Market News Call

Market Preview: Tesla Motors Inc (NASDAQ:TSLA), SolarCity Corp (NASDAQ:SCTY), Adobe Systems Incorporated (NASDAQ:ADBE)

U.S. equity futures trade on a flat note with the S&P 500 futures trading two points above fair value. Futures trade on a flat note as participants look ahead to Thursday’s U.K. referendum on EU membership. The latest ORB survey shows that the ‘Remain’ camp has gained ground, widening its lead to 54.0% from 53.0%. Additionally, investors will be watching the second day of testimony from Fed Chair Yellen. Ms. Yellen will address the House Financial Services Committee at 10:00 ET.

Global bourses have exhibited a positive bias with the exception of Japan’s Nikkei (-0.6%), succumbing to continued strength in the yen. For its part, WTI crude trades higher by 0.4% ($50.05/bbl, +0.20) after weekly API storage data showed that crude inventories fell by 5.2 million barrels, compared to last week’s build of 1.1 million barrels.

Should Investors Buy TSLA After The Recent Slump? Find Out Here

The Treasury complex trades on a flat note with the yield on the 10-yr note unchanged at 1.71%.

On the economic front, the weekly MBA Mortgage Index showed a seasonally adjusted increase of 2.9% in mortgage applications. Separately, the FHFA Housing Price Index and Existing Home Sales for May ( consensus 5.50 million) will cross the wires at 9:00 ET and 10:00 ET, respectively.

In U.S. corporate news of note:

Adobe (ADBE 95.20, -4.52): -4.5% following the company reporting a bottom-line beat on an otherwise in-line quarter

Adobe Systems Incorporated(NASDAQ:ADBE): +14.6% after Tesla Motors Inc(NASDAQ:TSLA) offered to acquire the company in exchange for common shares, representing an offer of $26.50-$28.50 per share

KB Home (KBH 14.75, +0.21): +1.4% following the company surpassing analysts’ estimates for the quarter

FedEx (FDX 163.05, -0.90): -0.6% after the company beat top- and bottom-line estimates for the quarter

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