Stock futures were lower Tuesday and Treasury yields climbed as the vaccine rollout in the U.S. boosted hopes for an economic recovery and investors awaited details of President Joe Biden‘s spending plans.
Dow Futures Ease From Record Highs, Treasury Yields Push Tech Lower
Here are some of the top movers during premarket trading Tuesday.
1. GameStop GME | Up 4.1%
Shares of GameStop (GME) – Get Report rose in premarket trading Tuesday after the video game retailer appointed a chief growth officer as part of its plan to try to transform the company.
GameStop also announced that former Chewy executives Andrea Wolfe and Tom Peterson will lead brand development and merchandising, respectively.
2. ViacomCBS VIACA | Up 3.3%
Shares of ViacomCBS (VIACA) – Get Report advanced Tuesday after the media giant lost more than half its value last week in a collapse caused by the forced selling by hedge fund Archegos.
Shares of Tesla ((TSLA)) – Get Report dropped early Tuesday after Chief Executive Officer Elon Musk said in a tweet that the near-term cell supply shortage makes it difficult to scale the production of the company’s Semi commercial truck.
4. PayPal PYPL | Up 0.71%
Shares of PayPal (PYPL) – Get Report were slightly higher in premarket trading after the online payments giant said it will offer customers the ability to buy goods and services with cryptocurrencies.
PayPal customers with a digital “wallet” will be able to convert their cryptocurrencies – including bitcoin, litecoin and ether – into fiat currency at the point of purchase, allowing for what it calls a more seamless transaction process.
5. McCormick MKC | Up 1.8%
Shares of McCormick (MKC) – Get Report traded higher after the spice and condiment maker posted better-than-expected fiscal first-quarter earnings.
McCormick also raised its full-year guidance as the pandemic continues to see more consumers cooking at home. The company expects to grow sales by 8% to 10%, above its prior projection for 7% to 9% growth.