U.S. stock futures are little changed after three consecutive winning sessions for indexes; copper futures soar on a report that U.S. import tariffs on the metal could come sooner than expected; Dollar Tree (DLTR) shares are rising in premarket trading as the discount retailer moves to sell off its Family Dollar brand; GameStop (GME) stock is soaring on the company's plans to add bitcoin to its investment strategy; and Tesla (TSLA) shares are dipping after rising for five straight sessions. Here's what investors need to know today.
U.S. stock futures are little changed after indexes rose for a third straight session Tuesday. Nasdaq and S&P 500 futures are essentially flat after gaining 0.5% and 0.2%, respectively, in the prior session. Dow Jones Industrial Average futures also are little changed after moving fractionally higher yesterday. Bitcoin (BTCUSD) is slightly higher to trade at over $88,000. Yields on the 10-year Treasury note and gold and oil futures are rising.
Copper futures have surged to a record high in New York trading on a report that U.S. import tariffs on the metal are seen coming within several weeks, months earlier than the deadline for a decision. Bloomberg reported that a decision on copper tariffs from the Commerce Department could come earlier than the deadline originally laid out by President Donald Trump. Copper on New York's Comex hit a record $5.374 a pound earlier and recently was trading at around $5.277 per pound.
Shares of Dollar Tree (DLTR) are rising about 3% in premarket trading after the discount retailer announced a deal to sell its Family Dollar brand to a pair of private-equity firms for $1 billion. The move comes after Dollar Tree last March announced plans to close roughly 1,000 underperforming stores, and in June said it was launching a review of whether it should sell or spin off the Family Dollar brand. Dollar Tree shares had lost roughly 47% of their value over the last 12 months entering Wednesday.
GameStop (GME) shares are soaring 16% in premarket trading after the video-game retailer updated its corporate investment policy to include bitcoin. GameStop also reported fiscal fourth-quarter results, which saw revenue fall 28% year-over-year to $1.28 billion. Shares of GameStop had been nearly 20% lower this year entering Wednesday.
Tesla (TSLA) stock is dipping less than 1% in premarket trading after the Magnificent 7 member's shares extended their winning streak to five sessions yesterday following nearly two months of declines. The latest gains come after an all-hands meeting last week in which CEO Elon Musk urged employees to hold their shares, arguing that Wall Street doesn't fully understand the company's value based on its self-driving technology and robotics products. The stock has gained 28% during its winning streak but is still down nearly 40% from its December peak.