US Stock Futures Start Quarter Lower

Investing.com — US stock futures traded marginally lower on Monday, starting the final session of the quarter on a downbeat note ahead of a closely-followed speech by Fed Chair Jerome Powell.

Biggest Premarket US Stock Movers

• Stellantis (NYSE:STLA) stock fell 13% after the auto giant slashed its annual forecasts and indicated it would burn through more cash than expected, citing worsening trends in the industry, higher costs to overhaul its U.S. business, and Chinese competition in electric vehicles.

• Ford (NYSE:F) stock fell 3.3% and General Motors (NYSE:GM) stock dropped 3.7%, retreating after Stellantis’ comments about rising Chinese competition.

• Boeing (NYSE:BA) stock fell 0.7% after the International Association of Machinists and Aerospace Workers announced that pay deal talks with the aircraft manufacturer had broken off, with no further negotiation dates scheduled.

• Nio (NYSE:NIO) stock soared 12% after the Chinese electric vehicle manufacturer revealed a new cash injection worth almost $2 billion from existing shareholders.

• CVS Health (NYSE:CVS) stock rose 2.5% following a Wall Street Journal report that Glenview Capital, a major shareholder, was expected to meet with CVS’s leadership to propose solutions for the struggling business.

• AT&T (NYSE:T) stock rose 0.9% after the telecom giant announced the sale of its 70% stake in satellite TV service DirecTV to private equity firm TPG for $7.6 billion.

• Autodesk (NASDAQ:ADSK) stock rose 0.5% after Morgan Stanley upgraded its outlook on the software group to “top pick”, citing accelerating EPS and revenue growth along with a cheap valuation.

• Procter & Gamble (NYSE:PG) stock fell 1% after Barclays downgraded its stance on the consumer goods giant from “overweight” to “equal weight”, citing its significant exposure to slower growth or declining markets, including China.