Stock futures were tumbling Monday, putting the the record-breaking rally for the S&P 500 and Nasdaq Composite in jeopardy as a report from Iran state media said the country hit a U.S. warship with a missile in the Strait of Hormuz.
These stocks were making moves in premarket trading:
eBay was the S&P 500's best performer ahead of the opening bell, jumping 8%. GameStop said in a statement on Sunday that it was bidding to buy the e-commerce company for about $56 billion. The offer is $125 a share in cash and stock, a 20% premium to the level eBay stock closed at on Friday. Shares in GameStop slid 1%.
Berkshire Hathaway shares gained 0.5% after the conglomerate said its first-quarter operating earnings after taxes rose 18% to $11.3 billion, thanks to strength in the railroad unit and higher insurance underwriting income. Many investors would like to see Berkshire be more aggressive with its share repurchases under new CEO Greg Abel, but the company bought back just $235 million of stock over the quarter.
Taiwanese chip manufacturer Taiwan Semiconductor Manufacturing gained 1.3% and Chinese online retailer Alibaba rose 2%, part of a broader rally in Asian tech stocks Monday. Investors were cheered by last week's Big Tech capital spending guidance and were hopeful of a cease-fire between the U.S. and Iran.
Palantir Technologies added 2.5%, with the artificial-intelligence software company set to report its first-quarter earnings after the closing bell Monday. Shares have slumped 19% this year, dragged down by worries about how AI could upend software as well as concerns about Palantir's sky-high valuation.
Norwegian Cruise Line, Tyson Foods, BWX Technologies, Diamondback Energy, Duolingo, Fabrinet, Firefly Aerospace, Lattice Semiconductor, ON Semiconductor, Paramount Skydance, Pinterest, Vertex Pharmaceuticals, and Williams also were set to report earnings on Monday.
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