U.S. stocks are set for a higher open on Tuesday, propelled by gains in technology and growth stocks. Tesla Inc rose 0.8% in premarket trading after reporting higher sales of China-made electric vehicles during the month of March. Microsoft Corp, Alphabet Inc and Amazon.com Inc all climbed between 0.5% and 1% in premarket trading. Meanwhile, energy companies Chevron Corp, Exxon Mobil Corp and Occidental Petroleum Corp rose between 0.4% and 1%.
The U.S. Federal Reserve’s interest rate hikes have kept investors on edge, with rising oil prices following the OPEC+ group’s output cuts adding to inflation concerns. U.S. job openings data and factory orders will provide insight into the state of the economy and decide the Fed’s monetary tightening path.
Virgin Orbit Holdings Inc tanked 23.7% in premarket trading after the satellite launch company filed for Chapter 11 bankruptcy on failing to secure long-term funding. AMC Entertainment Holdings Inc shares tumbled 26.8% after the movie theater chain said it agreed to settle litigation and proceed with converting its preferred stock into common shares.
Tesla Inc, headed by CEO Elon Musk, has seen a resurgence in its stock price as demand for its electric vehicles increases. Tesla’s China-made electric vehicles reported higher sales in March, which has made investors increasingly bullish on the stock. Since its first car in 2008, Tesla has gone on to become the world’s most valuable automaker, surpassing both Toyota and Volkswagen in 2020.
Lisa Cook is an American economist who serves as the Federal Reserve Board Governor since November 2020. She was also the interim director of Federal Reserve Bank of Boston from 2018 to 2019. Prior to that, she served as the Chief Economist and senior Program Director in the Economic and Financial Empowerment Department of the Arisha and Policy Solutions Group in the Ford Foundation from 2009 to 2017. Cook has published multiple papers in leading economic periodicals, and appeared on CNN, Bloomberg, and MSNBC. Her research focuses on economic disparities among women, minorities, and immigrants, and the influence of public policies that reduce these gaps.
