares added 1%. The apparel company agreed to pay $9 million to settle regulatory claims that it failed to disclose that it was pulling forward orders from future quarters.
  • SmileDirectClub dropped 6.3%. The provider of teeth-straightening retainers said a cyberattack last month disrupted the company’s operations and will hurt its sales this quarter.
  • Crane climbed 4% premarket. The industrial company reported first-quarter earnings and sales that were above Wall Street expectations and raised guidance.
  • Williams ticked up 0.9% premarket. The energy infrastructure company swung to a profit in the first quarter as it benefited from record gathering volumes from the Northeast that helped boost its natural gas business.
Market Facts
  • The value of meme cryptocurrency dogecoin rallied about 25% Tuesday to trade as high as 48 cents—a new record high for the digital asset whose creators never intended for it to have any real value. The rally makes all dogecoin in circulation worth more than $60 billion, surpassing the market cap of large companies like Twitter and Dollar General . Tuesday’s price rise accelerates Monday’s gains after trading app eToro added dogecoin for trading.
  • Brent crude prices have risen more than 30% in 2021, and on Tuesday morning ticked up another 2%.
  • On this day in 1979, the first modern leveraged buyout using high-yield junk bonds—a $381 million deal to take Houdaille Industries private—was completed by KKR. Over the next six years, Houdaille produced a 33.9% average annual return for KKR’s institutional investors.
Chart of the Day

U.S. stocks such as Tesla, Apple and GameStop are attracting investors, as negative bank rates prompt risk-averse Germans to shift their savings.

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