Investing.com -- US stock futures traded marginally lower Monday, starting the final session of the quarter on a downbeat note ahead of a closely-followed speech by Fed chair Jerome Powell.
Here are some of the biggest premarket US stock movers today
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Stellantis (NYSE:STLA) stock fell 13% after the auto giant slashed its annual forecasts and said it would burn through more cash than expected, citing worsening trends in the industry, higher costs to overhaul its U.S. business and Chinese competition on electric vehicles.
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Ford (NYSE:F) stock fell 3.3% and General Motors (NYSE:GM) stock dropped 3.7%, retreating in the wake of Stellantis’ comments about rising Chinese competition.
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Boeing (NYSE:BA) stock fell 0.7% after the International Association of Machinists and Aerospace Workers said late on Friday that its pay deal talks with the aircraft manufacturer had broken off and that there were no further dates scheduled for negotiations at this time.
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Nio (NYSE:NIO) stock soared 12% after the Chinese electric vehicle manufacturer unveiled a new cash injection worth almost $2 billion from existing shareholders.
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CVS Health (NYSE:CVS) stock rose 2.5% after the Wall Street Journal reported that Glenview Capital, a major shareholder of the pharmacy company, is expected to meet with CVS’s leadership to propose fixes for the struggling business.
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AT&T (NYSE:T) stock rose 0.9% after the telecom giant announced it was selling its 70% stake in satellite TV service DirecTV to private equity firm TPG for $7.6 billion.
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Autodesk (NASDAQ:ADSK) stock rose 0.5% after Morgan Stanley upgraded its view on the software group to “top pick”, citing accelerating EPS and revenue growth and a cheap valuation.
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Procter & Gamble (NYSE:PG) stock fell 1% after Barclays downgraded its stance on the consumer goods giant to “equal weight” from “overweight”, citing its outsized exposure to slower growth or declining markets, including China.