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Etsy, Uber, Moderna, Dogecoin, PayPal: What to Watch When the Market Opens Today

05/06/2021 | 07:19am EDT
Paul J. Davies 

Here's what we're watching ahead of the opening bell on Thursday.

   -- U.S. stock futures wavered as jobless figures showed the economic 
      recovery gained momentum in recent weeks. 
 
   -- Futures for the S&P 500 were flat. Contracts for the Dow Jones Industrial 
      Average edged up 0.1% a day after the blue-chip index closed at a 
      record for the 22nd time this year. Futures for the technology-focused 
      Nasdaq-100 slipped 0.1%. Read our full market wrap here. 
 
   -- A bigger than expected drop in fresh weekly jobless claims Thursday saw 
      the total fall below 500,000 for the first time since early March last 
      year, before Covid-19 lockdowns began. 

What's Coming Up

   -- Another heavy day for corporate earnings will include after-market 
      reports from insurer AIG, travel company Expedia Group, cinema chain AMC 
      Entertainment, Beyond Meat, Wall Street Journal owner News Corp, 
      miniature camera company GoPro, burger joint Shake Shack and post-burger 
      calorie burner Peloton. 

Market Movers to Watch

   -- Etsy tumbled 8.4% ahead of the open after the online marketplace for 
      handicrafts reported a strong first quarter but predicted a slowdown 
      ahead. A pandemic-driven boom in face mask sales is one big factor behind 
      the warning. 
 
   -- Pfizer and Moderna both fell after the U.S. said it would back global 
      calls for drug makers to waive patent protections on Covid-19 vaccines. 
      The hope is that copycat vaccine production would speed the fight against 
      the virus. Pfizer is down 2.3% in premarket trading, while Moderna 
      lurched 8.4% lower even though it reported first quarter net income of 
      $1.2 billion Thursday. 
 
   -- PayPal jumped 3.2% after it made more noise about its moves into 
      cryptocurrency trading alongside good overall first-quarter results. 
 
   -- Meanwhile, traders might be finally getting the joke about the original 
      LOLcoin: Dogecoin is down 10.2% according to Coindesk, although it is 
      still up by, well, a lot. 
 
   -- Cardinal Health plunged 8.4% premarket after the pharmaceutical 
      distributor missed forecasts for its third-quarter earnings. 
 
   -- A big jump in streaming revenue helped ViacomCBS beat forecasts, pushing 
      its stock up more than 2.4% premarket. Sports and kids shows on 
      Paramount+ helped drive revenue there nearly two-thirds higher. 
 
   -- Sunrun is up 5.6% after good results released late Wednesday. The 
      solar-panel maker is still down heavily for the year however because 
      higher interest rates are expected to hurt demand. 
 
   -- Uber is down 4.4% premarket extending a similar decline on Wednesday when 
      it reported a fall in revenue. The company set aside $600 million after 
      being forced by a U.K. court to treat its drivers like employees. Rival 
      Lyft is also down 3.3%. 

Market Fact

   -- The Dow Jones Industrial Average on Wednesday hit its 22nd record close 
      of 2021 -- tying the number of records the blue-chip index set in all of 
      2019, according to Dow Jones Market Data. Its next new high will mark the 
      most in a calendar year since 2017, when there were 71. 
 
   -- Gasoline futures hit a 52-week high on Wednesday, as front month Nymex 
      RBOB gasoline for June delivery gained 0.01 cent per gallon to $2.1513. 

Chart of the Day

   -- After bitcoin's and dogecoin's blistering rallies this year, investors 
      are trying to find more completely made up things to throw their money 
      at. SafeMoon? VeChain? No, me neither. 

Must Reads Since You Went to Bed

   -- Ant Looks to Revamp a Controversial Business Without Sparking an Outcry 
 
   -- Investors Bet on Dollar's Slow Downward Drift 
 
   -- Dogecoin's 12,000% Rally Spurs Hunt for Next Crypto Winner 
 
   -- Bud Brewer Taps U.S. Chief as New CEO 
 
   -- How Adobe's Ethics Committee Helps Manage AI Bias 
 
   -- Uber's Speed Could Limit Lyft 
 

(END) Dow Jones Newswires

05-06-21 0919ET

Stocks mentioned in the article
ChangeLast1st jan.
ADOBE INC. 1.07% 541.26 Delayed Quote.8.23%
AMC ENTERTAINMENT HOLDINGS, INC. 15.39% 49.4 Delayed Quote.2,230.19%
AMERICAN INTERNATIONAL GROUP INC 0.87% 52.02 Delayed Quote.37.40%
BEYOND MEAT, INC. 1.52% 149.42 Delayed Quote.19.54%
CARDINAL HEALTH, INC. -1.17% 59.31 Delayed Quote.12.04%
DJ INDUSTRIAL 0.04% 34479.6 Delayed Quote.12.61%
ETSY, INC. -0.80% 165.82 Delayed Quote.-6.80%
EXPEDIA GROUP, INC. 0.79% 172.94 Delayed Quote.30.62%
GOPRO, INC. 6.07% 12.59 Delayed Quote.52.05%
LYFT, INC. 0.81% 56.11 Delayed Quote.14.21%
MODERNA, INC. 0.85% 218.85 Delayed Quote.109.49%
NASDAQ 100 0.27% 13998.297914 Delayed Quote.8.61%
NEWS CORPORATION 1.44% 26.84 Delayed Quote.49.36%
PAYPAL HOLDINGS, INC. 0.73% 271.45 Delayed Quote.15.91%
PELOTON INTERACTIVE, INC. 6.64% 113.12 Delayed Quote.-25.44%
PFIZER, INC. -1.30% 40.15 Delayed Quote.9.07%
SHAKE SHACK INC. 2.47% 100.3 Delayed Quote.18.31%
SUNRUN INC. -0.18% 44.96 Delayed Quote.-35.20%
UBER TECHNOLOGIES, INC. 0.93% 50.01 Delayed Quote.-1.94%
VIACOMCBS INC. 2.02% 42.35 Delayed Quote.13.66%
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