Stock market live updates: Futures flat after big Monday rally, Home Depot falls, Walmart rises

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Shares of Moderna were down 6% in premarket trading after the biotecth company announced that it was raising $1.3 billion with a secondary stock offering. The offering, which is being run by Morgan Stanley, was priced at $76 per share, 5% below where shares closed on Monday. The stock spiked nearly 20% on Monday following news that Moderna’s coronavirus vaccine candidate was showing positive results in early trials. —Pound

Shares of Kohl’s rose 1% in premarket trading, bouncing back from earlier losses, after reporting results for its fiscal first quarter. The company reported an adjusted loss of $3.20 cents per share and $2.16 billion in revenue, both missing Wall Street estimates, as net sales dropped by more than 40%. The retailer said it ended the quarter with $2 billion in cash and another $500 million in a credit revolver. The stock rallied 7.3% on Monday. —Pound

The West Texas Intermediate contract for June delivery jumped on the contract’s final day of trading, gaining 91 cents, or 2.86%, to trade at $32.73 per barrel. Tuesday’s move builds on recent strength, which has seen oil post three straight weeks of gains. On Monday WTI surged 8.12% to settle at $31.82, the highest level in more than two months. Steep production cuts as well as an increase in demand as states reopen economies are fueling the rally, although prices are still well below the more than $60 oil fetched at the beginning of the year. International benchmark Brent crude traded 20 cents higher at $35.01 on Tuesday, while the WTI contract for July deliver rose 24 cents to $31.87. –Stevens

The U.S. Treasury Secretary and the Chairman of the Federal Reserve will appear via video-conference before the Senate Banking Committee on Tuesday at 10 a.m. ET to answer questions on how they are appropriating $500 billion in crisis lending programs. Congress earlier this year made those funds available through its $2 trillion economic relief package known as the CARES Act. The Treasury received $46 billion to direct assistance to airlines and other bruised industries with another $450 billion earmarked to cover losses in the Fed’s lending program. Senators will likely grill Treasury Secretary Steven Mnuchin on how much risk the department is willing to accept on its investment in the Fed’s lending apparatus and the implications of losing a significant portion of those funds allocated by Congress. Fed chief Jerome Powell, meanwhile, could face questions about when the Fed’s lending facilities will be functional and whether lawmakers need to provide additional funding to mitigate the fallout from the current economic downturn. In prepared remarks that Powell will deliver to lawmakers, Powell says the Fed is “committed to using our full range of tools to support the economy in this challenging time even as we recognize that these actions are only a part of a broader public-sector response.” — Franck

Shares of Walmart gained 3.8% in premarket trading after the retailer reported its first-quarter earnings, showing increases in same-store sales and e-commerce. The company’s online orders in the U.S. rose 74% compared with the same quarter last year. Walmart reported $1.18 in adjusted earnings per share on $134.6 billion in revenue. Analysts expected $1.12 in earnings per share on $132.8 billion in revenue, according to Refinitiv. —Pound

Shares of Home Depot fell about 2% during Tuesday’s premarket trading after the company missed earnings expectations in the first quarter thanks to higher coronavirus-related costs. For the quarter the company earned $2.08 per share, which was below the $2.27 analysts had been expecting. Same-store sales jumped 6.4%, beating consensus estimates of a 4.4% rise. Revenue came in at $28.26 billion, which was also higher than the expected $27.54 billion. The company said that coronavirus-related expenses – such as increasing paid time off for hourly employees – totaled $640 million, or 60 cents per share. —Stevens

JPMorgan Chase CEO Jamie Dimon said in a memo that the economic crisis sparked by the coronavirus should be used to make for a more inclusive economy. “It is my fervent hope that we use this crisis as a catalyst to rebuild an economy that creates and sustains opportunity for dramatically more people, especially those who have been left behind for too long,” Dimon said. “The last few months have laid bare the reality that, even before the pandemic hit, far too many people were living on the edge.” Dimon’s memo comes ahead of the bank’s annual shareholder’s meeting. —Imbert, Son

U.S. stock futures pointed to a pause on Tuesday following sharp gains during Monday’s session. Dow Jones Industrial Average futures traded just 11 points higher, or 0.04%. Dow futures were initially dragged down by a 2.1% drop in Home Depot shares during premarket trading. However, those losses were offset by a 4% gain in Walmart shares. S&P 500 futures dipped 0.1% while Nasdaq 100 futures gained 0.2%. On Monday, the Dow and S&P 500 logged in their best day since early April, with the Dow rallying more than 900 points. The S&P 500 gained 3.2%. —Imbert

—With reporting from Hugh Son and Tom Franck. 

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