Tesla Rises, GE Pops, and the Stock Market Is Down – Barron’s

Stocks were set for a lower open after the Chinese stock market fell for a second straight day.

Futures on the Dow Jones Industrial Average dropped 90 points, or 0.3%, while S&P 500 futures fell 0.2% and Nasdaq Composite futures were little changed. 

This comes after Chinese equities sold off, with the Shanghai Composite Index down 2.5% and the Hang Seng Index down 4.2%. Harsh regulation from the Chinese government and uneasy talks about trade and other issues with the U.S. are partly to blame for the declines, but some also say the spread of the Covid-19 Delta variant in China is adding to the selling. 

“Futures are modestly lower again for the same reasons as Monday: Global equity pressure following another sharp decline in Chinese shares,” writes Tom Essaye, founder of Sevens Report Research. 

Here are five stocks making moves in Tuesday’s premarket action:

Tesla (ticker: TSLA) stock rose 1.3% after reporting a profit of $1.45 a share, beating estimates of 98 cents a share, on sales of $11.96 billion, above expectations for $11.3 billion. 

General Electric (GE) stock rose 4% after reporting a profit of 5 cents a share, beating estimates of 3 cents a share, on sales of $18.3 billion, above expectations for $18.1 billion. 

3M Co. (MMM) stock rose 0.7% after reporting a profit of $2.59 a share, beating estimates of $2.28 a share, on sales of $8.9 billion, above expectations for $8.5 billion. 

Cummins (CMI) stock rose 0.5% after getting upgraded to Buy from Hold on Vertical Research. 

JD.com (JD) stock fell 5% after getting downgraded to Sell from Buy at DZ Bank.

Write to Jacob Sonenshine at jacob.sonenshine@barrons.com

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