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.
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 (Briefing.com 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
Tags: Adobe Systems Incorporated (NASDAQ:ADBE), SolarCity Corp (NASDAQ:SCTY), Tesla Motors Inc (NASDAQ:TSLA)