Teslas Chinamade car sales up 29 in May from April
FAANGs up slightly after G7 tax plan
Meme stocks gain as short squeeze continues
Futures Dow down 0.1, SP up 0.2, Nasdaq up 0.5 Adds comment, updates prices
June 8 Reuters The SP 500 and the Dow were set to open flat on Tuesday as investors stepped back ahead of key inflation data later in the week, while Tesla was on track to boost the Nasdaq on strong sales in China, a major market for the electric carmaker.
Teslas shares rose 2.9 in premarket trade after sales of its Chinamade electric vehicles surged 29 in May from the prior month, data showed.
U.S. shares of Chinese electric vehicle makers NIO Inc , Li Auto Inc and Xpeng Inc rose between 1.6 and 2.2.
Major technology stocks were trading slightly higher, with FAANG stocks rising between 0.3 and 0.6 as investors digested the possible impact of a global plan to increase taxes on major multinational firms.
Still, Wall Street appeared to have fallen into a lull this week, having moved little on Monday after surging to record highs through a strong earnings season in May.
Investors are now awaiting further cues on policy tapering from the Federal Reserve after what is expected to be a strong inflation reading on Thursday.
Its a very good and healthy pause the markets have taken right now and I would expect it to remain rangebound for now until any data that comes as a surprise, said Sean OHara, president of Pacer ETFs in Malvern, Pennsylvania.