Stock futures declined Tuesday and Treasury yields moved higher as belief is growing on Wall Street that the Federal Reserve likely will keep interest rates higher for longer.Ford said it was pausing a $3.5 billion electric-vehicle battery plant. The auto maker told Barron’s in an emailed statement that it was a construction pause. “We haven’t made any final decision about the planned investment there,” said a company spokesman in the statement. “There are a number of considerations.
The auto maker, along with General Motors and Stellantis , has been facing a strike by the United Auto Workers. Thor Industries , the recreational-vehicle maker, said it expected fiscal 2024 earnings of $6,.25 to $7.25 a share on sales of $10.5 billion to $11 billion. Analysts had been forecasting earnings of $7.12 a share on sales of about $10.9 billion. Thor said “current mixed macroeconomic data and cautious dealer sentiment serve as a reminder that the retail environment, though showing signs of improvement over the course of the summer selling season, continues to be challenging.
Costco Wholesale is scheduled to report fiscal fourth-quarter earnings after the closing bell Tuesday. Analysts expect Costco to post adjusted earnings of $4.79 a share on sales of $77.7 billion. Costco shares dipped in premarket trading.DraftKings was upgraded to Overweight from Neutral at J.P. Morgan and the firm raised its price target on shares of the sports-betting company to $37 from $26. The stock rose 3.4% to $28.30.
Cosmetics company Coty launched a global offering of 33 million shares. The offering is being made in the U.S. and in Paris. Coty had said in May that it was considering a second stock listing in Paris as part of efforts to boost its European presence. Coty shares declined 2.7% in premarket trading.
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