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Tesla, Lucid, Biden-Xi Summit, Fed Chair Decision, Mixed Markets - 5 Things You Must Know

Stocks edge lower ahead of key retail data releases; Biden and XI talk for three-plus hours in virtual summit; Biden's call for next Fed Chair "imminent"; Tesla extends declines as Musk dumps more shares and Lucid surprises with narrower loss, Saudi investment in third quarter update.

Here are five things you must know for Tuesday, November 16:

1. -- Stocks Futures Edge Lower Ahead of Key Retail Releases

U.S. equity futures traded mixed Tuesday, while the dollar extended recent gains and Treasury yields bumped higher, as investors braced for key data releases that could offer clarity on the strength of the American consumer heading into the holiday period.

Global stocks were also given a boost by a longer-than-expected virtual summit between President Joe Biden and President Xi Jinping, which lasted three-and-a-half hours and touched on topics ranging from business competitiveness to Taiwan independence.

Tuesday's early momentum, however, will likely take its cue from third quarter earnings reports from Home Depot and Walmart, as well as the Commerce Department's retail sales data release at 8:30 am Eastern time.

Futures contracts tied to the Dow Jones Industrial Average are indicating a modest 15 point opening gain while those linked to the S&P 500 are priced for a 3 point move to the downside.

Futures tied to the tech-focused Nasdaq Composite are indicating a 30 point dip as benchmark 10-year Treasury note yields edged to 1.603% in active overnight trading.

2. -- Biden/Xi Summit Makes Broad Sweeps, Delivers Few Pledges

 President Joe Biden and President Xi Jinping held a three-and-a-half hour virtual summit late Monday that included a broad series of topics vital to the world's two biggest superpowers but yielded little in terms of tangible results.

Still, the talks helped improve an at-times icy relationship between the Biden Administration and the Chinese leader, who is looking to seek an unprecedented third term as Communist Party leader later this winter.

"It seems to me our responsibility as leaders of China and the United States is to ensure that our competition between our countries does not veer into conflict, whether intended or unintended," Biden told Xi during one of the summit's televised exchanges. "Just simple, straightforward competition."

3. -- Biden's Call On Next Fed Chair "Imminent"

President Joe Biden is expected to make an "imminent" announcement on the next leader of the Federal Reserve, according to Senate Banking Chairman Sherrod Brown.

Biden, who is said to be wavering between re-appointing Republican-nominated Jerome Powell, who has steered the economy through the worst of the COVID crisis, or naming Lael Brainard as only the second woman to lead the Fed in its 108-year history.

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Powell, who's four-year term expires in February, is seen as both a steady hand with a relatively dovish approach to monetary policy. He also is said to have the backing of Treasury Secretary -- and former Fed Chair -- Janet Yellen.

Brainard, a Fed Governor since 2014, is favored by the progressive wing of the Democratic Party for her more proactive approach to banking regulation and the central bank's role in slowing climate change. 

4. -- Tesla Extends Slump As Musk Dumps More Shares

Tesla  (TSLA) - Get Tesla Inc Report shares traded lower for a fourth consecutive session Tuesday following Securities and Exchange Commission filings showing that founder and CEO Elon Musk has sold another $930 million in shares of the electric carmaker.

Musk, who pledged to sell 10% of his stake last week, exercised an previous options award -- allowing him to buy 2.1 million shares at $6.24 each -- while selling 934,091 shares at around the stock's closing price of $1,013.39.

Tesla has lost nearly $210 million in market value since Musk's early November Twitter poll which unveiled -- at least to the non-SEC reading public -- his intention to sell some of his 70 million-plus shares.

Tesla shares were marked 1.6% lower in pre-market trading to indicate an opening bell price of $997.10 each.

5. --  Lucid Posts Narrower Q3 Loss, Unveils Saudi Investment 

Lucid Group  (LCID) - Get Lucid Motors Report shares jumped higher in pre-market trading after the upstart electric carmaker posted a smaller-than-expected third quarter loss in its first release as a public company.

Lucid said its adjusted loss for three months ending in September was pegged at 21 cents per share, with overall reservations rising to 13,000, or around $1.3 billion in total order book value. 

Lucid also noted that Saudi Arabia's sovereign Public Investment Fund (PIF) is the group's majority shareholder, with a stake of around 1.02 billion shares. 

"Our progress this quarter demonstrates our focus on execution, our cutting-edge technology, and our vision to help with solutions to address the climate challenges we all face," said CEO Peter Rawlinson. "We look forward to ramping up production of our Grand Touring, Touring, and Pure models and expanding our footprint internationally."  

Tesla shares were marked 3.9% lower in pre-market trading to indicate an opening bell price of $46.630 each.