Discovery, AT&T, Tesla, Palantir: What to Watch When the Stock Market Opens Today

Updated May 17, 2021 9:01 am ET

Here’s what we’re watching ahead of Monday’s opening bell.

U.S. stock futures edged down, signaling muted losses for major indexes at the opening bell following a week in which concerns about inflation whipsawed markets.

Futures tied to the S&P 500 ticked down 0.4%. Contracts for the Dow Jones Industrial Average fell 0.4% Monday. Futures on the technology-heavy Nasdaq-100 shed 0.6%. Read our full market wrap here.

What’s Coming Up Earnings are due from

Alignment Healthcare

ALHC 1.62%

after the close.

The National Association of Home Builders housing market index, due at 10 a.m. ET, is expected to hold at 83 in May, unchanged from a month earlier.

Market Movers to Watch Shares of Twinkie maker

Hostess Brands

TWNK -0.57%

gained 0.8% premarket after it reported earnings for the first quarter.

AT&T

T 4.36%

shares rose 2.4% ahead of the bell. The telecom is in talks to combine its sprawling WarnerMedia division with

Discovery,

DISCB 18.54%

according to people familiar with the matter. Discovery’s B shares jumped 15% premarket.

Talks to combine WarnerMedia with Discovery will likely value the AT&T business at well over $50 billion with debt.

Photo:

David Paul Morris/Bloomberg News

Palantir

PLTR -0.64%

shares fell 1.6% premarket.

George Soros

‘s investment firm sold off a nearly 18.5 million share stake in the company, as the billionaire investor opposes its business practices.

Tesla

TSLA -1.98%

shares were down 2% premarket. A tweet from Chief Executive

Elon Musk

said the electric-car maker had not sold any bitcoin, and said it was to “clarify speculation.” The price of bitcoin had dropped earlier after Mr. Musk had replied to another bitcoin-related tweet.

ViacomCBS

VIAC 3.06%

shares rose 2.3% premarket. The company said Friday it will reclaim Les Moonves’s $120 million severance package, resolving a more than two-year dispute with the former chief executive over his termination.

Assertio Holdings

ASRT -13.12%

shares dropped 11% premarket. The pharmaceutical company announced a 1-for-4 reverse stock split.

Market Facts On average, U.S.-listed IPOs this year—not including nontraditional methods like direct listings or special-purpose acquisition companies—were up 2.1% from their IPO prices through Thursday’s close, according to the latest data available from Dealogic. By comparison, the S&P 500 had risen 9.5% this year through Thursday’s close.

The Nasdaq Composite declined 2.3% last week, putting it down for four consecutive weeks in its longest losing streak since the week ended Aug. 23, 2019.

On this day in 1792, the ancestor of the New York Stock Exchange was born as 24 brokers gathered under a tree and signed the Buttonwood Agreement: “We the Subscribers, Brokers for the Purchase and Sale of Public Stock, do hereby solemnly promise and pledge ourselves to each other, that we will not buy or sell from this day for any person whatsoever, any kind of Public Stock at a less rate than one quarter per cent Commission.”

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Bitcoin and other digital currencies have exploded in value during the pandemic, but hurdles to widespread adoption remain. Here are the factors driving the crypto markets’ boom and the challenges ahead.

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