Stock futures declined and Treasury yields rose as the belief on Wall Street grows that the Federal Reserve will keep interest rates higher for a longer period. Ford announced a pause in its $3.5 billion electric-vehicle battery plant construction, stating that final investment decisions have not been made yet and they want to ensure competitive operation of the plant. This news follows strikes by the United Auto Workers affecting Ford, General Motors, and Stellantis. Ford shares fell by 0.5% in premarket trading. On the other hand, Fisker saw a 6% rise after announcing that they have built 5,000 Fisker Ocean SUVs and anticipate delivering 300 vehicles per day later this year.
Additionally, recreational-vehicle maker Thor Industries reported its expectations for fiscal 2024, forecasting earnings of $6.25 to $7.25 per share on sales of $10.5 billion to $11 billion. Analysts had previously estimated earnings of $7.12 per share on sales of about $10.9 billion. Thor cited mixed macroeconomic data and cautious dealer sentiment as ongoing challenges in the retail environment. As a result, Thor’s stock fell by 4.6%. Costco Wholesale is set to report its fiscal fourth-quarter earnings, with analysts expecting adjusted earnings of $4.79 per share. Lastly, DraftKings was upgraded to Overweight by J.P. Morgan, leading to a 3.6% increase in the stock’s price.
Cosmetics company Coty launched a global offering of 33 million shares, with the offering being made in the U.S. and Paris. This move aligns with Coty’s efforts to enhance its European presence by considering a second stock listing in Paris. However, Coty shares declined by 4.1% in premarket trading. Overall, the market is experiencing fluctuations due to various factors such as Federal Reserve policies, labor strikes, and earnings reports from major companies in different sectors.