Home Depot, Tesla, Tencent Music fall premarket; Nvidia, DR Horton rise
Investing.com -- U.S. futures fell Tuesday, ahead of the release of key retail sales data, while weak Chinese economic data raised concerns about slowing global growth.
Here are some of the biggest premarket U.S. stock movers today:
Home Depot (NYSE: HD) stock fell 0.3% after the home improvement retailer posted a 2% year-over-year sales decline as customers remained wary of big purchases and major projects. Still, this drop was less than expected, and the company announced a new $15 billion share repurchase program and maintained its annual forecasts.
Tesla (NASDAQ: TSLA) stock fell 1.2% after the electric car manufacturer launched cheaper variants of its Model S sedan and Model X SUV with shorter driving ranges in the United States, looking to increase sales as high borrowing costs hamper demand for expensive electric vehicles.
General Motors (NYSE: GM) stock fell 0.8% after Berkshire Hathaway (NYSE: BRKa) cut its stake in the automaker, while homebuilders DR Horton (NYSE: DHI) gained 2.1% and Lennar (NYSE: LEN) rose 0.9% after the conglomerate revealed new positions in the companies.
Discover Financial (NYSE: DFS) stock slumped 6.9% after the financial services company announced the resignation of its chief executive Roger Hochschild.
Urban Outfitters (NASDAQ: URBN) stock fell 1.4% after Citigroup downgraded the retailer to ‘neutral’ from ‘buy’, saying it expects strong second-quarter results but its risk/reward now looks balanced.
Tencent Music (NYSE: TME) stock fell 7.5% following another round of disappointing economic data from China and despite the Chinese music streaming provider saying second-quarter revenue rose 5.5% from a year ago.
Nvidia (NASDAQ: NVDA) stock rose 1.2%, continuing the previous session’s sharp rally, with the chipmaker in favor given the rising demand for AI and the associated chips.