Futures are wobbling after technology shares lifted the Nasdaq and the S&P 500 to record closes. Here’s what we’re watching ahead of the opening bell on Tuesday.

  • Futures tied to the S&P 500 index was flat. Nasdaq-100 futures weakened 0.2%, suggesting that large technology stocks may edge down at the opening bell. Read our full market wrap here.
  • Bitcoin is up about 3% from its 5 p.m. ET level on Monday to $35,854, according to Coindesk.
  • U.S. home prices continued their gains in April. Nationwide house prices were up 14.6% on the year, according to the S&P CoreLogic Case-Shiller Home Price Indexes, more than the previous month’s 13.2% rise. The 20-city index beat expectations, rising 14.9% versus 13.3% last time.
What’s Coming Up
  • The Conference Board Consumer Confidence Index for June, due at 10 a.m., is expected to register an increase.
  • AeroVironment and Avid Bioservices are both due to report full-year results after the market close.
Market Movers to Watch
  • Cruise operator Carnival edged up 0.2% ahead of the market open on Tuesday after a 7% drop Monday. The company said Monday it is planning to raise up to $500 million through U.S. stock sales to fund a buyback of its underperforming U.K.-listed shares. Carnival’s U.K. stock has underperformed its U.S. counterpart by about 20% since the start of December and trades at a lower price-to-book value, according to FactSet.
  • In memeland, teeny tiny Marin Software is up 23% premarket after a 97% rise Monday. The advertising technology company, which is worth about $40 million after Monday’s jump doesn’t seem to have said anything of great interest since an announcement in the middle of last week that it could support Instacart Ads.
  • SoFi Technologies is up nearly 5%, also on no apparent news but a bit of popularity on the socials.
  • But everyone must be bored of the old memestonks as none of them appear to be doing much. GameStop is up a pointless 1.3% premarket after a yawn-inducing 1.8% rise Monday. AMC Entertainment and Clover Health Investments are also just Dullsville right now. 
  • Morgan Stanley shares are up 3.4% premarket and Goldman Sachs is up 1.3% after both banks said late Monday they would return capital to shareholders. Five of the six biggest U.S. banks said they would boost payouts after getting a clean bill of health in stress tests. Morgan led the way doubling its quarterly dividend and pledging to buy back $12 billion of stock.
Morgan Stanley headquarters in New York, April 9, 2020.

Morgan Stanley headquarters in New York, April 9, 2020.

Photo: Jeenah Moon/Bloomberg News

  • Shares of both S&P Global and IHS Markit were off the day after U.K. competition authorities disclosed a probe into their proposed deal. S&P Global was down 1.4% and IHS down 1.8% ahead of the open.
  • JPMorgan Chase & Co. is buying an ESG thing: It will pay an undisclosed sum for Andreessen Horowitz and Y Combinator-backed OpenInvest, a technology company that helps investors customize and report on values-based investments. JPMorgan stock is up 0.5%.
  • LiveXLive Media fell 0.4% premarket. The music streaming company reported a quarterly loss, but also lifted its guidance and said it had record revenue.
  • Herman Miller shares slipped 3.4% ahead of the bell. The furniture company’s quarterly earnings were better than expected, though its forward earnings-per-share guidance was below forecasts.
Market Facts
  • China equity funds experienced their largest outflow last week since the first week of the year, according to EPFR, after weaker-than-expected consumption and business investment data and a Covid-19 outbreak in a key export hub.
  • The market values of tech giants Apple, Amazon, Facebook and Google-parent Alphabet now total over $6.6 trillion—or about 17% of the S&P 500.
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