CNBC
U.S. stock index futures were lower this morning, as traders wait for testimony this week from Fed Chairman Jerome Powell. Wall Street closed lower yesterday on the back of negative sentiment in the tech sector, but the focus is on Powell's testimony tomorrow and Thursday. At 8:45 a.m. ET today, Powell gives a speech on bank stress tests. (CNBC)
On today's economic calendar, the latest Job Openings and Labor Turnover Survey, or JOLTS as it's called, is released at 10 a.m. ET. Meanwhile, Levi Strauss (LEVI) is out with earnings after the bell. Shares of PepsiCo (PEP) were slightly up in premarket trading after the company reported better-than-expected earnings and revenue. (CNBC)
IN THE NEWS TODAY
British billionaire Richard Branson's space tourism unit Virgin Galactic plans to go public. The firm will list its shares as part of a deal with Social Capital Hedosophia Holdings, a special-purpose acquisition company created by venture capitalist Chamath Palihapitiya. (CNBC)
U.S. airlines will detail for investors this month how the worldwide grounding of the Boeing (BA) 737 Max, now about to enter its fifth month, is impacting their financial results during the busiest time of the year for the industry. (CNBC)
STOCKS TO WATCH
Cowen expects Netflix's (NFLX) original programming hours in the second quarter to rise more than 52%, saying high viewership for the season 3 of '"Stranger Things" will drive gross adds at the end of Q2 and into the third quarter.
Shares of 3M (MMM) were falling more than 1% in the premarket this morning to around $167, after RBC downgraded the manufacturing company to "sector perform" from "outperform." RBC cuts its per-share price target to $176 from $207.
CONTRIBUTORS
Jessica Bursztynsky
@jbursz
Matthew J. Belvedere
@Matt_Belvedere
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