5 Essential Insights Ahead of Market Open

3M attains a $10.3 billion resolution in "everlasting substances" litigations against the industrial producer, and Ford intends to execute an additional phase of workforce reduction as part of its cost reduction initiatives. Here's the essential information investors should be aware of today.

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1. 3M Resolves 'Eternal Agents' Lawsuit for $10.3 Billion

Industrial merchandise maker 3M (MMM) unveiled a $10.3 billion accord to conclude myriad litigations concerning its fabrication of polyfluoroalkyl and perfluoroalkyl agents (PFAS), commonly known as "endless substances." This resolution surfaces shortly after corporations Chemours, DuPont, and Corteva disclosed a comparable $1 billion resolution a few weeks earlier. 3M stock experienced a pre-market surge of over 3%.

2. Ford Strategizes Additional Workforce Downsizing in Further Expense Trimming

Ford Motor (F) is set to initiate another phase of downsizing, primarily targeting salaried personnel in the upcoming weeks, as an integral component of the company's broader endeavor to curtail expenses and optimize efficiency. This marks the third instance of workforce reduction announced by Ford within the last 12 months, resulting in the departure of approximately 7,000 employees thus far. Pre-market trading witnessed a 1.2% increase in Ford's stock value.

3. Services, Fabrication Swift PMIs Anticipated to Provide Assorted Economic Indicators

Investors may gain enhanced insight into the trajectory of U.S. economic patterns as the preliminary Purchasing Managers' Index (PMI) is set to be unveiled at 8:30 a.m. ET, with projections suggesting a decline in the services sector PMI to 53.3 in June, following May's 54.9, while the manufacturing sector PMI is expected to climb to 49 from 48.4. Additionally, today's agenda includes scheduled speeches by St. Louis Fed President James Bullard and Cleveland Fed President Loretta Mester.

4. Virgin Galactic Stock Tumbles Following Declaration of Equity Sale Gains

In a bid to finance the advancement and enlargement of its armada of spacecraft, Virgin Galactic (SPCE) generated $300 million through an "on the market" common stock offering, while concurrently outlining intentions to secure an additional $400 million via future equity offerings. Pre-market trading witnessed an 18% decline in Virgin Galactic shares, erasing the positive momentum the stock had garnered earlier this month subsequent to the company's inaugural flight schedules being unveiled.

5. Moderns Submits FDA Application for Autumn Covid Vaccine Authorization

Moderna (MRNA) officially lodged an application with the Food and Drug Administration (FDA) seeking approval for its enhanced Covid vaccine designed specifically for the upcoming fall season, tailored to combat the prevalent omicron subvariant XBB.1.5. This strain currently holds dominance across the country. In pre-market trading, shares of the pharmaceutical company remained stable, showing no significant fluctuations.