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General Motors shares rise on new $6 billion buyback
Stocks making the biggest moves before the bell
These are the stocks making the most significant moves before the bell:
Read the full list of stocks here.
— Samantha Subin
Stocks are likely to continue to grind higher, Barclays says
Barclays believes that equities have room to rise if the current market rally broadens.
“The April selloff reset crowded longs, and stocks are on better fundamental footing after 1Q24 earnings, in our view,” the bank wrote in a recent note. “Against this backdrop, we think equities are likely to keep grinding higher.”
Meanwhile, the overweight to technology assets has reached record levels, strategist Venu Krishna added.
— Lisa Kailai Han
Eli Lilly shares after Alzheimer’s drug clears regulatory hurdle
Elon Musk threatens to ban Apple devices from his companies amid OpenAI partnership
Tesla CEO Elon Musk on Monday threatened to ban Apple devices from his companies after the iPhone maker said it struck a deal with OpenAI.
“If Apple integrates OpenAI at the OS level, then Apple devices will be banned at my companies. That is an unacceptable security violation,” Musk said in a post on X.
Apple told CNBC that the company is using its own AI, adding that its integration with OpenAI is an optional feature.
Apple shares were down slightly in the premarket. Tesla’s stock was flat.
— Fred Imbert, Ashley Capoot
S&P 500 still more than 12% above key moving average, BTIG says
The S&P 500 is still more than 12% above its 200-day moving average, and it is a spot the index historically can’t stay above for long, according to BTIG.
This figure calculates the S&P 500’s average close over the past 200 sessions. The broad index trading above that level generally means it is considered to be in an uptrend.
Since it is currently so far above the 200-day average, the S&P 500 could theoretically pull back without breaking below this key level. The S&P 500 rose to a fresh record close on Monday, bringing its year-to-date gain up to 12.4%.
“This isn’t a sell signal by itself, but historically it doesn’t spend much time above this threshold,” chief market technician Jonathan Krinsky told clients. “We remain tactically cautious here, while finding opportunistic single-name ideas.”
— Alex Harring
DXC rises on Reuters report of Apollo and Kyndryl bid
Information technology stock DXC Technology climbed nearly 4% in extended trading after Reuters reported a joint bid from Apollo Global and Kyndryl Holdings.
The businesses have reportedly talked about offering between $22 and $25 per share for DXC, according to Reuters. Apollo shares were little changed after hours, while Kyndryl slipped more than 1%.
— Alex Harring
Stock futures are little changed
Stock futures were near flat shortly after 6 p.m. ET.
Dow futures slipped nearly 0.1%. S&P 500 and Nasdaq 100 futures traded just marginally below their flatlines.
— Alex Harring
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