Stock Futures Fall With More Selling Likely on the Horizon

Stock futures are lower to start the week, hinting at investors' skittishness following last week's inflation-based selloff that could result in more selling ahead. At last check, futures on the Dow Jones Industrial Average (DJI) were over 150 points lower, fresh off of one of Wall Street's wildest weeks that saw all three major benchmarks log substantial weekly losses. Meanwhile, S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are swimming in red ink, amid a mixed Big Tech pre-market performance.

Continue reading for more on today's market, including:

• TTWO could level up on an upbeat quarterly report.
• Wall Street tuned into Coinbase Global's earnings debut.
• Plus, more on the major AT&T and Discovery merger; At Home's possible sale; and Tesla's continuing crypto buzz.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts traded on Friday, and 847,050 put contracts. The single-session equity put/call ratio fell to 0.54 and the 21-day moving average stayed at 0.51.
2. AT&T Inc. (NYSE:T) is up 3.4% in electronic trading, and Discovery Communications Inc. (NASDAQ:DISCA) is up a whopping 12.6%, after the two companies announced a deal to merge with the former's WarnerMedia unit. The goal of the merger is to create a viable contender to major streaming services like Netflix (NFLX) and Walt Disney (DIS). In 2021, T has added 12.1%, while DSCA is up 18.5%.
3. Home furnishing retailer At Home Group Inc's (NYSE:HOME) largest shareholder announced it will object to a proposed $2.4 billion sale of At Home to Hellman & Friedman. The shareholder, CAS Investment Partners, said in a letter that the bid "grossly undervalues" At Home. That complaint could hold a decent amount of merit, as HOME has added an incredible 1,239.5% year-over-year. HOME is up 2% in electronic trading.
4. The shares of Tesla (NASDAQ:TSLA) are down 1.8% before the open, after CEO Elon Musk confirmed the company has not sold any bitcoin, despite announcing the company will no longer accept the cryptocurrency as a form of payment for car purchases. Struggling on the year, TSLA is down 16.4% in 2021.

5. Today's economic slate shows investors will digest brings the Empire State Manufacturing Index, alongside the National Association of Home Builders (NAHB) index.

Inflation Fears Impact European Markets

Asian markets were mixed on Monday, on the heels of additional Covid-19 restrictions in Taiwan, as well as fresh economic data out of China. More specifically, China’s industrial output added an expected 9.8% year-over-year for April, while retail sales missed estimates with a 17.7% rise. Nonetheless, China’s Shanghai Composite rose 0.8%, followed by Hong Kong’s Hang Seng’s 0.6% pop. Elsewhere, Japan’s Nikkei shaved 0.9%, while South Korea’s Kospi fell 0.6%.

European markets are mostly lower, on the other hand, as inflation fears and India’s Covid-19 situation continue to weigh down on investor sentiment. However, the U.K. is easing its lockdown measures, with pubs, restaurants, museums, and cinemas set to reopen today. Investors are also keeping an eye on Bitcoin, after Tesla’s Elon Musk said the company has not sold the cryptocurrency. At last check, London’s FTSE 100 is down 0.7%, France’s CAC 40 has shaved 0.6%, and the German DAX is carrying a 0.4% loss.