Stock futures decline as market expects Federal Reserve to maintain higher interest rates, leading to notable market moves. Ford pauses construction of electric-vehicle battery plant, Thor Industries reveals earnings forecast, Costco Wholesale to rep...
Stock futures declined on Tuesday as market participants increasingly believe that the Federal Reserve will keep interest rates higher for a longer duration. This development has led to several notable moves in the market.
Ford announced that it would temporarily pause the construction of its $3.5 billion electric-vehicle battery plant. The auto maker clarified that no final decision had been made regarding the planned investment and that several considerations needed to be addressed. Ford's shares dropped by 0.2% in premarket trading.
It is worth mentioning that Ford, General Motors, and Stellantis are facing a strike by the United Auto Workers.
Recreational-vehicle maker Thor Industries revealed its earnings forecast for fiscal year 2024. The company expects to achieve earnings per share between $6.25 and $7.25 on sales ranging from $10.5 billion to $11 billion. While analysts had previously projected earnings of around $7.12 per share on sales of about $10.9 billion, Thor pointed out that current mixed macroeconomic data and cautious dealer sentiment continue to pose challenges in the retail environment. Consequently, the stock experienced a decline of 2.2%.
Costco Wholesale is set to announce its fiscal fourth-quarter earnings after the closing bell on Tuesday. Analysts anticipate adjusted earnings per share of $4.79 on sales amounting to $77.7 billion. Prior to the announcement, Costco's shares were down 0.3% in premarket trading.
Several other companies, including Cintas and United Natural Foods, are also scheduled to release their earnings reports on Tuesday.
Cosmetics company Coty recently initiated a global offering of 33 million shares. The offering is being made in the United States and Paris. This move comes after Coty expressed its intention, back in May, to explore a second stock listing in Paris, aiming to enhance its presence in Europe.
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