U.S. stock futures pause at records as Musk says he’ll sell big Tesla stake

Market Trading EssentialsNovember 8, 2021

1 minute read

U.S. stock futures paused at record high levels on Monday, as the chief executive of the S&P 500’s fifth-largest company indicated he would sell a tenth of the company.

What’s happening

Futures on the Dow Jones Industrial Average YM00, +0.21% rose 46 points, or 0.1%, 36261
Futures on the S&P 500 ES00, +0.07% were steady at 4690
Futures on the Nasdaq 100 NQ00, -0.02% edged 0.1%, or 15 points, lower to 16337

Last week, the Dow DJIA, +0.56%, the S&P 500 SPX, +0.37% and the Nasdaq Composite COMP, +0.20% each ended at record highs. The S&P 500 has climbed for six of the last seven weeks and 16 of the last 18 trading sessions.

What’s driving markets

Elon Musk’s Twitter poll that he should sell a 10% stake in Tesla TSLA, -0.64% sent the electric vehicle automaker’s stock down 5% in early premarket action.

Musk, in a tweet, said he was prepared to accept either outcome. Musk has repeatedly questioned the value of Tesla, and his brother Kimbal sold 88,500 shares on Friday, according to a Securities and Exchange Commission filing.

Besides Musk, traders will look at the decision by the House of Representatives to approve an infrastructure package, though a larger spending bill still remains in doubt.

Japanese investment group SoftBank 9984, -0.77% reported a record loss due to its Chinese holdings as it disclosed it no longer had positions in companies including Amazon AMZN, +1.21%, Taiwan Semiconductor TSM, +0.01% and PayPal PYPL, -1.07%. PayPal is set to report its third-quarter results after the close of trade.

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Market Trading EssentialsNovember 8, 2021

1 minute read