Stock futures were lower Tuesday and Treasury yields climbed as the vaccine rollout in the U.S. boosted hopes for an economic recovery and investors awaited details of President Joe Biden's spending plans.
Here are some of the top movers during premarket trading Tuesday.
1. GameStop GME | Up 4.1%
Shares of GameStop (GME) rose in premarket trading Tuesday after the video game retailer appointed a chief growth officer as part of its plan to try to transform the company.
GameStop named Amazon executive Elliott Wilke as the company’s new chief growth officer focused on growth strategies and marketing.
GameStop also announced that former Chewy executives Andrea Wolfe and Tom Peterson will lead brand development and merchandising, respectively.
2. ViacomCBS VIACA | Up 3.3%
Shares of ViacomCBS (VIACA) advanced Tuesday after the media giant lost more than half its value last week in a collapse caused by the forced selling by hedge fund Archegos.
3. Tesla TSLA | Down 1.93%
Shares of Tesla (TSLA) dropped early Tuesday after Chief Executive Officer Elon Musk said in a tweet that the near-term cell supply shortage makes it difficult to scale the production of the company's Semi commercial truck.
4. PayPal PYPL | Up 0.71%
Shares of PayPal (PYPL) were slightly higher in premarket trading after the online payments giant said it will offer customers the ability to buy goods and services with cryptocurrencies.
PayPal customers with a digital "wallet" will be able to convert their cryptocurrencies - including bitcoin, litecoin and ether - into fiat currency at the point of purchase, allowing for what it calls a more seamless transaction process.
5. McCormick MKC | Up 1.8%
Shares of McCormick (MKC) traded higher after the spice and condiment maker posted better-than-expected fiscal first-quarter earnings.
McCormick also raised its full-year guidance as the pandemic continues to see more consumers cooking at home. The company expects to grow sales by 8% to 10%, above its prior projection for 7% to 9% growth.