Global markets dropped for a second day and US equity futures fell as optimism that a fiscal stimulus deal would quickly pass in Congress fizzled and as investor focused on a rise in coronavirus infections and ever tougher lockdowns threaten to shutdown year-end holidays. A $5 billion “at the market” equity offering announcement by TSLA pushed futures to session lows.
At 7:20 a.m. ET, Dow e-minis were down 148 points, or 0.5%, S&P 500 e-minis were down 19.50 points, or 0.52%, and Nasdaq 100 e-minis were down 45.5 points, or 0.38%. Among individual stocks, Stitch Fix surged 36% pre-market after reporting fiscal first-quarter profit and revenue that beat analyst estimates for the heavily-shorted personal-styling company. Tesla fell 2.8% premarket after it unveiled plans to raise up to $5 billion in a Goldman-led stock offering, just days after Goldman upgraded the stock from Neutral to Buy.